VGP - Encouraging 10M showing an increased pace of new developments
Leasing activity remains strong, with EUR 54.3m of new and renewed leases signed to date (EUR 53.1m in H1 20220), bringing annualised committed leases to EUR 341.2m, up 17% YoY. Occupancy remains at 99%.2023 new development pipeline expected to reach over 650,000 sqm, above the 400-600,000 sqm guidance provided. VGP mentions ‘well advanced workstreams to broaden the JV model substantially further with existing and new partners'.Dividend guidance issued: the company expects to pay out a dividend at least similar to FY2022 (EUR 2.75 per share).VGP posted an encouraging update, with the pace of developments picking up and being above theVGP NV is a Belgium-based real estate development company that constructs and develops industrial real estate and ancillary offices, which are rented out to clients on long term lease contracts. The Company operates in three business segments: the Development activities segment is focused on the identification and acquisition of the land and development of the infrastructure, the design of buildings, the coordination of architectural and engineering aspects, the administration to obtain the necessary permits, the tendering and coordination of the construction works, including site management, and the facility management of the real estate portfolio; the Property Management and Leasing services segment is responsible for managing the operation of the buildings, and the Facilities Management services segment is responsible for managing the operation of the buildings and performs all actions, such as maintenance services, waste management services and maintenance greenery, among others.
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