2008

VGP NV (‘VGP’ or ‘the Group’) today publishes a trading update for the period 1 July 2018 until 31 October 2018.

Jan van Geet, CEO of VGP, said: “We continue to see very supportive trends in all our European markets. During the quarter we sold the Mango building in Spain taking advantage of this strong market backdrop whilst improving our Group’s risk profile. The gross proceeds are being reinvested in land acquisitions and the realisation of our development pipeline.

We also managed to successfully close a bond offering and thereby extend our debt maturity profile significantly. I am very pleased with the strength of our balance sheet and our ability to invest in the future of our company.”

Jan van Geet continued: “For Amazon we delivered a second logistics centre, a facility with ultimately up to 80,000 sqm warehouse space at our extended park in Göttingen, Germany and BMW signed-up for our Munich site at Parsdorf for the development of a new warehouse for their Forschungs- und Innovationszentrum (FIZ), a main engineering and development campus, subject to achieving the necessary permits.”

Our land bank remains one of our strongest assets and we are pleased that we have been able to increase the size by securing additional strategically located sites across Europe including in Spain, Italy, Romania, Germany, Czech Republic and Slovakia.”

Jan van Geet concluded: “Our new matrix organization has been successfully rolled-out, each country is managed by a dedicated country team supported by extended Group functions including CIO office, Group Control, Investor Relations and Marketing. This streamlined organizational structure gives us the platform to deliver on our goals.

And we are excited to be expanding again, as we are soon opening an office in Portugal. This will bring the number of European countries in which we are active to twelve. We have seen a number of interesting opportunities in Portugal and we are in discussions about first plots in the Lisbon and Porto regions.”

Details

Published: 23 November 2018

VGP NV (‘VGP’ or ‘the Group’) today announced the completion of the sale of the Mango Global Distribution Centre located in its VGP Park Mango at Lliçà d’Amunt, Barcelona (Spain).

The gross proceeds of the sale amount to € 150 million and will allow VGP to realise a significant capital gain on the building compared to the acquisition price. The net proceeds will be reinvested in the further expansion of VGP’s development pipeline.

The Mango building was acquired during 2016 together with a large portion (150,000 m²) of development land. The current transaction only relates to the building. VGP will keep the large portion of development land in its own portfolio and develop it for its own account. The transaction will also result in the optimisation of the Group’s risk profile.

The Mango building is probably one of the most beautiful logistics building in Spain, built to a high specification for Mango, up to 40 meters high with a high degree of automation for the garment industry.

VGP continues to be focused on its main activity: development, leasing and management of its standardised logistic real estate i.e. buildings that are suitable for a wide range of logistical (e-commerce) purposes as well as light industrial activities, in top locations.

Jan Van Geet, CEO of VGP, comments: “The acquisition of the Mango building in 2016 was a real milestone in our introduction to the Spanish market - that is why we thought about this transaction for a long time and finally came to the conclusion that the sale of the Mango building under these conditions are in the interest of the shareholders of VGP. The proceeds from the sale will be reinvested in the further expansion of our development pipeline.”

Press Release_Mango sale_EN_26.9.2018

[PDF]

42 kB

Details

Published: 26 September 2018

These Bonds constitute debt instruments. An investment in the Bonds involves risks. Before making any investment decision the investors must read the Prospectus in its entirety and more particularly the section Risk Factors (please see page 18 and following (Part I: Summary) and page 31 and following (Part II: Risk Factors)). By subscribing to the Bonds, investors lend money to the Issuer who undertakes to pay interest on an annual basis and to reimburse the principal on the Maturity Date. In case of bankruptcy or default by the Issuer, however, investors may not recover the amounts they are entitled to and risk losing all or a part of their investment. These Bonds are intended for investors who are capable of evaluating the interest rates in light of their knowledge and financial experience and who should, if required, obtain professional advice. Each decision to invest in these Bonds must be based solely on the information contained in this Prospectus (including the section Risk Factors) and more generally Factors that may affect the Issuer’s ability to fulfil its obligations under the Bonds and Factors which are material for the purpose of assessing the market risks associated with the Bonds.

VGP NV announces that it makes a public offer in Belgium of retail bonds due 19 March 2026 for an expected amount of minimum € 175 million and maximum € 225 million.

The fixed rate of the bonds is 3.50% (gross) per year. The net yield equals 2.304% per year. The bonds will be governed by Belgian law.

The bonds will be issued in denomination of € 1,000. Hence, the minimum subscription amount is equal to € 1,000. Retail investors will be charged a subscription commission of 1% per bond. The subscription period runs from 7 September 2018 until and including 12 September 2018, subject to early closing. Early closing of the subscription period is possible at the earliest on 7 September 2018 at 5:30 pm. Retail investors are encouraged to subscribe to the bonds on the first day of the subscription period, before 5:30 pm. Bonds for an aggregate nominal amount of maximum € 50 million will be reserved for retail investors subscribing through KBC Bank NV (including CBC Banque SA and KBC Securities NV). In case of over-subscription, these subscriptions will be reduced proportionally taking into consideration the maximum amount of € 50 million. If the expected aggregate nominal amount of the bonds of € 225 million is reached, a nominal amount of minimum € 175 million will be reserved for Qualified Investors.

The issue date is planned on 19 September 2018. Application has been made for the bonds to be listed on the regulated market Euronext Brussels and to be admitted to trading on the regulated market of Euronext Brussels.

KBC Bank NV will act as sole manager and bookrunner for this issuance.

A full prospectus detailing the transaction and its terms, drawn up in Dutch and English, as well as a French translation of the summary of such prospectus, can be obtained free of charge as from 5 September 2018 (before opening of the stock exchange) from VGP NV’s head office, and may be consulted as from 5 September 2018 on the VGP NV website (http://www.vgpparks.eu/investors/en/bonds) and in each branch of KBC Bank or CBC Banque, Bolero (www.bolero.be/nl/vgp), via the Regional Advice Centres and on the website (www.kbc.be/vgp).
The net proceeds of the bonds, which are expected to amount to more or less € 223,100,000 for an aggregate nominal amount of € 225 million, are intended to be used for the repayment of all or part of the outstanding debt of VGP NV under the € 75 million fixed rate bonds on their maturity date, i.e. 6 December 2018, in an amount of € 75 million. The remaining balance will be used for the acquisition of development land in the existing and new markets i.e. the Netherlands and Italy (in total € 80 million) and to further finance the development of new projects on development land for the remaining € 68.1 million. VGP NV expects that the application of the funds towards the aforementioned expansion and development plans will be made within a period of 12 to 18 months following the issuance of the bonds, to the extent market conditions are not unfavourable.

Press Release_Launch Bond Transaction_5.9.2018_EN

[PDF]

343 kB

Details

Published: 05 September 2018

VGP NV (‘VGP’ or ‘the Company’), today announced the acquisition of its first land plots in the Netherlands.

The group acquired 267,013 m2 of new development land at Park 15 Logistics, a vast logistics development site located between Nijmegen and Arnhem. These land plots have a development potential of circa 150,000 m2 of new lettable area for future tenants. Construction f the first building is expected to start this Autumn.

