VGP 10m Results, pre-let recovers to 76% in November
The 10m24 statement came in line with our estimates on new developments. The important data point of pre-let% in the pipeline recovered from 70.1% at the 1H24 to 72.5% at 10m24, but already increased to 76.3% after signing additional leases for 16m since. The market recently panicked on negative economic news, mainly on GE. We believe that the market anticipates a further decline in Pre-let, which is not the case. VGP re-accelerated its development activity to new geographies like Spain and Italy. The JV cash recycling also continued and the occupancy% remains strong at 99%. VGP already hinted at EPRA Berlin to be working on a Datacenter initiative and has identified a plot in the landbank. We like the focus on the cash return through JV's and well diversified development activities. We maintain our Buy and 125 TP.VGP 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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