VGP NV: Full Year Results 2023

Regulated Information – Inside Information

22 February 2024, 7:00am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for the year ended 31 December 2023:

    • A net profit of € 87.3 million, an increase of € 209.8 million versus FY ‘22.
    • Executed three joint venture closings resulting in a strong net cash recycling of € 676.2 million. All transactions, including those that are committed to close in ’24 have been realized or agreed at a premium versus the recognized fair value at year-end ’22, resulting in a realized gain of € 59 million in ’23 on the effectuated transactions.
    • Established two new joint ventures with Deka and Areim for a total gross asset value of over € 2.6 billion. Together with two closings with Allianz in H1 ’23, VGP has transacted and/or secured a future pipeline of transactions of € 3 billion gross asset value. Upcoming closings in ’24 expect to recycle minimum € 525 million of gross proceeds at pre-agreed pricing.
    • € 69.5 million of new and renewed leases signed year-to-date bringing the annualized committed leases at year-end to € 350.8 million1 (+ € 47.6 million compared to 31 December 2022, which is +16% y-o-y).
    • 1,933,000 m² of new development land acquired2 and 1,324,000 m² of development land deployed to support the developments started up during the year. Total secured land bank stands at 9.4 million3 at the end of 2023 representing a development potential of over 4.3 million m². Pro forma today’s announced sale of LPM in ‘24, the total secured land bank lowers to 8.6 million m2. Total acquisitions represent a capex of € 212.4 million and include the purchase of some iconic land plots in the vicinity of Paris and Frankfurt.
    • 24 projects delivered during the year representing 641,000 m², or € 42.3 million in additional annual rent (of which 12 projects totalling 330,000 m² delivered during the 2H 2023), currently 100% let. As a result, net rental income, on a look through basis4, grew 48%, from € 107.4 million to € 159.1 million, knowing that at year-end € 304 million (€ +66 million y.o.y), or € 194.3 million on a proportional look through basis, has become cash generative.
    • 26 projects under construction representing 774,000 m² (of which 23 projects totalling 600,000 m² started up during the year) and 51.9 million in additional annual rent once fully built and let. The pipeline under construction is 77.3% pre-let. Pre-let ratio lowered as a result of certain speculative assets that initiated construction in Q4 ’23 following amongst others a decline in construction costs.
    • Property portfolio5 virtually fully let with occupancy at 99% (compared to 99 % as at 31 December 2022). 75.9 % of the completed portfolio is certified, amongst other a DGNB Platinum has been awarded for VGP Park Laatzen, the first German property developed and owned by a developer.
    • Photovoltaic (PV) capacity grew 79.9% YoY with operational capacity passing the 100 MWp-mark at 101.8 MWp (vs. 56.6MWp in Dec-22). 69.0 MWp PV projects under development and a further 99.7 MWp being planned. The ongoing transition to green energy consumption in our buildings, as well as other eco-efficiency measures contributed to the four-star GRESB developer rating, the second highest among peers in the European logistics segment.
    • Solid balance sheet with € 400 million undrawn credit facility availability and lower debts of € 375 million following repayment of two bonds in April and September. Finally, VGP was able to obtain a credit facility of the European Investment Bank of € 150 million to support its renewable energy business unit. As per 5 February 2024, VGP has drawn € 135 million of the facility at an interest rate of 4.15% on a ten-year period.
    • Certain important events occurred after the balance sheet date. It concerns the sale of VGP’s stake in the LPM Joint Venture in Q1 ’24, whereby VGP recycled approximately € 170 million of gross proceeds. VGP also acquired its First Danish land plot located in Vejle.
    • The board of directors proposes an ordinary dividend of € 80.5 million (+ 7.3% versus last year), as well as an extraordinary € 20.5 million top-up following the record net cash recycling with the existing and new Joint Ventures in ‘23. This brings the total annual gross dividend to € 101 million, or € 3.70 per share. 

For the full detail of the results please see the attachted press release.


Operations and results FY 2023 FY 2022 Change (%)
Committed annualized rental income (€mm) 350.8 303.2 +15.7%
IFRS Operating profit (€mm) 118.8 (115.6) n.a.
IFRS net profit (€mm) 87.3 (122.5) n.a.
IFRS earnings per share (€ per share) 3.20 (5.49) n.a.


Portfolio and balance sheet Dec 23 Dec 22 Change (%)
Portfolio value, including joint venture at 100% (€mm) 7,194 6,443 +11.7%
Portfolio value, including joint venture at share (€mm) 4,828 4,605 +4.8%
Occupancy ratio of standing portfolio (%) 98.9 98.9 0.0%
EPRA NTA per share (€ per share)1 83.10 84.35 -1.5%
IFRS NAV per share (€ per share) 81.14 80.69 +0.6%
Net financial debt (€mm) 1,778 1,669 +6.5%
Gearing2(%) 40.3% 34.4% +17.2%


1     See note 10.2

2     Calculated as Net debt / Total equity and liabilities



VGP will host a webcast at 10:30 (CET) on 22 February 2024

Webcast link:

  • Click on the link above to attend the presentation from your laptop, tablet or mobile device. The webcast will stream through your selected device. Please join the event webcast 5-10 minutes prior to the start time

A presentation will be available on VGP website:



Investor Relations

Tel: +32 (0)3 289 1433
Karen Huybrechts (Head of Marketing) Tel: +32 (0)3 289 1432



VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial properties as well as a provider of renewable energy solutions. VGP has a fully integrated business model with extensive expertise and many years of experience along the entire value chain. VGP was founded in 1998 as a family-owned Belgian property developer in the Czech Republic and today operates with around 368 full-time employees in 17 European countries directly and through several 50:50 joint ventures. In December 2023, the gross asset value of VGP, including the 100% joint ventures, amounted to € 7.19 billion and the company had a net asset value (EPRA NTA) of € 2.3 billion. VGP is listed on Euronext Brussels (ISIN: BE0003878957).

For more information, please visit:

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 considering 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.

1       Including Joint Ventures at 100%. As at 31 December 2023 the annualized committed leases of the Joint Ventures stood at € 225.1 million.

2       Including Development Joint Ventures at 100%

3       Includes 720,000 m2 of land sold in LPM Joint Venture

4       Refer to “supplementary notes”, income statement proportionally consolidated

5       Including Joint Ventures at 100%