VGP reports net profit of 87.3 million Euro in 2023

VGP, a European provider of logistics and semi-industrial real estate, announces the results for the year ended 31 December 2023. The company reported a net profit of 87.3 million Euro, an increase of 209.8 million Euro compared to 2022.

VGP has delivered 24 projects during the year representing 641,000 sqm, or 42.3 million Euro in additional annual rent (of which 12 projects totalling 330,000 sqm delivered during the 2H 2023), currently 100 percent let. As a result, net rental income, on a look through basis, grew 48 percent, from 107.4 million Euro to 159.1 million Euro, knowing that at year-end 304 million Euro (+66 million Euro y.o.y).

26 projects are under construction representing 774,000 sqm (of which 23 projects totalling 600,000 sqm started up during the year) and 51.9 million Euro in additional annual rent once fully built and let. The pipeline under construction is 77.3 percent pre-let.

Photovoltaic (PV) capacity grew 79.9 percent 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.