Jan Van Geet, CEO of VGP, comments: “We are very happy to have been able to acquire a prime development location in the Netherlands and are keen to start our first developments during 2018. We have currently also identified an additional attractive development location in the Netherlands for which negotiations are in final stages. Both locations should provide a solid base to start our development activities in the Netherlands.”

Park 15 Logistics is a strategically located logistics park in the East of the Netherlands. The park benefits from ease of access by road, rail and water towards Rotterdam and the German Ruhr region. Additionally, the park already has a number of high profile users including Nabuurs, the supply chain solutions company, operating a shared services centre at the park with a focus on fast-moving consumer goods, and Lidl, the fast growing
retailer, is building its own distribution centre.

Press Release_Netherlands_20180802

[PDF]

39 kB

Details

Published: 02 August 2018

The shareholders are hereby invited to attend the annual shareholders’ meeting of the Company which shall take place at the Crowne Plaza Brussels Airport Hotel, Leonardo Da Vincilaan 4, 1831 Machelen (Diegem), on Friday 11 May 2018 at 10:00 am, with following agenda and proposed resolutions:

AGENDA AND PROPOSED RESOLUTIONS

1. Acknowledgement and discussion of the annual report of the board of directors and the report of the auditor on the annual accounts for the financial year ending 31 December 2017.
2. Acknowledgement and approval of the remuneration report for the financial year ending 31 December 2017.
   Proposed resolution: The general meeting approves the remuneration report for the financial year ending 31 December 2017.
3. Acknowledgement and approval of the annual accounts for the financial year ending 31 December 2017 and allocation of the results.
   Proposed resolution: The general meeting approves the annual accounts for the financial year ending 31 December 2017. The general meeting approves the allocation of the results as proposed by the board of directors, including the payment of a gross dividend of EUR 1.9 per share. The dividend will be made payable on 16 May 2018.
4. Acknowledgment and discussion of the annual report of the board of directors and the report of the auditor on the consolidated annual accounts for the financial year ending 31 December 2017.
5. Acknowledgment of the consolidated annual accounts for the financial year ending 31 December 2017.
6. Release from liability to be granted to the directors and to the respective permanent representatives of the legal entity-directors.
   Proposed resolution: The general meeting resolves, by a separate vote, that the directors and the respective permanent representatives of the legal entity-directors be released from any liability arising from the performance of their duties during the financial year ending 31 December 2017.
7. Release from liability to be granted to the auditor.
   Proposed resolution: The general meeting resolves that the auditor be released from any liability arising from the performance of its duties during the financial year ending 31 December 2017.
8. Determination of a one-off additional remuneration for the independent directors of the Company.
   Proposed resolution: The general meeting approves the proposal of the board of directors with regard to the one-off additional remuneration of EUR 35,000 per independent director of the Company.

Details

Published: 10 April 2018

Transparency notification by Mr Bart Van Malderen

VGP NV has received a transparency notification dated 31 October 2017 that (i) by virtue of the disposal of 235,997 shares on 27 October 2017, VM Invest NV now holds 22.69% of the voting rights of VGP NV, and (ii) by virtue of the disposal of 3,545,250 shares on 27 October 2017, Bart Van Malderen no longer directly holds any of the voting rights of VGP NV.

Together, VM Invest NV, Bart Van Malderen and VGP MISV Comm. VA now hold 27.69% of the voting rights of VGP NV. Therefore, their voting rights have fallen below the threshold of 30%.

The notification dated 31 October 2017 contains the following information:

• Reason for notification:
  Acquisition or disposal of voting securities or voting rights.
  
  
• Notification by:
  A parent undertaking or a controlling person.
  
  
• Persons subject to the notification requirement:
  VM Invest NV, Spinnerijstraat 12, 9240 Zele
  Bart Van Malderen
  VGP MISV Comm. VA, Spinnerijstraat 12, 9240 Zele
  
  
• Date on which the threshold is crossed:
  27 October 2017.
  
  
• Threshold that is crossed:
  30%.
  
  
• Denominator:
  18,583,050.
  
  
• Notified details:
  
  

  	Previous notification	After the transaction
  	Number of voting rights	Number of voting rights	% of voting rights
  VM Invest NV	4,451,668	4,215,671	22.69%
  Bart Van Malderen	3,545,250	0	0.00%
  VGP MISV Comm. VA	929,153	929,153	5.00%
  Total	8,926,071	5,144,824	27.69%

• Chain of controlled undertakings through which the holding is effectively held:
  VM Invest NV is controlled exclusively by Mr Bart Van Malderen. As statutory manager of VGP MISV Comm. VA, Mr Bart Van Malderen also has exclusive control over VGP MISV Comm. VA.

Press Release_Transparency BVM_20171102

[PDF]

38 kB

Details

Published: 02 November 2017

27 September 2017, Diegem (Belgium) – VGP NV (‘VGP’ or ‘the Group’, Euronext Brussels ISIN BE0003878957) today announced an update on the third quarter of 2017 to present date and business highlights.
Highlights of the trading update and business highlights

• € 3.3 million of additional new leases signed bringing the annualised committed leases for the year to date to € 77.2 million (+ € 17.1 million compared to 31 December 2016) with several new leases in advanced / final phase(s) of negotiations
• 328,246 sqm of new land plots acquired adding 159,208 sqm of additional development lettable area potential
• 660,000 sqm of new land plots secured which brings the total land bank under option to 1,300,000 sqm having a development potential of circa 600,000 sqm of future lettable area
• Completion of the sale of VGP Park Nehatu (Estonia) which represented 77,000 sqm of lettable area (5 buildings) and € 4.2 million of annualised committed leases). Net proceeds of the sale of circa € 34.5 million to be re-applied towards the further expansion of the development activities in the core markets
• Development of 6 new projects started up totalling 46,536 sqm of future lettable area increasing the current buildings under construction to 563,198 sqm of future lettable area. These buildings under construction on which 76% pre-leases have already been signed, represent a total estimated annualised rent income of € 26.9 million (assuming full occupancy and current market rental conditions)
• The completed buildings (of both the own and joint venture portfolios) remain 100% let

Press Release_3Q update_ENG_20170927

[PDF]

54 kB

Details

Published: 27 September 2017

The shareholders are hereby invited to attend the special shareholders’ meeting of the Company which shall take place at the offices of Argo bcvba, at City Link, fifth floor, Posthofbrug 12, 2600 Antwerp, on Monday 9 October 2017 at 10:00 am, with following agenda and proposed resolution:

Press Release_Special Shareholders Meeting 20171009

[PDF]

92 kB

Details

Published: 07 September 2017

VGP NV (‘VGP’ or ‘the Group’, Euronext Brussels ISIN BE0003878957) today announced results for the six months ending 30 June 2017.

