VGP - Strong FY23, landbank growth in focus
Operating result for the period stood at EUR 118.8m, up 203% YoY on the back of continuous portfolio growth and a positive change in portfolio valuation (own portfolio + JVs at share) from -EUR 203.3m to EUR 26.7m.VGP's own portfolio yield stood at 6.22%, up 93bps YoY (+66bps in H1). The yield on JV portfolio now stands at 5.01%, up 33bps YoY (+3bps in H1). LTV (proportionally consolidated) at 47.7% (incl. latest transactions post FY23 end).VGP 1.9m sqm of land in 2023 including three key land acquisitions from Stellantis (ca. 1.1m sqm). Total spend stood at EUR 212m. VGP alsoVGP 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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