Category: Corporate News

Corporate News

VIB Vermögen AG starts marketing the “NEXT HORIZON” development project with around 79,000 sqm of commercial space in Erding

Neuburg/Donau, February 15, 2022 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, was able to obtain the building permit for the highly attractive 215,000 sqm site in Erding last year. The marketing of the space is now being launched exclusively with CBRE.

The property has good access to various motorways, and Munich Airport can be reached in around 15 minutes. The construction of around 79,000 sqm of lettable space is planned on the site. The commercial space is suitable for a wide variety of uses. Two office buildings with a total lettable area of around 15,700 sqm are planned, as well as six construction sites with building areas ranging from 2,100 to 30,300 sqm. NEXT HORIZON will be an area that can be 100% adapted to the individual needs of each user. The properties will be built according to the specifications required to achieve the DGNB Gold sustainability certificate, which VIB has received in the past for several of its self-developed properties. The company will meet the requirements with regard to electric mobility by constructing a multi-storey car park that has a staged concept for the installation of electric charging points.

The NEXT HORIZON project development opens up new construction perspectives and continues the series of highly regarded logistics properties of the leading German project developer VIB Vermögen. These include, for example, the double-decker lighthouse project in Ingolstadt’s Interpark whose usable building space of around 115,000 sqm has been leased long-term to Audi and VW since December 2020. Also implemented as an in-house development with well-known tenants was a distribution center near Augsburg, which will be used by Amazon on a long-term basis.

“The conditions in Erding offer us great opportunities to address a very broad target group. We can offer attractive, modern and sustainability-oriented space for local or national medium-sized companies through to global players from the life science, e-mobility, production, mechanical engineering, biotech or research and development sectors,” explained Martin Pfandzelter, CEO of VIB Vermögen AG.

Detailed information about the project can be found at https://next-horizon.exclusively-by-cbre.com/.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)84319077 -952
Tilly Park 1 Fax: + 49 (0)84319077 -929
86633 Neuburg/Danube E-mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company that specialises in holding commercial properties and has now been operating successfully for two5 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: on the one hand, VIB acquires properties that are already let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and to generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

VIB Vermögen AG continues to reject the unsolicited offer from DIC Asset AG

Neuburg/Danube, February 10, 2022 – Yesterday, DIC Asset AG (“DIC”) published its offer document in relation to the unsolicited partial public offer to acquire shares in VIB Vermögen AG (“VIB”) for EUR 51.00 in cash.

With its partial offer that is only attributable to approximately 23.5% of the outstanding share capital of VIB, DIC is aiming to gain control of VIB. The Management Board and Supervisory Board of VIB continue unanimously to recommend its shareholders to reject the offer price of EUR 51.00 per share as it contains no customary premium for control. The offer price does not reflect the growth potential resulting from VIB’s positioning and the persistently positive market trend for logistics properties. VIB has built a unique portfolio of logistics and industrial real estate with a focus on Southern Germany. The company’s focus over many years and the resulting expertise as a project developer for attractive logistics properties have enabled it to grow profitably on a sustained basis. The development pipeline is well filled, which means that a profitable growth of VIB is secured on a stand-alone basis. In the offer document, DIC does not outline any strategic advantage or added valued in a controlling shareholding for VIB, which is also not seen by the Management Board and the Supervisory Board for the shareholders of VIB.

The offer price is at a discount of EUR 2.20 to VIB’s closing share price (XETRA) on February 9, 2022 (EUR 53.20) and represents a premium on the VIB share price of January 28, 2022 (EUR 49.10) of only 3.9%.

The Management Board and Supervisory Board of VIB will not recommend the acceptance of an offer priced at EUR 51.00 per share and will further detail its recommendation not to accept this offer in a separate statement. In the meantime, VIB alerts its shareholders that a withdrawal right for tendered shares is explicitly excluded in the offer document. Shareholders are asked to continue their support of the Management Board and Supervisory Board of VIB and await publication of its statement.

VIB is advised by Rothschild & Co as financial adviser and SZA Schilling, Zutt & Anschütz as legal adviser.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)84319077 -952
Tilly Park 1 Fax: + 49 (0)84319077 -929
86633 Neuburg/Danube E-mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company that specialises in holding commercial properties and has now been operating successfully for 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: on the one hand, VIB acquires properties that are already let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and to generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

VIB Vermögen AG sees strong independent positioning in the German logistics market and no advantage from a majority holding by DIC Asset AG

Neuburg/Donau, February 2, 2022 – The Management Board and Supervisory Board of VIB Vermögen AG (VIB) have taken note of DIC Asset AG’s (DIC) intention to make a voluntary partial public offer to acquire the majority of shares in VIB Vermögen AG in return for a cash payment of EUR 51.00 per share. This would represent a premium on the VIB share price of January 28, 2022 (EUR 49.10) of only 3.9 %.