• Profit for the period of € 62.5 million (+ € 19.7 million compared to 30 June 2016)
• Net valuation gain on the investment portfolio reaches € 59.9 million (compared to € 65.1 million at the end of June 2016)
• At the end of May, a third closing occurred with the VGP European Logistics joint venture (50/50 JV with Allianz Real Estate) with a transaction value in excess of € 173 million
• Capital distribution in cash of € 20.1 million (€ 1.08 per share) paid to the shareholders on 4 August 2017

VGP, the developer, manager and owner of high quality logistics real estate in Europe, has today published its half-year 2017 results. The Group experienced strong growth in all its active markets, with profits for the period up to € 62.5 million, an increase of 46.1% on the same period last year, and net valuation gain on the portfolio amounting to €59.9 million.

Jan Van Geet, CEO of VGP Group, said: “We are delighted with a positive set of half yearly results which demonstrate the strength of our business model. Our future project pipeline is robust, supported by a successful bond issuance program that has exceeded expectations, and we are completing current projects at record pace, driving profits higher from this period last year. We believe in rewarding the loyalty of our investors and so we are delighted to share our success with them.”

Press Release_Half Year Results 2017 EN

[PDF]

564 kB

Details

Published: 22 August 2017

VGP announces that the public offer in Belgium for a retail bond has been closed, in consultation with the Lead Manager, KBC Bank NV, after the first day of the subscription period because the maximum amount of € 75 million was largely achieved.

The Lead Manager received a total amount of subscriptions that is more than 3.5 times higher than the maximum issue amount expected of € 75 million. For this reason, subscriptions will be reduced accordingly. The investors will receive more information in this regard via their financial intermediary. The bonds will be issued on 6 July 2017 and will be admitted to trading on the regulated market of Euronext Brussels.

More information on this public offer is set forth in the prospectus published by VGP NV on 21 June 2017 and as approved by the Financial Services and Markets Authority (“FSMA”) on 20 June 2017 and available at www.vgpparks.eu and www.kbc.be/vgp.

Press Release_Early Close_20170623_ENG

[PDF]

33 kB

Details

Published: 23 June 2017

On 12 May 2017 the Extraordinary General Shareholders’ Meeting of VGP NV approved the proposed distribution of € 1.08 per share.

The payment date for the distribution of the capital reduction has been fixed on 4 August 2017.

As of 1 August 2017 (ex date), the shares of VGP NV will be traded on Euronext Brussels ex coupon no 5. The record date will be 3 August 2017. The right to receive the payment will be represented by coupon no. 5.

The effective payment of the shareholder disbursement for registered and dematerialized shares will occur on 4 August 2017 upon presentation of coupon no. 5 at KBC Bank.

Press Release_Payment_ENG_20170531

[PDF]

33 kB

Details

Published: 31 May 2017

Transparency declaration by Mr Bart Van Malderen

VGP NV has received a transparency notification dated 26 April 2017 that Bart Van Malderen now holds, c.q. controls, by virtue of his appointment as managing partner of VGP MISV Comm. VA, 48.03% of the voting rights of the company. Therefore, the threshold of 45% was crossed.

The notification dated 26 April 2017 contains following information:

• Reason for notification: 
  Acquisition or disposal of the control of an entity that holds a participating interest in the issuer.
• Notification by:
  A parent undertaking or a controlling person.
• Persons subject to the notification requirement:
  Bart Van Malderen; Spinnerijstraat 12, 9240 Zele.
  VM Invest NV, Spinnerijstraat 12, 9240 Zele
  VGP MISV Comm. VA, Spinnerijstraat 12, 9240 Zele.
• Date on which the threshold is crossed:
  24 April 2017.
• Threshold that is crossed:
  45%.
• Denominator:
  18,583,050.

• Chain of controlled undertakings through which the holding is effectively held, if applicable: VM Invest NV is controlled by Mr Bart Van Malderen. Mr Bart van Malderen as managing partner of VGP MISV Comm. VA has exclusive control over VGP MISV Comm. VA.
  
  
• Additional information: VGP MISV Comm. VA holds 5% of the shares in VGP NV which relate to an incentive program for the management of VGP NV. MISV stands for Management Incentive Scheme Vehicle. By working with a “Partnership limited by shares (“Commanditaire vennootschap op aandelen”), the economic rights of the VGP shares (of which the VGP team members are the beneficiaries) have been disconnected from the control rights exercised by the manager partner. Mr. Bart Van Malderen is the only managing partner of the Comm. VA. In application of article 11 of the Companies Code, Mr Bart Van Malderen has therefore exclusive control over VGP MISV Comm. VA. Consequently, the 929,153 shares (5%) held by VGP MISV Comm. VA are to be added to the shares controlled by Bart Van Malderen.

Press Release_Disclosure Transparency_20170427

[PDF file]

35 kB

Details

Published: 27 April 2017

VGP NV (“VGP”) has been informed that a private placement of 766,203 shares, belonging to VM Invest NV, has been successfully completed.

The 766,203 shares were placed by KBC Securities NV, with a broad base of institutional investors at the price of 60.00 euro per share, which results in a discount of 12.4% compared to yesterday’s closing price, 29 March 2017.

Trading of the VGP share on Euronext Brussels has been suspended since this morning following this private placement and will be resumed as soon as possible after the publication of this press release

Press Release_Private Placement VGP shares_Close_ENG_30_3_2017

[PDF File]

32 kB

Details

Published: 30 March 2017

VGP announces that it has successfully closed the private offer in Belgium for bonds for an amount of € 80 million.

The 3.35% bonds, with a maturity date in 2025, will be issued on 30 March 2017.

More information on this private offer is set forth in the information memorandum dated 28 March 2017, available at www.vgpparks.eu.

Press Release_Bond issue_Close_ENG_27_3_2017

[PDF File]

51 kB

Details

Published: 28 March 2017

Transparency declaration by Mr Jan Van Geet

VGP NV has received a transparency notification dated 23 March 2017 that Jan Van Geet now holds, by virtue of the acquisition of 100% of the shares of Alsgard SA on 21 March 2017, 38.3% of the voting rights of the company. Therefore, the threshold of 35% was crossed.

The notification dated 23 March 2017 contains following information:

Reason for notification: Acquisition or disposal of voting securities or voting rights.

Notification by: A parent undertaking or a controlling person.

Persons subject to the notification requirement: Little Rock SA, 25, boulevard Prince Henri, L-1724 Luxembourg; Alsgard SA, 25, boulevard Prince Henri, L-1724 Luxembourg; Jan Van Geet.

Date on which the threshold is crossed: 21 March 2017.

Threshold that is crossed: 35%.

Denominator: 18,583,050.

Notified details:

Chain of controlled undertakings through which the holding is effectively held, if applicable: Little Rock SA (previously JVG Invest SA) is exclusively controlled by Mr Jan Van Geet. Mr Jan Van Geet has acquired the exclusive control over Alsgard SA.

Additional information: Mr Jan Van Geet has acquired all of the shares of Alsgard SA, which itself holds 2,409,914 shares (12.97%) in VGP NV. Since the last transparency declaration,
Alsgard SA acquired all the shares (60,321) of VGP NV held by Jan Prochazka. Consequently, Mr Jan Van Get now holds indirectly through Little Rock SA and Alsgard SA 7,117,666 shares of VGP NV.

