VGP NV to Launch Huge Projects in Spain

In a press release published by GlobeNewswire, VGP NV revealed that it is investing on key projects after it acquires an additional 40,000-square meter land in Zaragoza. This is in addition to the 80,000-square meter development land it obtained last year in Zaragoza, which totals their land to 120,000 m2. The logistics and partly real-estate company also have lands in Fuenlabrada (80,000 m2) and Valencia.

According to its website, the Belgian company has been expanding its growth in Europe since 2015. One of its earliest ventures in Spain is their business office in Barcelona covering 222,665 m2 of land, with 136,000 m2 available for renting.

Whilst the company is acquiring vast lands in many parts of Spain, the company sold its Mango Global Distribution Centre located in Spain just last year. This asset was located in VGP Park Mango in Barcelona. With this sale, the Belgian organization gained gross proceeds amounting to 150 million euros. Reports say that the net is slated to be reinvested in a variety of developments. VGP predicted a total net increase of 221.3 million euros during their consideration of this sale.

Meanwhile, it reported an asset value of 1.94 billion euros as of December 2018. It also has a net asset value of 575 million euros. In 2018, the company saw developments including a strong operating performance that yielded 121.1 euros in profits

Aside from Spain, VGP also entered the markets of The Netherlands, Italy, Portugal and Austria.