VGP Trading Update
9 May 2025, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first four months of 2025:
- A record of € 39.5 million of new and renewed leases signed year-to-date bringing the annualised committed leases for the year to date to € 431.8 million1 (+ € 19.2 million compared to 31 December 2024, which is +4.7% YTD and +14.8% y-o-y). In addition, VGP is in advanced negotiations on a significant pipeline of lease agreements.
- 36 projects under construction representing 837,000 square meters (of which 6 projects totalling 139,000 square meters started up during the year) and € 65.9 million in additional annual rent once fully built and let. The pipeline under construction is 75% pre-let. The pre-let increases to 78.7% when taking into account pre-lets on development land.
- 4 projects delivered representing 84,000 square meters, or € 5.3 million in additional annual rent. These projects are fully let.
- Total secured development land bank stands at 8.9 million square meters at the end of April 2025 representing a development potential of over 3.8 million square meters. 357,000 square meters of new development land was acquired during the first four months of the year with the acquisitions including, amongst others, VGP’s inaugural land plot in the United Kingdom. Several other strategic land acquisition projects are in the pipeline.
- Completed property portfolio virtually fully let with occupancy at 98% as of 30 April 2025 (compared to 98 % as at 31 December 2024). Of the € 431.8 million committed annualized rental income, € 364.4 million has become cash generative, an increase of +15% versus 30 April 2024. Another € 47 million2 of rental income is expected to start revenue generating within the next twelve months.
- Liquidity enhanced through a selection of successful transactions:
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- In March and April 2025, VGP successfully issued a € 500 million bond maturing in 2031 with a 4.25% coupon—attracting strong investor demand—and completed a € 200 million liability management transaction to repurchase existing bonds, thereby optimizing its debt profile and reducing refinancing risk;
- VGP increased and prolonged its Revolving Credit Facilities in ‘25 to € 500 million. These remain to date fully undrawn;
- VGP expects to materialize the disposal of VGP Park Riga to its tenant in Q3 ’25, generating over + € 30 million of gross cash proceeds;
- The Group is anticipating a number of closings to occur with multiple of its Joint Ventures in H2 ’25.
- Operational PV capacity has further increased during the first four months of 2025 with 115 projects completed delivering 163.2 MWp compared to 155.7 MWp as of Dec-24 (+4.8% YTD)
- As per May 9th, VGP will host its annual general shareholders meeting. Amongst others the shareholders will vote on a dividend pay-out of € 90 million, or € 3.30 per share and the board appointment of Chris Morrish as replacement to Miss Katherina Reiche.
- As per April 9th, VGP published its Annual Report 2024, with disclosures prepared in accordance with CSRD.
1 Including Joint Ventures at 100%. As at 30 April 2025 the annualized committed leases of the Joint Ventures stood at
€ 291.2 million.
2 Including Joint Ventures at 100%, the own portfolio amount to € 35.4 million.
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