Press Release_Disclosure transparency_JVG_24_3_2017_EN

[PDF file]

38 kB

Details

Published: 24 March 2017

• Profit for the year of € 91.3 million (+ € 4.7 million against 2015)
• 69.3% increase of annualised committed leases to € 64.3 million[1] (+ € 26.3 million compared to 31 December 2015) with an additional € 1.9 million[2] lease contracts being signed during the first weeks of 2017
• The weighted average term of the annualised committed leases of the combined own and Joint Venture portfolio stood at 10.3 years at the year-end (7.5 years as at 31 December 2015). The own portfolio reached 14.1 years and 7.8 years for the Joint Venture portfolio
• The signed annualised committed leases at year end represent a total of 1,278,238 m² of lettable area of which 545,715 m² relates to the own portfolio and 732,523 m² to the VGP European Logistics joint venture
• 14 projects delivered during the year representing 268,945 m² of lettable area. In addition, 17 projects under construction representing 381,041 m² of future lettable area
• Strong entrance into the Spanish market with the acquisition of a state of the art brand new 185,000 m² warehouse (let under a long term lease contract) located in Barcelona and the acquisition of around 400,000 m² of development land in Madrid and Barcelona representing an aggregate investment of circa € 195 million
• The acquisition of new development land during the year totalled 1,166,000 m² (including Spain) to support the development pipeline
• Following the establishment of the 50/50 VGP European Logistics joint venture with Allianz Real Estate and the first closing at the end of May 2016 a second closing occurred at the end of October 2016 for a transaction value in excess of € 80 million
• Net valuation gain on the investment portfolio reaches € 118.9 million (compared to € 104.0 million at the end of December 2015)
• Successful placement of a new 7 year € 225 million retail bond on 22 September 2016
• The Board of Directors has decided to convene an Extraordinary Shareholders’ Meeting[3] to propose a capital reduction in cash of € 20 million (€ 1.08 per share)

^{[1] Including VGP European Logistics (joint venture with Allianz Real Estate). As at 31 December 2016 the annualised committed leases for VGP European Logistics stood at € 38.6 million.
[2] Including € 1.2 million annualised committed leases contracted for VGP European Logistics
[3] The Extraordinary Shareholders’ Meeting is planned to be held on the date as the next General meeting of shareholders i.e. 12 May 2017.}

Press Release_Annual Results 2016_EN

[PDF]

259 kB

Details

Published: 24 February 2017

• Acquisition from the fashion Group Mango of a state of the art brand new 180,000 m² logistics building (extendable to circa 260,000 m²) and lease back to Mango of this facility under a long term lease agreement; and,
• Acquisition of around 150,000 m² of additional development land

The pan-European investment and property Group VGP announces the acquisition of the logistics centre and industrial land plots in Mango Logistics Park in Lliçà d’Amunt (Barcelona, Spain).

The transaction consists in the acquisition of a state of the art brand new logistics building and the acquisition of additional development land. The initial transaction value is in excess of EUR 150 million.

The international fashion Group Mango, with headquarters north of Barcelona, will rent back the logistics building from VGP under a 30 years lease agreement. The construction of one of the most modern logistics buildings in Europe with an initial lettable area of around 180,000 m² is currently coming to completion and will become fully operational as from the beginning of 2017. The Mango building allows for further extension possibilities to develop around 80,000 m² of additional lettable area during the future years. Once fully developed the Mango building will represent circa 260,000 m² of logistics building and office space.

In addition to the Mango building, VGP is acquiring around 150,000 m² of additional development land on which VGP will be able to develop approximately 100,000 m2 of new lettable area for other potential tenants in the near future.

Mango using one-of-a-kind logistics technology

The Mango Logistics centre incorporates the latest technology and logistics robotics capable of handling 75,000 clothing units per hour and streamlining all the logistics processes of the Mango Group. This centre will supply the entire Mango network worldwide which consists of more than 2,200 retail outlets in 110 countries.

Jan Van Geet, CEO of VGP, comments: “We are very happy to start a long term partnership with Mango. Mango has a long Spanish history and has decided to serve their entire network from here. This is a competitive logistic challenge. We are happy to support them in establishing a logistics centre which is fully capable to provide all necessary structure and tools. At the same time, the acquired extra development land will allow VGP to develop additional buildings located on a top location in Barcelona.”

Daniel López, Executive Vice-President of Mango, adds: “VGP with their long experience as investor and developer of industrial and logistics parks is the perfect partner for Mango. It is a Win-Win deal with both partners focusing on their core competencies.”

Preserving the environment

During the construction of the Mango Industrial Park, the entire excess soil originating from the construction work was redeployed within the industrial park to avoid transport and waste disposal. In addition, the completed park will have a rain management system to re-use rain water. As part of the development, a 10,000 m³ mill pond was created in accordance with technical criteria which favours biodiversity and microhabitats together with 395,000 m² of green zones with native low water consumption for indigenous trees and plants. Finally, there is a remote management of lighting conditions with point to point regulation, and a low consumption lighting system in place.

For more information:
Jan Van Geet
CEO
Tel. + 420 602 404 790
E-mail: jan.van.geet@vgpparks.eu

Dirk Stoop
CFO
Tel. +32 52 45 43 86
E-mail: dirk.stoop@vgpparks.eu

Press Release_Mango acquisition_EN_20161220

[PDF]

672 kB

Details

Published: 20 December 2016

The shareholders of the Company are hereby invited to attend the extraordinary shareholders’ meeting of the Company which shall take place at the offices of Argo Advocaten BCVBA at City Link – fifth floor, Posthofbrug 12, 2600 Antwerp, on 8 December 2016 at 10am, with the following agenda and proposed resolutions:

Press Release_Notice of Extraordinary Shareholder Meeting_Dec8, 2016 (EN)

[PDF File]

107 kB

Details

Published: 04 November 2016

• Profit for the period of € 42.7 million (+ € 10.5 million compared to 30 June 2015)
• 18.6% increase of committed annualised rental income to € 45.0 million^[1] (+ € 7.0 million compared to 31 December 2015)
• 87.5% growth in gross rental income (+ € 6.1 million) to € 13.1 million
• The signed committed lease agreements represent a total of 865,855 m² ^[2] of lettable area with the weighted average term of the committed leases standing at 7.4 years as at the end of June 2016 (7.5 years as at 31 December 2015)
• 7 projects delivered during the first half of 2016 representing 139,955 m² of lettable area
• In addition 17 projects under construction representing 384,612 m² of future lettable area
• 597,000 m² of new development land plots acquired and 600,000 m² new land plots under option to support the development pipeline and which are expected to be acquired during the second half of 2016
• Net valuation gain on the investment portfolio reaches € 65.1 million (against € 48.1 million at the end of June 2015)
• Establishment of a 50/50 joint venture (VGP European Logistics) with Allianz Real Estate and acquisition by the joint venture of the initial seed portfolio consisting of 15 parks from VGP for a transaction value in excess of € 500 million
• During the second half of the year there are a number of large transactions in the pipeline, which, if successfully completed, will have a significant positive impact on the annualised rental income and the weighted average term of the committed leases

^{[1] Including VGP European Logistics (joint venture with Allianz Real Estate). As at 30 June 2016 the committed annualised rent income for VGP European Logistics stood at € 33.6 million.
[2] Including VGP European Logistics. As at 30 June 2016 the committed lease agreements of VGP European Logistics represent 655,568 m² of lettable area having a weighted average term of 7.5 years.}

Summary

During the first half of 2016 VGP continued to perform strongly with development and leasing activities breaking previous record levels.

