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PRESS RELEASE Regulated Information VGP VGP TRADING UPDATE : SURGE IN VGP'S NEW CONTRACTED RENTAL INCOME DOUBLES DEVELOPMENT ACTIVITY 19 November 2021 , 7:00 am , Antwerp , Belgium : VGP NV ( ‘ VGP ' or ' the Group ' ) , a European provider of high - quality logistics and semi - industrial real estate , today published a trading update for the first ten months of 2021 : Record operating performance underpinned by strong client - led demand € 63.4 million signed and renewed lease agreements ( versus € 34.6 million for 10M’20 ) , bringing total annualized rental income to € 240.5 million ( + 29.8 % year - to - date ) 1,619,000 m² under construction – 2.2x the level of Oct 2020 – representing € 100.0 million in additional annual rent once fully built and let ( currently 80.7 % pre - let ) о 427,000 m² added to the completed portfolio , now at 2.87 million m² ( 98.8 % let ) ○ - Expansion of land bank despite significant consumption secures future growth ○ 3.17 million m² of new land positions bought and a further 4.21 million m² committed subject to permits о Total land bank acquired and committed has grown to 10.49 million m² ( + 37.1 % year- to - date ) which provides 4.69 million m² of future lettable area Agreement in principle with Allianz Real Estate in respect of setting up a fourth joint venture with an investment capacity of € 2.8 billion and first closing anticipated in 2022 VGP's Chief Executive Officer , Jan Van Geet , said : " The year 2021 is turning into a record year in many respects as e - commerce demand continues to go through a structural shift and adjustments to business supply chains increase demand for warehouse space . We have achieved our best - ever new leases signed and square meters under construction whilst maintaining a high pre - let level of 80.7 % . ” Jan Van Geet continued : " I am most delighted that we have managed to further expand our land bank . The level of elevated construction activity consumed a significant amount of our existing land bank , yet even on a net - basis we managed to continue to increase it – since December 2020 by 2.84 million m² – as we have managed to secure several more iconic land positions during the last few months . These include positions in Vienna , Budapest and San Sebastián , and an extension of our existing park in Bratislava , that will drive our Group's future prospects and growth . VGP further expanded its footprint across Europe as we have acquired a first land position in Serbia and will open our first office in France , allowing us to serve more businesses and communities across Europe . We are also expanding our renewable energy business with now 145.4 MWp in solar roof projects installed or in the pipeline . " - Jan Van Geet concluded : “ In addition to our outstanding operating performance , the increasing engagement with our clients is a strong proof point of our successful strategy as we remain committed to using our resources to drive sustainable solutions to support our employees , clients and the communities we serve . Our expanding balance sheet and growing capital base allows us to expand our client - led construction activities and keep income - generating assets on our balance sheet longer . Our newly announced joint venture with Allianz Real Estate will , once operational , provide us with the ability to continue to recycle our capital expenditures and re - invest into new development opportunities " 1/5