VGP : Company Presentation 4M2025
VGP.BR
Published on 06/13/2025 at 06:56
Fully integrated industrial and logistics real-estate company
Aim for all new buildings to be delivered at certified BREEAM Excellent or DGNB Gold level, as well as EU Taxonomy compliant
VGP well financed and strongly capitalized: shares listed on Euronext Brussels since 2007 and included in the EPRA Nareit Developed Europe Index since 2022 and the BEL ESG Index since 2023
Successful and long-term Joint Venture partnerships with Allianz, Deka Immobilien and Areim
Source: company information as of 31 December 2024 and April '25 when indicated with * 1Gross Asset Value of VGP, including Owned Portfolio and joint ventures at 100% as of 31 December 2024; 2Weighted average yield of own standing property portfolio as of 31 December 2024; 3 Including JV portfolio at 100%; 4 Refers to WALT of JV and Owned Portfolio combined; 5 The gearing ratio is calculated as Net debt / Total equity and liabilities.
€7.84 billion
Total GAV'
7.22O/o
Yield2
286 MWp
Renewable energy operational or in pipeline*
€ 287 million
Net Profit
18
Countries*
98 o
Occupancy3*
€ 431.8 million
Committed annualised rental income *
33.6O/o
Gearing ratios
115
Parks*
8.0 years
WALT4*
426
Tenants *
€2.4 billion
Shareholders' Equity
248
Completed Buildings*
4.5 Year
Average Building age*
600
Tenant Contracts*
BBB-
Stable outlook Fitch Rating
2
Fully integrated business model
with in-house capabilities and competences
Land Concept & design
Construction
Portfolio Ancillary services
Identification of prime locations
Comprehensive due diligence - Technical, legal, environmental
Obtain the zoning and building permit
In-house desig n of buildings based on strict guidelines for multipurpose utilisation
Strategic alliance with architecture firms, in close cooperation with local authorities
Adaptation according to tenants' requirements but within VGPs own standard building parameters
Acting as a general contractor on a significant part of the construction pipeline
High technical and quality standards
Application of VGP Considerate Construction Charter
Mainly long term lease agreements
Officers responsible for monitoring of the tenants' requirements until the handover of the premises
Working together with local real estate brokers
Long term developer/ investor (own portfolio or sale to one of the JVs)
Portfolio management
Asset management
Property management
Centralised maintenance of properties
Assisting clients with transitioning towards sustainable energ usage in a cost-effective way
Offering includes: green energy (produced on or off-site), smart energy management, green electric and hydrogen charging facilities and infrastructure
5
Successful and long-standing track record of geographic expansion and continued delivery across markets...
106
226
2.771
677 1.195 1.506 1.936
2011
2013
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Corporate activity Capital market activity Acquisition / divestment JVs
8.843
5.746
6.440
VGP
GAV (Smm)
7 194 7.837
225 428
2007 2007-
2009
2007
Expansion through CEE and Baltics
2013
Expansion to Spain
2017
Further expansion throughout Western and Southern-Europe
Expansion into Serbia, France
Expansion of team with Last Mile
Target to be carbon neutral by 2025 under Scope 1 and 2
€300 mm ABB
First closing with new JV partner Areim
VGP Renewables
status as regulated
Listing on Euronext Brussels
EURONEXT
Expansion to Germany
Fully-marketed secondary equity offering of €285mm
2020
Launch of two development JVs
€309mm new equity raised (2 ABBs) 2023
utility provider in Germany
Completion of RED JV with DEKA
1998
VGP founded in Czech Republic
2011
Sale of Czech assets to Tristan Capital Partners
2016
Established partnership with Allianz Real Estate
Allianz(;j;}
2019
Expansion to Portugal
Launch of 2nd (50/50) Joint Venture
2022
Expansion into Denmark and Croatia
Completion of VGP Park Munich
€303 mm Rights issue
Concluded on largest portfolio transactions year to date with Allianz and new JV partner Deka
Committed Annualised Rental Income And Number Of
Tenancy Contracts •
•
€ 450
600
Committed annualised rental income
€ 400
€ 350
•
Number of tenancy contracts
500
•
€ 300
400
€ 250
€ 200
300
€ 150
200
€ 100
7
New and renewed rental income of € 39.5 million over 4M' 25 - A Record
€ 50
100
€ -
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 4M 2025
S 432 m committed leases, to be activated in
full within in 4 years
+19%
S 432 mm
S 350 mm
€ 214 mm at share
+4%
£ 364 mm
€ 227 mm at share
S 289 mm at share
Dec '24 net cash New leases 4M '25 cash Signed leases generative rental activated during generative rental to become cash