In order to sustain its growth over the medium term VGP entered into a 50/50 joint venture with Allianz Real Estate (VGP European Logistics) during the first quarter of 2016. The new joint venture will have an exclusive right of first refusal in relation to acquiring the income generating assets developed by VGP and located in Germany, the Czech Republic, Slovakia and Hungary. VGP will continue to service the joint venture as asset-, property- and development manager.

At the end of May 2016, VGP European Logistics completed the acquisition of the initial seed portfolio from VGP which consisted of 15 parks located in Germany (8 parks), the Czech Republic (4 parks), Slovakia (1 park) and Hungary (2 parks) and comprised 28 logistic and semi-industrial buildings which are almost 100% occupied and are of high quality having for the majority been built over the last two years

The acquisition of the initial seed portfolio marks the start of a long term venture with Allianz Real Estate in Germany, the Czech Republic, Slovakia and Hungary. It is the intention of both partners to grow their venture exponentially in the near future.

During the first half of 2016 VGP’s activities can be summarised as follows:

• The operating activities resulted in a net profit of € 42.7 million (€ 2.30 per share) for the period ended 30 June 2016 compared to a net profit of € 32.2 million (€ 1.73 per share) as at 30 June 2015.
• The net profit included the adverse effects of the long term interest rates which after the Brexit fell to bottom level and which resulted in an unrealised loss on interest rate derivatives of € 6.4 million as at 30 June 2016.
• The increase in demand of lettable area resulted in the signing of new lease contracts in excess of € 9.0 million in total of which € 7.0 million related to new leases and € 2.0 million related to the renewal of existing leases.
• The Group’s property portfolio reached an occupancy rate of 97.8% at the end of June 2016 (including the VGP European Logistics joint venture) compared to 97.3% at the end of December 2015. The occupancy rate of the VGP European Logistics joint venture’s portfolio reached 99.2% at the end of June 2016.
• The investment property portfolio currently consists of 10 completed buildings representing 130,321 m² of lettable area with another 17 buildings under construction representing 384,612 m² of lettable area.
• Besides this VGP partially owns through its VGP European Logistics joint venture another 31 buildings^[1] which represent 561,306 m² of lettable area and for which asset-, property and facility management services are provided by the VGP Group.
• The net valuation of the property portfolio as at 30 June 2016 included a EUR 22.1 million realised valuation gain on the disposal of the property portfolio to the VGP Europe Logistics joint venture (jointly held with Allianz Real Estate) of which the first closing took place on 31 May 2016.
• Following the completion of the acquisition of the initial seed portfolio by the VGP European Logistics joint venture, the board of directors approved the redemption on 1 June 2016 of all issued hybrid securities against a price equal to the issue price (in total € 60 million) plus the interest accrued (€ 3.0 million) from the issue date of each Security, after complying with the conflict of interest procedure in accordance with article 523 of the Belgian Companies Code.

Gross rental income up 87.5% to € 13.1 million

The gross rental income reflects the full impact of the income generating assets delivered during 2016 and the deconsolidation of VGP European Logistics portfolio. This newly established joint venture with Allianz Real Estate acquired 15 parks from VGP at the end of May 2016. The gross rental income for the period ending 30 June 2016 increased by 87.5% to 13.1 million compared to € 7.0 million for the period ending 30 June 2015 compared to € 6.7 million for the period ending 30 June 2015.

The gross rental income of the VGP European Logistics portfolio for the period January 2016 to 31 May 2016 was EUR 9.4 million.

Committed annualised rental income increases to € 45.0 million

Supported by the continued increase in demand for lettable space in almost all of its markets VGP signed 29 new leases during the first half year. These contracts represent in total more than € 9.0 million annualised rental income of which € 7.0 million (19 lease agreements) relate to new leases and € 2.0 million (10 lease agreements) relate to the renewal of existing leases.

The annualised committed leases therefore increased to € 45.0 million[1] as at the end of June 2016 (compared to € 38.0 million as at 31 December 2015).

Germany was the main driver of the growth in committed leases with € 4.9 million of new leases signed during the first half year. Meanwhile, final contract negotiations are on-going with several blue chip retailers which, when closed, will have a significant positive impact on the weighted average lease term and the committed annual rental income.

The other countries also performed very well with new leases being signed in the Czech Republic + € 1.4 million, in Slovakia + € 1.1 million, in Estonia + € 1.1 million and finally in Romania + € 0.5 million. In Spain two major transactions are currently in final negotiations which, if materialised, will have a significant impact on the Group’s annualised rental income and balance sheet.

The signed committed lease agreements (including VGP European Logistics) represent a total of 865,855 m² [2] of lettable area with the weighted average term of the committed leases standing at 7.4 years[3] as at the end of June 2016 compared to 7.5 years as at 31 December 2015.

Property and facility management income reaches € 0.7 million

The property and facility management income reached € 0.7 million for the period compared to € 1.3 million for the period ending June 2015.

The decrease in the property and facility management income is mainly due to the termination of the property and facility management agreement with P3 in October 2015. The asset management, property management and development management activities will result in an increased contribution to the result of the VGP Group benefitting from the growth of the joint venture’s real estate portfolio.

Net valuation gain on the property portfolio reaches € 65.1 million

As at 30 June 2016 the net valuation gains on the property portfolio reaches € 65.1 million against a net valuation gain of € 48.1 million per 30 June 2015.

On 31 May 2016 the VGP European Logistics joint venture completed the acquisition of 15 parks (Seed portfolio) from VGP which comprised 28 logistic and semi-industrial buildings. The transaction resulted in an additional realised valuation gain of € 22.1 million.

The trend of increasingly lower yields maintained in real estate valuations continued to persist during the first half of 2016. However due to the change of portfolio mix, following the divestment of the seed portfolio to VGP European Logistics, the own property portfolio, excluding development land, is being valued by the valuation expert at 30 June 2016 based on a weighted average yield rate of 7.71% (compared to 7.02% as at 31 December 2015 and 7.42% as at 30 June 2015) applied to the contractual rents increased by the estimated rental value on un-let space.

The (re)valuation of the own portfolio was based on the appraisal report of Jones Lang LaSalle.

Share in the result of joint ventures and associates

As at 30 June 2016 the share in the joint ventures and associates recorded a negative balance of € 3.3 million which was mainly driven by a € 2.2 million negative fair value on interest rate derivatives.

Net financial expenses reach € 14.6 million

For the period ending 30 June 2016, the financial income was € 0.6 million (€ 3.1 million as at 30 June 2015) and included € 0.5 million interest income on loans granted to VGP European Logistics and a € 0.1 million unrealised gain on interest rate derivatives (€ 3.0 million as at 30 June 2015).

