Brief: VGP Expects Final Closing In First Joint Venture During Q3 2022

VGP NV

13/05/2022 06:15

May 13 (Reuters) - VGP NV  VGP1.BR :
    * COMPLETED PORTFOLIO GREW WITH 182,000 M(2) TO 3.34 MILLION
M(2)
(99.6% LET)
    * OUTSTANDING BANK LOAN FACILITY OF EUR 19 M WITH SWEDBANK
AS IN
LATVIA HAS BEEN REPAID IN FULL AT ITS MATURITY DATE AT END OF
MARCH
    * VGP WAS INCLUDED IN BEL20 AS OF 18TH OF MARCH 2022
    * WITH REGARDS TO JOINT VENTURES, THIRD CLOSING IN SECOND
JOINT
VENTURE TOOK PLACE IN MARCH
    * TRANSACTION VALUE WAS EUR 364 MILLION AND GROSS PROCEEDS
AMOUNTED TO EUR 233 MILLION
    * A FINAL CLOSING IN FIRST JOINT VENTURE IS ANTICIPATED
DURING Q3
2022
    * INITIAL CLOSING OF FOURTH JOINT VENTURE AND A THIRD
CLOSING FOR
THIRD JOINT VENTURE ARE ANTICIPATED TO OCCUR AROUND YEAR END
2022
    * REMAINING CLOSINGS ARE EXPECTED TO HAVE A COMBINED GROSS
ASSET
VALUE OF MORE THAN EUR 1.0 BILLION
    * Q1 CONTINUED STRONG OPERATING PERFORMANCE
    * WILL PROPOSE TO ANNUAL SHAREHOLDERS MEETING DISTRIBUTION
OF A
GROSS DIVIDEND OF EUR 6.85 PER SHARE CORRESPONDING TO A TOTAL
GROSS DIVIDEND AMOUNT OF EUR 149.6 MILLION
    * DIVIDEND IS EXPECTED THAT PAYMENT DATE WILL BE 25TH OF MAY
2022
    * € 20.7 MILLION SIGNED AND RENEWED LEASE AGREEMENTS (VERSUS
€
12.5 MILLION FOR 4M ‘21), BRINGING TOTAL ANNUALIZED RENTAL
INCOME TO € 273.8 MILLION
    * TO ENSURE A MORE SUSTAINABLE, ROBUST ENERGY SUPPLY IN
BUILDINGS,
ALL NEW BUILDS WILL BE DESIGNED WITHOUT GAS SOURCED HEATING
WHERE FEASIBLE
    * IN ORDER TO ENSURE A MORE SUSTAINABLE AND ROBUST ENERGY
SUPPLY
IN OUR BUILDINGS, ALL NEW BUILDS WILL BE DESIGNED WITHOUT GAS
SOURCED HEATING WHERE FEASIBLE GOING FORWARD
    * A TOTAL SOLAR POWER GENERATION CAPACITY OF 100.1 MWP IS
CURRENTLY INSTALLED OR UNDER CONSTRUCTION THROUGH 54
ROOF-PROJECTS
    * DELIVERY OF 9 PROJECTS DURING THE FIRST FOUR MONTHS OF
2022
ADDING 182,000 M2 OF LETTABLE AREA REPRESENTING € 8.2 MILLION OF
ANNUALIZED LEASES
    * TO SUPPORT UKRAINIAN REFUGEES VGP HAS MADE EUR 3 MILLION
CONTRIBUTION TO UNHCR
    * DEVELOPMENT ACTIVITIES: CONSTRUCTION COSTS HAVE TRENDED
FURTHER
UPWARDS DUE TO GEOPOLITICAL AND ECONOMIC CHALLENGES, THIS IS
PARTLY OFFSET THROUGH HIGHER RENTAL PRICES AND REMAINS TO BE
MONITORED CLOSELY
    * 4M 2022 LEASE OPERATIONS: SIGNED AND RENEWED RENTAL INCOME
OF €
20.7 MILLION (+65.6% YEAR-ON-YEAR)
    * WORKING ON DIVERSIFYING AVAILABLE SOURCES OF ENERGY
SUPPLY,
EXPLORING POSSIBILITY OF INSTALLING GEO THERMIC HEATING SYSTEMS
IN ALL NEW DEVELOPMENTS

Source text for Eikon:  ID:nGNE6mPV0d 
Further company coverage:  VGP1.BR 

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