income 4M '25 income generative
4M'25 committed annualized rental
income 8
Occupancy evolution (%)1 Weighted average lease term (WALT) of the portfolio
8.0 years
7.2 years
Combined
JVs
Own
9.7 years
2019 2020 2021 2022 2023 2024 4M 2025
•
0 2 4 6 8 10 12 14
Top 10 clients by lease contract with JVs at 100%
(% of total committed leases)
Kraus Maffei
Opel Automobile GmbH
Amazon
RHENUS GROUP
Zalando
REWE Group
Ahold Delhaize Group
Drylock Technologies
Isar Aerospace SE
BMW
Light industrial
Logistics
Other
1As of 30 April 2025; including 100% of JVs' assets per lettable sqm 10
Portfolio under construction represents
S 65.9 million of new leases
As per today, 36 buildings are under construction, representing 873,000 m2
This equates € 65.9 million of annualized leases1
The portfolio under construction, including pre-lets on development
land, is 78.7% pre-let
New buildings started in '25 for 139.000 m2
1Calculated on basis of expected rental value and committed rental prices
Delivery of new developments YTD
Deliveries Geographical breakdown1
4 buildings representing 84,000 sqm GLA
S 5.3 million rental income by 6 new contracts, 100% let
100% will be rated BREEAM 'Very Good' (or equivalent) or better
Serbia 6%
Spain
12%
Italy 19%
1 Based on delivered lettable sqm
Romania
63%
1 Based on lettable sqm
Owned and committed land bank
expanded further to support future growth
Land bank ('000 m2) incl JV's at 100% - April '25
1495 8942
7378
357
-289
7447
Land Owned
Acquired
Deployed
Owned Landbank
Committed
Owned and
Under option/
Dec 2024
4M '25
4M '25
Committed
Pre-contract
4M '25
Land bank (owned and committed) of 8.9 million m2
Over 3.8 million m2of development potential embedded in the total land bank
Since the beginning of '25 an additional 357,000 m2 of land has been acquired
VGP Park Russelsheim: from old production location to a thriving hub of innovation and economic activity
Location:
Brownfield on the former Opel location
Excellent trimodal connectivity
The international finance centre of Frankfurt, Wiesbaden or Mainz can be reached within 20 minutes
On-site electricity facilities, water treatment and recycling services
VGP's Redevelopment program:
VGP Park Russelsheim will offer tailormade solutions for industrial companies and small and medium-sized value-added businesses
Modern buildings for cutting-edge companies and shared urban spaces
Very close collaboration with local municipality and Opel
First project unveiled: development of a
grEEn Campus for Opel: 105.000 m2
This will become the Opel headquarters, R&D centre, design hub, parking lots, leisure facilities, cafés and meeting points
The development will have an advanced approach to the design and construction resulting in an environmentally sustainable flagship headquarter building
19
Airport
VGP
Vélizy
Land surface 193,665 m2
Paris 15 km
VGP PARK
GLA of park
87,000m2
Versailles 7 km
Brownfield
Highway
direct connection
°
Bus stop 5 minutes
"*
-
-
VGP Park Véiizy: brownfield on prime location
Location:
A unique brownfield location
Former Stellantis R&D site
Located on the junction of the outer ring road of Paris (A86) and N118 motorways
Just a few minutes from the capital
Located in the immediate vicinity of Paris-Saclay, a leading science and technology centre
Redevelopment program:
VGP envisages to create a space for well-being and exchange
Integration into the visual environment
VGP's environmental approach:
Energy efficiency through thermal comfort and ecological building design
Careful water management
The quality of materials used
Heating/cooling via heat pumps
Photovoltaic installation on the roof
A low-impact construction site
Development of the site's ecological potential
20
Installed solar power increased by 34% YoY
Total electricity production over 2024 of 90 GWh (compared to 44 GWh for FY 2023)
Operational roof solar capacity per April '25 increased to 163.2 MWp (+4.8% YTD)
A further 42 projects or 37.5 MWp is under construction
In addition, 87 solar power projects identified equalling an additional potential power generation capacity of 85.4 MWp
At FY' 24 43% of operational solar plants were for self- consumption
115 operational PV installations Representing 163.2 MWp
(15.7 MWp 3rd-party operated)
87 projects in the pipeline Representing 85.4 MWp contracted power
163.2 200.7
MWp MWp
42 projects under construction Representing 37.5 MWp
286.1
MWp
EU Taxonomy adoption: 50.2%* of portfolio aligned (realized + ongoing)
*based on GAV
DGNB Platinum (GERLAA-A, GERMUE-B,C,E, F) + BREEAM
Outstanding (ROMBRA-H, ROMBUC -D)
achieved
Renewable Energy power installed up 53% YoY to 155.7 MWp.
