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    VGP   BE0003878957

VGP NV

(VGP)
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Real-time Euronext Bruxelles  -  05/27 11:35:01 am EDT
180.60 EUR   +3.08%
05/13VGP NV : Shareholders' Meetings of May 13th 2022
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05/13VGP NV : Shareholders' Meetings of May 13th 2022
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05/13VGP Trading Update
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Allianz Real Estate and VGP Expand Relationship with New European Logistics Joint Venture

01/04/2022 | 02:30am EDT

Allianz Real Estate and VGP have agreed to form a new 50/50 joint venture. The vehicle, the fourth such venture between Allianz Real Estate and VGP since 2016, will develop a portfolio of prime logistics assets in Germany, the Czech Republic, Hungary and Slovakia. Allianz Real Estate and VGP are targeting to grow the joint venture to a gross asset value of EUR2.8 billion within five years by exclusively acquiring prime assets developed by VGP. Within these countries, VGP has a pipeline of over 90 assets in around 25 strategic locations, including near capital cities such as Bratislava, Berlin and Budapest, with a total forecast GLA of over 2.5 million sqm. The entire land bank has been already secured and a number of assets already delivered. VGP is a leading developer, manager and owner of logistics and semi-industrial real estate. The firm has a development land bank of 10.49 million sqm of own or committed land1 and currently owns and operates assets in 12 European countries. It will again act as the JV manager, asset manager and property manager for the venture with Allianz Real Estate. The logistics sector accounts for 13% of global Allianz Real Estate’s AUM, or EUR 10.3 billion, with the allocation in Europe at EUR 4.9 billion as at the end of September. 2021 has seen some of the firm’s most significant transactions, including the single logistics asset in terms of value in the U.S. to date. It’s Italian Logistics Fund alone accounts for over EUR 400 million across 16 facilities. The environmental profile of each facility will be a priority, aiming to encompass Carbon Risk Real Estate Monitor and EU Taxonomy compliance, the use of Sustainable Certification including high BREEAM or DGNB ratings, and EPC criteria, among others. As such, the JV will help Allianz Real Estate meet its target to reduce carbon emissions across its portfolio by 25% by 2025 and be carbon net-zero by 2050.


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Financials
Sales 2022 99,3 M 106 M 106 M
Net income 2022 635 M 680 M 680 M
Net Debt 2022 3 271 M 3 504 M 3 504 M
P/E ratio 2022 6,21x
Yield 2022 3,09%
Capitalization 3 943 M 4 224 M 4 224 M
EV / Sales 2022 72,6x
EV / Sales 2023 50,1x
Nbr of Employees 322
Free-Float 34,9%
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Number of Analysts 4
Last Close Price 180,60 €
Average target price 248,75 €
Spread / Average Target 37,7%
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Managers and Directors
Jan van Geet Chief Executive Officer & Executive Director
Dirk Stoop Chief Financial Officer
Bart van Malderen Chairman
Miquel-David Martinez Chief Technical Officer
Ann Gaeremynck Independent Director