The reported financial expenses as at 30 June 2016 are mainly made up of € 6.5 million interest expenses related to financial debt (€ 5.0 million as at 30 June 2015), € 6.4 million unrealised losses on interest rate derivatives, € 2.6 million other financial expenses (€ 1.5 million as at 30 June 2015) mainly relating to the amortisation of the transactions costs of the 2 bonds issued during 2013 and the additional financial costs incurred in respect from the sale the initial seed portfolio to VGP European Logistics, € 0.1 million of net foreign exchange losses (compared to € 0.1 million net foreign exchange gains as at 30 June 2016) and a positive impact of € 0.5 million (€ 1.0 million per 30 June 2015) related to capitalised interests.

As a result the net financial expenses reached € 14.6 million as at 30 June 2016 compared to € 2.5 million as at 30 June 2015.

Shareholder loans to VGP European Logistics amounted to € 107.5 million as at 30 June 2016 of which € 99.8 million was related to financing of the buildings under construction and development land held by the VGP European Logistics joint venture. Under the joint venture agreement VGP European Logistics has an exclusive right of first refusal in relation to acquiring the income generating assets developed by VGP and located in Germany, the Czech Republic, Slovakia and Hungary. Consequently these assets have been classified as investment properties (Disposal group held for sale) using the accounting principles applicable to Investment Properties.

The gearing ratio[1] of the Group remains conservative and stood at 23.5% at the end of June 2016 compared to a gearing level of 35.7% as at 31 December 2015.

Evolution of the property portfolio

The fair value of the own investment property decreased with 38.7% from € 677.1 million[2] as at 31 December 2015 to € 415.1 million as at 30 June 2016 mainly driven by the divestment of the income generating assets to the VGP European Logistics joint venture.

 Completed projects

During the first half of 2016, 7 building were completed totalling 139,955 m².

These buildings were delivered in following locations. In Germany: 2 buildings totalling 68,129 m² in VGP Park Rodgau and 1 building of 15,065 m² in VGP Park Hamburg. In the other countries: 1 building of 3,840 m² in VGP Park Plzen (Czech Republic), 1 building of 12,665 m² in VGP Park Malacky (Slovakia), 1 building of 17,565 m² in VGP Park Timisoara (Romania) and finally 1 building of 22,892 m² in VGP Park Alsonemedi (Hungary).

Projects under construction

At the end of June 2016 VGP has the following 10 new buildings under construction for its own account: In Germany: 1 building in VGP Park Soltau, 1 building in VGP Park Berlin and 1 building in VGP Park Leipzig. In the Czech Republic: 1 building in VGP Park Tuchomerice, 2 buildings in VGP Park Cesky Ujezd, 1 building in VGP Park Liberec and 1 building in VGP Park Olomouc. In the other countries: 1 building in VGP Park Nehatu (Estonia) and finally 1 building in VGP Park Timisoara (Romania). The new buildings under construction on which several pre-leases have already been signed, represent a total future lettable area of 212,836 m².

For the VGP European Logistics joint venture, VGP was developing and hence pre-financing 7 new buildings at the end of June 2016:

In Germany: 2 buildings in VGP Park Hamburg, 1 building in VGP Park Rodgau, 1 building in VGP Park Frankenthal and 1 building in VGP Park Bobenheim-Roxheim. In the other countries: 1 building in VGP Park BRNO (Czech Republic) and finally 1 building in VGP Park Malacky (Slovakia). The new buildings under construction on which also several pre-leases have already been signed, represent a total future lettable area of 171,776 m².

The aforementioned projects will be part of a second closing with VGP European Logistics which will occur during the fourth quarter of 2016.

Land bank

During the first half year of 2016, VGP continued to target land plots to support the development pipeline for future growth. In 2016, VGP already acquired 597,000 m² of new development land of which 333,000 m² was located in Germany and 264,000 m² located in the Czech Republic. These new land plots allow VGP to develop approximately 278,000 m². Besides this VGP has another 600,000 m² of new land plots under option which are located in Spain and Slovakia. These land plots have a development potential of approx. 428,000 m² of new lettable areas. These remaining land plots are expected to be acquired, subject to permits, during the course of 2016.

VGP has currently a land bank in full ownership of 2,318,588 m². The land bank allows VGP to develop besides the current completed projects and projects under construction a further 651,000 m² of lettable area of which 351,000 m² in Germany, 217,000 m² in the Czech Republic, and 83,000 in the other countries.

Hybrid securities

Following the completion of the acquisition of the initial seed portfolio by the new joint venture with Allianz Real Estate at the end of May 2016 (VGP European Logistics); the board of directors approved the redemption of all issued hybrid securities against a price equal to the issue price (in total € 60 million) plus the interest accrued (€ 3.0 million) from the issue date of each Security, after complying with the conflict of interest procedure in accordance with article 523 of the Belgian Companies Code. The redemption took place on 1 June 2016.

Risk Factors

The overview of the most significant risks to which the VGP Group is exposed to can be found on page 42 to 43 of the Annual Report 2015. These risks remain actual and valid and will continue to apply for the remainder of the financial year.

Outlook 2016

Based on the positive trend in the demands for lettable area recorded by VGP during 2016, and provided there are no unforeseen events of economic and financial markets nature, VGP should be able to continue to substantially expand its rent income and property portfolio through the completion and start-up of additional new buildings.

During the second half of 2016 VGP will continue to review its sources of funding and funding strategy in order to enable the Group to continue to invest in the expansion of the land bank to support its development activities as well as to maximise shareholder value.

Press Release_Half Year Results 2016_ENG

[PDF]

382 kB

Details

Published: 22 August 2016

VGP enters into 50/50 joint venture with Allianz Real Estate at the end of February 2016

• The new joint venture will act as an exclusive take-out vehicle of the income generating assets developed by VGP and located in Germany, the Czech Republic, Slovakia and Hungary
• The initial seed portfolio is being acquired by the joint venture at current market prices
• Initial transaction value is in excess of € 500 million
• The joint venture partners target to grow the joint venture exponentially (> € 1.5 billion) by exclusively acquiring income generating assets developed by VGP in the aforementioned geographic areas
• This transaction ends a 24 month strategic exercise of VGP and will have a significant impact on the structure and evolution of the VGP Group for the future
• VGP will continue to service the joint venture as asset-, property- and development manager
• With Allianz Real Estate, VGP attracts a long term investor who thinks real estate throughout the economic cycles and which has the necessary financial resources to co-invest in the expansion of the logistic and semi-industrial real estate portfolio
• The transaction allows VGP to further concentrate on its core development activities aimed at optimising shareholder value, without having to tap the capital markets