Including PV + battery pipeline, we are on track for 300MWp
Green electricity production G0GWh (+G6% YoY)
43% self-consumption
First 6.8MWh battery project commissioned +
83.GMWh pipeline
VGP Academy -
4 sessions with 554 participants in total
100 % of buildings to
be certified
26 % of buildings without gas heating
Employee Survey -
NPS score of +36.G
GRESB: **** - score of G5/100
MSCI A rating; Sustainalytics 11.7 CDP A-rating Member of Euronext BEL 20 ESG Index
Income Statement (€ thousands)
Net rental and renewable energy income is up by 6.6% YoY to €67.7 mm
FY2024
FY2023
•
•
•
Joint Venture management fee + € 5.8 mm
•
•
•
T
Positive net valuation gains + € 99.1 mm
•
•
•
1 Reflects the yield on the own standing property portfolio (excluding JV, but including assets held for sale) . The (re)valuation of the own portfolio was based on the appraisal report of IO, preferred partner of Jones Lang LaSalle
Income Statement details
FY2024
FY2023
Administration expenses (€ 12.4) mm
• + € 6.8 mm on remuneration, including LTIP
• + € 2.7 mm on depreciation
• +€ 1.8 mm general admin
• +€ 1.3 mm less capitalised expenses
380 FTE, increase of 12.5 FTE
Share of profit from JV's and associates + € 103.5 mm at share
Net rental income increased + € 30.1 mm, including indexation at share of € 2.9 mm
Net valuation gains at share up € 115.7 mm, weighted average yield on JVs portfolio of 5.05% (vs. 5.01% as at 31 Dec '23)1
Proportionally Consolidated Income Statement of Joint Ventures
FY2024
FY2023
Net financial result decreased due to additional debt of € 294.2 mm, Taxes mainly increased by deferred taxation on valuation gains. Effective tax increased € 1 mm to € 7.3 mm (12% tax rate)
Net financial result + € 8.4 mm
lower interest costs with less debts of € 3.1 mm, increased interest on cash on hand of € 5.8 mm (up to € 12.3 mm), lower capitalised interests of € 10.4 mm and increased interest income from the JV's of € 10.4 mm
Statutory result of holding VGP NV
€ 268 mm
Equity after profit appropriation € 1.6 bn
1 Reflects the yield on the Joint Ventures' standing property portfolio (excluding own) . The (re)valuation of the own portfolio was based on the appraisal report of IO, preferred partner of Jones Lang LaSalle
Investment
Development
Renewable Energy
(€mm)
FY '24
FY '23
(€mm)
FY '24
FY '23
(€mm)
FY '24
FY '23
Gross rental and renewable energy
income
65.4
64.7
Gross rental and renewable energy
income
-
-
Gross renewable energy
income
8.3
4.4
Property operating expenses
(0.4)
(0.5)
Property operating expenses
(3.3)
(4.2)
Property operating expenses
(2.4)
(0.9)
Net rental and renewable energy income
65.0 64.2
Net rental and renewable energy income
(3.3) (4.2)
Net renewable energy income 6.0 3.5
Joint venture management fee income
32.7 26.9
Joint venture management fee
income - -
Joint venture management fee - -
income
Net valuation gains on investment - -
properties destined to the JVs
Net valuation gains on investment 187.1 88.0
properties destined to the JVs
Net valuation gains on
investment properties destined - -
to the JVs
Administration expenses (13.1) (9.5)
Administration expenses (39.0) (31.6)
Administration expenses (0.6) (1.9)
Share of JVs' adjusted operating
204.3 171.4
EBITDA
profit after tax
119.7 89.7
Share of JVs' adjusted operating
'24 includes € 92.9 mm of realized valuation gains on effectuated transactions in '24
Total capex of € 568 mm
Development segment represents € 1.4 bn total assets
52.2
144.8
EBITDA
profit after tax - -
Share of JVs' adjusted
EBITDA
5.4
1.6
Increased capacity of 53% y.o.y.
Total capex of € 13 mm
Includes € 94.5 mm completed and € 14.1 mm assets
under construction
operating profit after tax - -
Share in result of JVs up € 30 mm YoY, which
corresponds to VGP's share in the result of the JVs
excluding any revaluation result
Investment segment represents € 2.6 bn total assets
Please note, the 2023 EBITDA figures have been restated with € 9.3 million to include the net valuation gains/(losses) on investment properties in past defined as outside JV perimeters.
Disclaimer
VGP NV published this content on June 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 13, 2025 at 10:55 UTC.