have a great corona crisis, thank you. For the second half year in a row, the logistics real estate developer ‘warns’ a few weeks before publication of the full figures that the profit will be a lot higher than expected.
VGP also benefits from booming e-commerce, which requires warehouse space. The group is the landlord of the web giant Amazon in Frankenthal, Germany.
Those who want to get an idea of which turbo has put the lockdown on e-commerce have not only received an illustration in recent days from Amazon’s stunning quarterly report. Mail group Bpost and supermarket chain Ahold Delhaize also saw their parcel and online trade increase by 78 percent during the pandemic quarter, respectively.
VPG also has joint ventures with the insurer Allianz. As a result, the group – originally mainly active in the Czech Republic – has a strong financial partner for the further development of its land bank – the portfolio of land still to be developed – in 12 Central and South European countries.
“We are very pleased with the performance and the expected net profit for the first half of 2020, as a result of the very strong rental performance in the past 18 months,” says Van Geet.
‘In the first half of the year we mainly focused on our project management with 795,000 square meters (the equivalent of about 100 football fields, ed.) new projects under construction at the end of June 2020. The majority of these projects will be completed in the next 12 months. ‘
“The impact of the corona pandemic on our operating activities has so far been limited. But we will remain vigilant because Covid-19 is not behind us yet, ‘concludes Van Geet.
Investors have already anticipated the strong pandemic year. The VGP share closed on record on Wednesday (see graph) and has more than doubled since early 2019. In April, in full lockdown, VGP raised 200 million fresh money in a matter of hours for further expansion.
On Thursday, the VGP share trades 9 percent higher after the announcement in Brussels to 132.80 euros, a record.