VGP’s Annual Results 2015 – A record year

• Net profit for the year of € 86.6 million (+ € 37.2 million against 2014)
• 68.2% increase of committed annualised rent income to € 38.0 million as at the end of December 2015 (compared to € 22.6 million as at 31 December 2014), with an additional € 2.0 million lease contracts being signed during the first weeks of 2015
• The signed committed lease agreements at year end represent a total of 709,124 m² of lettable area with the weighted average term of the committed leases standing at 7.5 years at the end of December 2015 (7.8 years as at 31 December 2014)
• 77.9% growth in gross rental income (+ € 7.5 million) to € 17.1 million
• 18 projects delivered during the year representing 279,861 m² of future lettable area
• 14 projects under construction representing 272,334 m² of future lettable area
• 704,000 m² of new development land acquired during the year with another 1,042,000 m² land plots targeted and already partially committed to expand land bank and support development pipeline
• Establishment of presence in Spain with the opening of a new office in Barcelona and with first substantial (223,000 m²) land plot secured and to be acquired subject to permits, allowing to potentially develop circa 179,000 m² of lettable area
• Net valuation gain on the investment portfolio reaches € 104.0 million (against € 53.9 million at the end of 2014) The fair value of the investment property and the investment property under construction (the “property portfolio”) as at 31 December 2015 increased with 62.7% to € 677.1 million (compared to € 416.1 million as at 31 December 2014)

Press Release_Annual Results 2015_EN (pdf)

[Press Release_Annual Results 2015_EN (pdf)]

150 kB

Details

Published: 01 March 2016

Notice of annual shareholders' meeting

The shareholders are hereby invited to attend the annual shareholders' meeting of the Company which shall take place at the offices of Argo bcvba, at De Keyserlei 5/15, 2018 Antwerp, on Friday 8 May 2015 at 10:00 am, with following agenda and proposed resolutions:

Details

Published: 07 April 2015

VGP continues its strong growth 

• During 2014 VGP has now acquired circa 1 million m² of new development land
• 117.1 % increase of committed annualised rent income since 31 Dec-13 to EUR 22.5 million (+ € 12.1 million)
• Strong demand recorded from manufacturing companies

----------------------------------------------------

During the third quarter of 2014 VGP continued to record strong growth in all the markets where the Group is active, with Germany growing
exponentially.

Since the beginning of 2014 VGP has expanded its land bank by securing 2.1 million m² of additional new development land of which 1.0 million
m² was already acquired during the year. These new land plots allow VGP to develop a further 450,000 m² of future lettable area.

The development activities and leasing activities are continuing to grow strongly, supported by the strong demand for new lettable space from manufacturing and logistic companies recorded especially in Germany and Estonia. Also in VGP's other markets a sound demand for lettable space is noticed.

VGP Trading Update Q3-2014 EN 17.11.14.pdf

[ ]

27 kB

Details

Published: 17 November 2014

The security holders are hereby invited to attend the extraordinary shareholders' meeting of the Company which shall take place at the offices of Argo Advocaten BCVBA at De Keyserlei 5, bus 15, 2018 Antwerp, on  Friday 27 September 2013 at 10:00 am, with following agenda and proposed resolutions:

AGENDA AND PROPOSED RESOLUTIONS REGARDING CAPITAL DECREASE

1. Capital decrease

Real decrease of the registered capital of the Company with EUR 7,619,050.50 in order to repay part of the capital to the shareholders in cash, for an equal amount per share, without cancellation of shares.
Acknowledgement of the capital decrease.
Delegation of powers to the board of directors.

Proposed Resolution: The registered capital of the Company is decreased with EUR 7,619,050.50 and as such
reduced to EUR 112,736,509 without cancellation of shares. The purpose of the capital decrease is to repay part of the capital to the shareholders in cash, in accordance with articles 612 and 613 of the Belgian Companies Code, for an equal amount per share, without cancellation of shares. The capital decrease shall be borne by each share in equal proportion and each share will represent the same share in the registered capital remaining after the capital decrease. In terms of taxation, the capital decrease will be exclusively allocated to the effectively paid-up capital. The board of directors is granted the power to execute the resolution to decrease the registered capital and in particular to determine the procedure, formalities, date of the repayment of the amount of the capital decrease and the other modalities of the distribution in accordance with applicable laws and regulations.

2. Modifications to the articles of association

Proposed resolution: The registered capital in article 5 of the articles of association is amended in accordance
with the resolution regarding the capital decrease.

3. Approval of condition 6.3 of the terms and conditions of the bonds issued by the Company on 12 July 2013 and the rights of the bondholders, as set out in part IV of the prospectus for the public offer of the bonds dated 19 June 2013, and in particular the approval of the change of control clause included therein, in accordance with article 556 of the Belgian Companies Code.

Proposed Resolution: condition 6.3 of the terms and conditions of the bonds issued by the Company on 12 July 2013 and the rights of the bondholders, as set out in Part IV of the prospectus for the public offer of the bonds dated 19 June 2013, holding the possibility for the bondholders to require the Company to redeem the bonds in case of a change of control, are approved, in accordance with article 556 of the Belgian Companies Code. In accordance with the requirements of article 556, second indent, of the Belgian Companies Code, this resolution shall be filed by the acting notary public in accordance with article 75, 3° of the Belgian Companies Code and shall be published as an announcement in the Belgian State Gazette.

Conditions of admission to the extraordinary shareholders' meeting

Shareholders may only participate in the extraordinary shareholders' meeting and exercise their voting rights at this meeting if the following two conditions are satisfied:

(i)        Based on the proof submitted in accordance with the registration procedure set out below, the Company must be able to determine that at midnight (24:00) CET on the Record Date, 13 September 2013 (the "Record Date"), you owned the number of shares for which you intend to participate in the extraordinary shareholders' meeting.

(ii)       On 21 September 2013 at the latest, you must explicitly confirm to the Company that you intend to participate in the extraordinary shareholders' meeting.

These conditions must be satisfied in accordance with the formalities mentioned below.

1. Holders of registered shares

In accordance with article 536 of the Belgian Companies Code and article 24 of the articles of association, the holders of registered shares are entitled to participate in and to vote at the extraordinary shareholders' meeting, provided that:

• their shares are recorded in their name in the register of registered shares at midnight (24:00) (CET) on the Record Date, 13 September 2013 and this irrespective of the number of shares that they own on the date of the extraordinary shareholders' meeting; and
• they notify the Company in writing of (i) their intention to participate in the extraordinary shareholders' meeting, and (ii) the number of shares for which they wish to participate in the extraordinary shareholders' meeting, by means of a signed form that must be received by the Company at the Company's registered office at the latest on 21 September 2013; a model of this form is available at the Company's registered office and on the Company's website under the tab "Investors - Shareholders Meetings" (www.vgpparks.eu).

2. Holders of dematerialized shares

In accordance with article 536 of the Belgian Companies Code and article 24 of the articles of association, the holders of dematerialized shares are entitled to participate in and to vote at the extraordinary shareholders' meeting, provided that:

• their shares are recorded in their name in the accounts of a recognized account holder or a settlement institution at midnight (24:00) (CET) on the Record Date, 13 September 2013, and this irrespective of the number of shares that they own on the date of the extraordinary shareholders' meeting; and
• at the latest on 21 September 2013, they provide the Company (at the Company's registered office) with, or arrange for the Company (at the Company's registered office) to be provided with, a certificate issued by the recognized account holder or the settlement institution certifying the number of dematerialized shares recorded in the shareholder's accounts on the Record Date in respect of which the shareholder has indicated his intention to participate in the extraordinary shareholders' meeting.