According to the opinion of the Management Board and Supervisory Board, this offer in no way reflects the growth potential resulting from VIB’s positioning and the persistently positive market trend for logistics properties. The company’s focus over many years and the resulting expertise as a project developer for attractive logistics properties have enabled it to grow profitably on a sustained basis. The development pipeline is well filled, which means that VIB’s growth is also secured in the future. Therefore there is a good chance of a positive development in the value of the company, which is after all in the interests of the shareholders. For these reasons, the Management Board and Supervisory Board currently see no strategic advantage or added value in a majority holding by DIC.

“The intended takeover bid only insufficiently reflects the strong business growth, the positive market development for logistics properties and the associated medium-term value potential for our company,” says Martin Pfandzelter, CEO of VIB Vermögen AG. “Furthermore, we do not see any additional synergies from a majority holding by DIC,” he adds.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)84319077 -952
Tilly Park 1 Fax: + 49 (0)84319077 -929
86633 Neuburg/Danube E-mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company that specialises in holding commercial properties and has now been operating successfully for 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: on the one hand, VIB acquires properties that are already let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and to generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

VIB Vermögen acquires property of around 41,000 sqm in Ingolstadt for project development

Neuburg/Danube, January 11, 2022 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, is expanding its property pipeline by around 41,000 sqm with the purchase of a fully developed plot in a prime location in Ingolstadt.

In addition to a plot of land of around 10,000 sqm already in the company’s portfolio, VIB Vermögen was able to acquire a further property with a size of around 41,000 sqm. Under the umbrella of a joint venture, in which VIB Vermögen holds a 74 percent stake, the two plots will be combined and completely redesigned. As a result, lettable space in the order of around 25,000 sqm is expected to be developed on the combined plot. The location is very well suited for any kind of use by the logistic or light industry due to the very good connection to the highway A 9, one of the main traffic arteries in Bavaria.

“The acquisition of land has become one of the great challenges for real estate companies. We are all the more pleased that we have been able to acquire a plot from our existing network that meets our criteria particularly well,” said Martin Pfandzelter, CEO of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)8431 9077-952
Tilly Park 1 Fax: + 49 (0)8431 9077-929
86633 Neuburg/Danube E-mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company that specializes in holding commercial real estate and has been operating successfully for more than 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from the ground up in order to incorporate these permanently into its own portfolio and to generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

Joint Venture VIB/WDP rents out 46.000 sqm in Gelsenkirchen

Neuburg/Donau, December 16, 2021 – WVI, the joint venture of VIB Vermögen AG and WDP, a Belgian logistics real estate company, has fully rented out its own development on the site in Gelsenkirchen on a long-term basis.

The property, which is still partly under development, will be used by two internationally established companies to house their logistics centres. Construction of the approximately 46,000 sqm state-of-the-art facility began in early 2021 and is WVI’s first construction project following the acquisition of the Bottrop multi-tenant site in autumn 2020.

The first construction phase with an area of 20,000 sqm was completed on December 1, 2021 and has already been handed over to the tenant, a global logistics company. The second construction phase is currently under development and is scheduled for completion by mid-2022. The company has also signed a lease with a German wholesaler and distributor of high-quality cat and dog snacks for this property, which has 26,000 sqm of lettable space, prior to completion.

Professional expansion ready for growth
WVI’s future ambitions will be supported by the hiring of a dedicated Business Development Manager, who will be responsible for the development and growth of the Joint Venture. The Business Development Manager will operate from a newly installed WVI office based in North Rhine-Westphalia.

“We are very pleased with the pre-letting of the joint venture’s first project development, which underlines the importance of North Rhine-Westphalia as a leading logistics location.”

Martin Pfandzelter – CEO, VIB Vermögen AG

“In addition to the acquisition in Bottrop, WVI can now expand its real estate portfolio with a brand new, fully pre-let logistics location. We are convinced of the prospering dynamics on the German logistics real estate market and look forward to serving additional clients in the future.”

