VGP Continues Prudent Stance in Current Market Turmoil
30 September 2022, 6:00pm, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), today announced that, together with its joint venture partner Allianz Real Estate, the Group has decided to postpone the seed portfolio closing of the Europa Joint Venture originally envisaged for November due to volatile market environment.
Jan Van Geet, CEO of VGP, said: “As today’s limited transparency on pricing makes it difficult to come to an agreement, we prefer to let the current volatility in the market sink-in first before we complete any transaction. For that reason, we have decided to step away from the opportunity to monetize our Europa seed portfolio this year and we will reevaluate once a calmer environment has returned.”
Francois Trausch, CEO of Allianz Real Estate, said: “We value our ongoing relationship with our long-term partner VGP and we continue to find the logistics asset class in Europe attractive. VGP’s pipeline portfolio remains a promising opportunity for Allianz Real Estate being built at prime locations, with quality tenants and to high ESG standards.”
The closing transaction for the VGP Park München joint venture is anticipated to be conducted before end of year. A decision on the timing of the Europa seed portfolio closing is expected to be taken next year. In the meantime, bank financing facilities are available and the Group is evaluating all financing options.
CONTACT DETAILS FOR INVESTORS AND MEDIA ENQUIRIES
| Investor Relations | Tel: +32 (0)3 289 1433 |
| Karen Huybrechts (Head of Marketing) | Tel: +32 (0)3 289 1432 |
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. VGP is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in VGP or an invitation or inducement to engage in any other investment activities. VGP disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by VGP.
ABOUT VGP
VGP is a pan-European developer, manager and owner of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. The company has a development land bank (owned or committed) of 11.31 million m² and the strategic focus is on the development of business parks. Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP with a staff of circa 380 FTEs today and operates in 19 European countries directly and through several 50:50 joint ventures. As of June 2022, the Gross Asset Value of VGP, including the joint ventures at 100%, amounted to € 6.53 billion and the company had a Net Asset Value (EPRA NTA) of € 2.34 billion. VGP is listed on Euronext Brussels. (ISIN: BE0003878957).
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