Only persons who are a shareholder of the Company on the Record Date (13 September 2013) and who have indicated, on 21 September 2013 at the latest, their intention to participate in the extraordinary shareholders' meeting as set out above will be admitted to the shareholders' meeting. We point out to the shareholders that
21 September 2013 is a Saturday and that, as the case may be, they should make the necessary arrangements to fulfil the required formalities before, on 20 September 2013.

The shares are not blocked as a result of the above-mentioned process. As a result, the shareholders are free to dispose of their shares after the Record Date.

We request the participants in the extraordinary shareholders' meeting to present themselves as of 9.30am in order to swiftly facilitate the registration formalities. Right to add agenda items and to submit proposed resolutions

In accordance with Article 533ter of the Belgian Companies Code, one or more shareholders holding jointly at least three percent (3%) of the registered capital of the Company may request items to be added to the agenda of the shareholders' meeting and submit proposed resolutions in relation to existing agenda items or new items to be added to the agenda, provided that:

• they prove ownership of such shareholding as at the date of their request and record their shares representing such shareholding on the Record Date (i.e., on 13 September 2013); the shareholding must be proven either by a certificate evidencing the registration of the relevant shares in the register of registered shares of the Company or by a certificate issued by a recognized account holder or a settlement institution certifying the book-entry of the relevant number of dematerialized shares in the name of the relevant shareholder(s);
• the additional agenda items and/or proposed resolutions have been submitted in writing by these shareholder(s) to the board of directors at the latest on 5 September 2013.

These additional agenda items and/or proposed resolutions may be delivered to the Company by mail sent to the Company's registered office for the attention of Mr Dirk Stoop or by e-mail sent to dirk.stoop@vgpparks.eu. The Company shall confirm the receipt of the proposed requests, by e-mail or by mail to the address mentioned by the shareholder, within 48 hours as of such receipt.

As the case may be, the Company shall publish the modified agenda of the shareholders' meeting, together with the ad-hoc proxy form, completed with the additional agenda items and/or proposed resolutions on the website of the Company (www.vgpparks.eu) at the latest on 12 September 2013.

The proxy's that were notified to the Company prior to the publication of a completed agenda remain valid for the agenda items for which they were granted. Exception is made for agenda items for which new proposed resolutions have been submitted, in accordance with article 533ter of the Belgian Companies Code: in such case the proxy holder may deviate during the extraordinary shareholders' meeting of the instructions of the  hareholder granting the proxy, if the execution of such instructions would prejudice the interests of the shareholder. The proxy holder must inform the shareholder thereof. The proxy must indicate whether the proxy holder is authorised to vote on new agenda items or whether he should abstain from voting.

Right to ask questions

In accordance with Article 540 of the Belgian Companies Code and Article 29 of the articles of association of the Company, all shareholders are entitled, whether during the meeting or in writing before the meeting, to ask questions to the directors with respect to the agenda items.

Questions asked in writing will only be answered if the relevant shareholder has fulfilled the formalities set out above to be admitted to the extraordinary shareholders' meeting and if the written question has been received by the Company at the latest on 21 September 2013.

Written questions may be delivered to the Company by mail sent to the Company's registered office for the attention of Mr Dirk Stoop or by e-mail sent to dirk.stoop@vgpparks.eu.

Proxy

In accordance with article 25 of the articles of association, each shareholder may be represented at the shareholders' meeting by a proxy holder, who does not need to be a shareholder. Except in cases provided for in the law (article 547bis, §1, second indent of the Belgian Companies Code), a shareholder may only appoint one person as proxy holder for a particular shareholders' meeting.

Shareholders who so wish to be represented by proxy, are requested to use the model of proxy form (with voting instructions) that is available at the Company's registered office and on the Company's website under
the tab "Investors - Shareholders Meetings" (www.vgpparks.eu).

Notification of the proxy to the Company must occur in writing, either by mail sent to the Company's registered office for the attention of Mr Dirk Stoop or by e-mail sent to dirk.stoop@vgpparks.eu.

The signed proxy form must in original be received by the Company at the Company's registered office at the latest on 21 September 2013.

Shareholders who wish to be represented by proxy, must have fulfilled the formalities set out above to be admitted to the extraordinary shareholders' meeting (registration- and notification procedure).

Availability of the documents

In accordance with Article 535 of the Belgian Companies Code, the holders of dematerialized securities of the Company can, as of 12 September 2013, upon presentation of a certificate issued by a recognized account holder or a settlement institution certifying the number of dematerialized shares recorded in the name of the securityholder, obtain at the Company's registered office (Greenland – Burgemeester Etienne Demunterlaan 5, bus 4, 1090 Brussels (Jette)), free of charge, a copy of the documents and reports that relate to this meeting or that must be made available to them pursuant to law.

Requests to obtain copies, free of charge, may also be requested in writing or electronically by mail or by e‑mail for the attention of:

Mr Dirk Stoop
Telephone: +32 (0)2 737 74 05
Fax: +32 (0)2 737 74 04
E-mail: dirk.stoop@vgpparks.eu

All the relevant information with regard to the extraordinary shareholders' meeting, including the prospectus referred to in agenda item 3, as well as the aforementioned proxy forms, are available on the website of the
Company (www.vgpparks.eu) as of 12 September 2013.

The board of directors

Details

Published: 04 September 2013

• Net profit for the period of EUR 26.4 million (+ EUR 25.2 million)
• >130,000 m² of new leases signed resulting in a committed annualised rent income of EUR 36.6 million (+ EUR 7.4 million)
• 98.8% occupancy rate for the Group's property portfolio amounts with the Czech portfolio reaching an occupancy rate of 99.4%
• 31.5% growth in gross rental income (+ EUR 6.8 million) to EUR 28,6 million
• 5 new projects completed resulting in a 7.7% growth in total lettable area (+ 41,064 m²)to 576,936 m², 6 new projects under construction
• 43.7% growth in operating result (before result on portfolio) (+ EUR 7.8 million)to EUR 25.5 million
• Completion of the sale of an 80% interest in 6 of its 19 VGP parks after year-end,announced by the separate press release of 16 March 2011

Details

Published: 21 March 2011

• 116.6% growth in gross rental income (+ EUR 6.5 million) to EUR 12.0 million
• Committed annualised rent income increased to EUR 26.5 million (+EUR 11.5 million)
• 75.0% growth in property portfolio (+ EUR 168.9 million) to EUR 394.0 million
• 99.1% growth in total lettable area (+ 175,047m²) to 351,661m²
• Net profit for the period of EUR 28.6 million despite a EUR 10.5 million adverse valuation effect on the historic property portfolio and including a EUR 7.1 million unrealised losses on hedging instruments (as per IAS 39)
• Earnings per share for the period of EUR 1.54

Details

Published: 19 March 2009