Joost Uwents – CEO, WDP

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)8431 9077-952
Tilly Park 1 Fax: + 49 (0)8431 9077-929
86633 Neuburg/Danube E-mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company that specializes in holding commercial real
estate and has been operating successfully for more than 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German
region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from the ground up in order to incorporate these permanently into its own portfolio and to
generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

VIB with successful follow-up leasing in three properties from the retail and logistics sectors

Neuburg/Danube, November 17, 2021 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial real estate, has concluded rental agreements for a total of 16,000 sqm in properties in Ingolstadt, Nuremberg and Regensburg.

In the Donau City Center in Ingolstadt, 2,200 sqm of retail space have been leased on a long-term basis to two tenants with strong credit ratings. Until the end of 2021 the site will be used as a vaccination center.

In Nuremberg, an existing space of around 3,500 sqm was leased to a renowned fitness chain for a term of 10 years. This space will be used by the current tenant until the end of the year and then converted for the new purpose.

For a logistics property in Regensburg with an area of 10,250 sqm, a lease agreement was concluded with a regional logistics company for a term of 10 years.

“We are delighted that we have been able to seamlessly follow up leases for space that has become available in both the retail and logistics sectors,” said Martin Pfandzelter, CEO of VIB Vermögen AG. “In this regard, we can both draw on our existing tenants and acquire new tenants as business partners.”

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany Email: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 25 years. It focuses on properties from the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.

Corporate News

VIB Vermögen significantly increases nine-month results in 2021

– Revenue increases by 9.9 percent to EUR 77.4 million in the first nine months 2021

– Adjusted EBT grows by 15.7 percent to EUR 50.4 million

– FFO increases by 15.9 percent to EUR 44.1 million

– Guidance for the full year 2021 reconfirmed by the Management Board

Neuburg/Danube, November 10, 2021 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, continued its profitable growth path in the third quarter of 2021. Revenues increased by 9.9 percent year-on-year in the first nine months of 2021 from EUR 70.4 million to around EUR 77.0 million. EBT adjusted for valuation effects and special items increased by 15.7 percent to EUR 50.4 million (9 months 2020: EUR 43.5 million). Consolidated net income rose by 7.2 percent year-on-year to EUR 49.7 million.

During the reporting period, the impact of the Corona crisis was less than in the previous year: as of September 30, 2021, the rent waivers due to the economically tense situation at some tenants amounted to only EUR 258 thousand, compared to EUR 376 thousand in the same period of the previous year.

Rentable area of the profitable portfolio expanded
At the end of March, two new logistics properties in Eslarn and Interpark near Ingolstadt were added to the portfolio, followed by an office complex in Regensburg at the end of April. At the end of September, a retail park in Aalen was sold for the purpose of portfolio optimisation.

As of the reporting date of 30 September 2021, the real estate portfolio thus consisted of a total of 113 properties with a total lettable area of around 1.3 million square metres. The vacancy rate remained at a pleasingly low level of 1.2 percent.

Further increase in key operating figures achieved
The portfolio generated an operating cash inflow from letting (funds from operations) of EUR 44.1 million in the period under review – representing an increase of 15.9 percent on the previous year. Accordingly, FFO per share increased by 22 cents to EUR 1.60. The so-called NRV (Net Reinstatement Value – a key figure of the European Public Real Estate Association EPRA for portfolio-holding real estate companies) rose in the nine-month period to EUR 764.2 million (previous year: 727.9 million euros). Accordingly, the NRV per share increased from EUR 26.39 to EUR 27.58.

Sustainability reporting receives multiple awards
After VIB’s sustainability reporting was awarded gold by EPRA for the second time, it was also well received by analysts using the international GRESB (Global Real Estate Sustainability Benchmark) rating benchmark for real estate companies and funds. According to this, VIB Vermögen was able to improve its D-rating from 2020 to a B-rating, thus achieving the second-highest level.

“We are very pleased that, in addition to the sustained positive economic growth, our successes in terms of sustainability are now also increasingly being noticed and honored by awards from external, internationally recognized experts,” says Martin Pfandzelter, CEO of VIB Vermögen AG.

Due to the very stable positioning of the company and the business performance to date, the Executive Board confirms the guidance for the current fiscal year 2021 given in the Annual Report 2020.

The complete interim statement for the third quarter of 2021 is available at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. : + 49 (0)8431 9077-952
Tilly Park 1 Fax: + 49 (0)8431 9077-929
86633 Neuburg/Danube E-mail: ed.ga-biv@trehceir.artep

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company that specializes in holding commercial realestate and has been operating successfully for more than 25 years. The focus is on properties in the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: On the one hand, VIB acquires properties that have already been let, and on the other hand, it develops new properties from the ground up in order to incorporate these permanently into its own portfolio and to generate rental income from them. In addition, VIB holds interests in companies with real estate assets.

