VGP signed lease contracts totaling €6.2m during the first nine months of the year, according to the VGP Trading Update Q3 2012. New contracts made up €3.5m of the leases signed during this period, while €2.7m were renegotiations. The developer finalized contracts worth €1.5m in the third quarter alone, of which €1.2m were new contracts, while the remaining €0.3m were extensions of existing leases. The Q3 occupancy rate of the group’s property portfolio increased to 94.9 percent from 93.1 percent posted at the end of June. The signed lease and future contracts represented 79,435 sqm of leasable area, with an average lease term of 9.1 years. The developer delivered one fully pre-let 2,681 sqm building during the third quarter and has another two buildings under construction, totalling 15,281 sqm of lettable area. An acquisition of 108,000 sqm of land in Leipzig, Germany brought VGP’s land bank to 1,608,184 sqm, of which 1,098,064 sqm is fully owned. VGP expects to acquire full ownership of the rest over the next 12 months. This gives VGP the potential to build approximately 550,000 sqm of leasable space.
