VGP : Bedrijfspresentatie november 2022

November 2022

Company Presentation

Introduction to VGP

Fully integrated pure-play logistics real estate company

Company at a glance

As of
	As of
30-Jun-22		31-Oct-22

◼ Pan-European operator, owner and developer of prime logistics and light

industrial parks

◼ Fully integrated business model with expertise across value chain: c.385

employees in 19 countries

◼ High quality standardised logistic and semi-industrial real estate

asset base

◼ High quality diversified and blue-chip tenant base with a 8.3 weighted

€6.53bn1

Total GAV

4.57%4

Yield

178

Number of completed buildings

3.6 years

Average

building age

104

Parks

458

Tenants

99.6%2

8.3 years3

Occupancy WALT

€291.0m5	19
Committed
annualised	Countries
rental income

average lease term for the combined own and JV's portfolio

Financial KPI's as of 30-Jun-22

• All new buildings delivered at least certified DGNB Gold or equivalent
• Fully let standing portfolio and significantly pre-let development pipeline:
  Completed portfolio is 99.6%2 let and portfolio under construction is 93.7% pre-let
• VGP well financed and strongly capitalized: shares listed on Euronext
  Brussels since 2007 and included in the BEL20 Index since 2022
• Successful and long-term partnership with Allianz Real Estate since 2016:
  4 joint ventures since inception

Source: Company information

€200.8m6		35.2%7		€2.2bn
EBITDA		Gearing ratio		Shareholders' Equity

• BBB- (re-confirmation in Oct-22)

€730m8		€300m
Cash		Undrawn RCF

1 Gross Asset Value of VGP, including Owned Portfolio and joint ventures at 100% (€4.66bn including joint ventures at share) as of 30 June 2022; 2 Including JV portfolio at 100%; 3 Refers to WALT of JV and Owned Portfolio combined; 4 Weighted average yield of owned standing property portfolio as of 30 June 2022; 5 Including Joint Ventures at 100%. As at 31 October 2022 the annualised committed leases of the Joint Ventures stood at €174.5m; 6 Operating EBITDA (incl. JV at share) and is calculated as investment EBITDA property development EBITDA and property management and asset management EBITDA; 7 Calculated as Net debt / Total equity and liabilities; 8 Pro-forma for €83m cash received as of 1-Jul

as part of two JV closings

2

Successful and long-standing track record of geographic expansion and continued delivery across markets

1998	2007 - 2009	2013	2016	2018
◼ VGP founded in	◼ Expansion through	◼ Expansion to	◼ Established partnership	◼ Further expansion
Czech Republic	CEE and Baltics	Germany	with Allianz Real Estate	throughout Western and
				Southern-Europe

2020

• Launch of two development JVs
• €309m new equity (2 ABBs: €109m in September and €200m in April)

H1 2022

• Entry in the BEL20 index at Euronext Brussels
• Aim for net 55% reduction of "in-use" scope 3 carbon emission by 2030

◼ Expansion into Denmark and Sweden

• Completion of VGP Park Munich with expected minimum cash proceeds of ca. €70m

(€m)												5.746	6.534
										3.843
								1.936	2.771
							1.506
GAV	200	225	428	106	226	677	1.195
	1998	2007	2009	2011	2013	2015	2016	2017	2018	2019	2020	2021	2022

2007		2011		2015		2017
◼ Listing on Euronext		◼ Sale of Czech assets to		◼ Expansion to Spain		◼ Fully-marketed
Brussels		Tristan Capital Partners				secondary equity
						offering of €285m

2019

• Expansion to Portugal
• Launch of 2nd (50/50) Joint Venture

2021

◼ Expansion into Serbia, France and Greece

• Expansion of team with Last Mile experts
• Increasing focus on Brownfield developments
• Announced target to be carbon neutral by 2025 under Scope 1 and 2
• Achieved IG rating
• €300m ABB in November
• Launch of 4th JV with Allianz Real Estate

Source: Company information

Corporate activity

Capital market activity

Acquisition /divestment

JVs

3

Market update