VGP - Solid H1, additional details on Deka JV provided
Net profit stood at EUR 34.7m (-77.3% YoY), driven by adjustments in portfolio values.Latest valuation yield on own portfolio stands at 5.56%, up 27bps vs December end. JV portfolio stands at 4.98%, up 30bps vs December end.Gearing landed 31.3%, down 310bps vs December end. Current cash position stands at EUR 407m. Deka JV: the first closing is expected to occur in Q3 2023, with EUR 450m (out of EUR 700m) cash proceeds to be received. VGP continues to work on broadening its JV model.VGP delivered a solid 6 months of operations and, maintaining a solid level of development activities withVGP 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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