Corporate News

VIB Vermögen AG optimizes portfolio by selling the “Kinopark” cinema/retail park in Aalen

Neuburg/Danube, October 1, 2021 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, continues to persue its strategy of selective portfolio optimization in the retail segment with the sale of the “Kinopark” cinema/retail park in Aalen.

The property is a 10,200 square metres retail park with the Aalen cinema and Norma as anchor tenants. The purchaser is SWT Immobilien Verwaltungs GmbH from Rain/Lech. The parties have agreed not to disclose the purchase price.

“We are delighted to have found an experienced retail property portfolio holder in SWT, which will successfully further develop the location in the long term,” explained Martin Pfandzelter, CEO of VIB Vermögen AG. “This transaction once again demonstrates the high value of our regional network for buying and selling properties.”

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany Email: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 25 years. It focuses on properties from the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.

Corporate News

VIB Vermögen AG again wins EPRA Gold Awards in 2021 for sustainability and financial reporting in 2020

Neuburg/Danube, September 28, 2021 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, was again honored with the EPRA Awards in the Gold category at the EPRA Conference for its Annual Report and Sustainability Report 2020.

EPRA (European Public Real Estate Association), the association of listed real estate companies, presents the awards with the aim of encouraging companies in the real estate sector to be more transparent and open with regard to their financial and sustainability reporting.

This is the fourth Gold Award in a row for the financial report, and the second in a row for the sustainability report, after the company also published a report in the sustainability category for the first time last year, it has achieved the Gold Award at the first attempt. Since the evaluation criteria are adapted or expanded by EPRA every year, each award means that VIB also meets these growing requirements of the Gold Standard.

“We are very pleased that we have once again received awards in both categories this year, the financial as well as the sustainability reporting,” commented Holger Pilgenröther, CFO of VIB Vermögen AG. “For us, this is confirmation by independent experts that we have been reporting transparently and comprehensively about our company for several years.”

Contact
Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany Email: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 25 years. It focuses on properties from the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.

Corporate news

VIB Vermögen with significant growth in revenues and earnings in the first half of 2021

– Revenue increases by 9.3 per cent to EUR 50.7 million in the first six months of the year

– Adjusted EBT up significantly by 14.1 per cent to EUR 32.7 million

– Outlook confirmed for the year as a whole

Neuburg/Danube, 11 August 2021 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, continued to improve its financial performance indicators in the first half of 2021.

Revenue rose by 9.3 per cent from EUR 46.4 million in the same period of the previous year to EUR 50.7 million. Corona-related rental waivers remained at a low level and decreased from EUR 0.3 million in the previous year to EUR 0.2 million. Adjusted EBT improved significantly by 14.1 per cent in the first half of 2021, climbing from EUR 28.7 million to EUR 32.7 million. Consolidated net income rose by 8.1 per cent year-on-year, from EUR 29.0 million to EUR 31.4 million.

Funds from operations (FFO) from letting activities increased by 13.5 per cent year-on-year to some EUR 28.5 million. FFO per share improved accordingly by 12 euro cents to EUR 1.03. In the reporting period, diluted and undiluted NAV (net asset value) rose to EUR 699.2 million (December 31, 2020: EUR 666.3 million). NAV per share therefore rose from EUR 24.16 to EUR 25.35.

Rental agreements for three properties with a total usable area of some 62,000 m² were extended at the beginning of the year. Two in-house developments in Eslarn and Interpark near Ingolstadt were also added to the portfolio. They contribute with a lettable area of 16,500 m² to the result as of 1 April 2021. Rental income for the property in Ehningen, which has a lettable area of 9,100 m², will also make a positive contribution to earnings. The land pipeline was expanded with the addition of 63,000 m² of land in Meitingen. The future lettable area has been estimated at around 25,000 m², so VIB Vermögen AG increased its property pipeline to a potential usable area of some 160,000 m².

“The first half-year 2021 was again highly successful for our company. All three pillars of our business model contributed to this success. Significant extensions to rental agreements, portfolio additions and the expansion of our land pipeline all contribute to our sustainable, profitable corporate growth. We can therefore look to the future with optimism”, said Martin Pfandzelter CEO of VIB Vermögen AG.

On the basis of the results to date – and subject to the assumption that there will be no significant deterioration in the economic situation in the second half of 2021, due to further lockdowns, for example – the Managing Board of VIB Vermögen AG confirms the outlook for the 2021 financial year published in the 2020 Annual Report.

The full 2021 half-year report can be accessed at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany Email: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 25 years. It focuses on properties from the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.