VGP completed 2019 with a record net profit of €205.6m, marking a 69.8 percent increase from 2018. The company’s German division performed particularly well and construction started during the year on VGP Park Munich. The industrial developer also launched a second joint venture with Allianz Real Estate while completing three successful JV transactions with a total value of €610m. At the end of the year, VGP had 34 buildings under construction, or 706,000 sqm of space.
CEO Jan Van Geet, said the company’s rental income had grown by nearly 50 percent and that this “profoundly changes the scale of our operations…Particularly we saw very strong growth in Germany – where we are already active since 2013 but mostly under the radar. However, over the last few months our profile in the German market changed significantly as we launched iconic projects in Munich, Laatzen and Göttingen bearing the fruit of intense cooperation with communities and SME clients over the past few years.”
