Category: Corporate News

2018 interim results

VIB Vermögen continues profitable growth course and plans a further dividend increase

– Revenue increases by 3.9 per cent to EUR 86.8 million

– Adjusted earnings before tax (EBT) rise sharply by 9.9 per cent to EUR 51.7 million

– Dividend set to increase for the tenth time in a row, with a proposed dividend of EUR 0.65 per share

– Continued growth in revenue and earnings expected for 2019

Neuburg/Danube, March 27, 2019 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, closed its 25th anniversary year with another record result. Interim IFRS figures for the Group indicate that revenue increased by 3.9 per cent to EUR 86.8 million (previous year: EUR 83.6 million) in the 2018 financial year. This rise was chiefly driven by additional rental income from properties completed in the 2018 financial year. Furthermore, the properties handed over to tenants during the 2017 financial year made a significant revenue contribution, generating a full year’s rental income for the first time.

Positive changes in value for investment properties amounted to EUR 19.5 million in the year under review (previous year: EUR 17.4 million). Expenses for investment properties climbed to EUR 15.0 million (previous year: EUR 13.8 million). Personnel expenses at the Group rose slightly from EUR 3.6 million to EUR 3.7 million. Other operating expenses remained stable at EUR 1.8 million (previous year: EUR 1.8 million).

Sharp climb in earnings
Thanks to the continued favourable financing conditions, the interest expense fell by almost EUR 2 million to EUR 15.6 million (previous year: EUR 17.4 million). When adjusted for valuation effects, earnings before tax rose sharply by 9.9 per cent, or EUR 4.7 million, to EUR 51.8 million (previous year: EUR 47.1 million). Consolidated net income improved accordingly, coming in at EUR 59.9 million in 2018 (previous year: EUR 53.9 million). This equates to an increase of 11 per cent. Given the 27.6 million shares, it also corresponds to earnings per share of EUR 2.09 (previous year: EUR 1.87).

As of December 31, 2018, equity stood at EUR 527.6 million, which was EUR 44.2 million higher than the prior-year date (31/12/2017: EUR 483.4 million). The equity ratio rose again and now stands at 42.7 per cent (31/12/2017: 41.9 per cent).

“VIB Vermögen celebrated its 25th anniversary in the 2018 financial year. It is therefore fitting that we have posted yet another excellent result. These figures provide further endorsement of our strategy of sustainable and targeted growth on the basis of a flexible business model,” remarks Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG. “With our high-quality portfolio of existing properties and an attractive pipeline for future projects, we believe that we are well positioned in a demanding market environment,” adds Pfandzelter.

Further improvement in key property portfolio figures
The VIB Vermögen portfolio comprised 108 properties at year end (previous year: 105). The net asset value (NAV) of the company rose to EUR 560.0 million as of December 31, 2018 (31/12/2017: EUR 512.5 million). Given the number of outstanding shares, it increased by 9.2 per cent to EUR 20.30 per share (31/12/2017: EUR 18.58 per share). Funds from operations (FFO), as an indicator of the company’s operating cash inflow, improved considerably in the year under review, rising by 10 per cent to EUR 1.64 per share, compared with EUR 1.49 per share in the previous year.

Further dividend increase planned
The Managing and Supervisory Boards of VIB Vermögen will once again propose a dividend increase to the Annual General Meeting. The intention is to increase the dividend by EUR 0.05, or 8.3 per cent, to EUR 0.65 per share (previous year: EUR 0.60 per share).

“VIB is benefiting from the expansion of its portfolio and a continued favourable financing environment. This is reflected directly in our funds from operations and our earnings figures. We are also enabling our shareholders to benefit, which is why the Managing and Supervisory Boards will be proposing a dividend increase to the Annual General Meeting for the tenth time in a row,” explains Holger Pilgenröther, CFO of VIB Vermögen.

In-house developments driving growth in 2019
Multiple large-scale in-house developments at VIB Vermögen will lead to growth in rentable space as well as rising rental income in 2019.
The Managing Board of VIB Vermögen anticipates a further increase in revenue and profitability for the current financial year. Revenue of between EUR 88.5 million and EUR 92.5 million is expected. Excluding valuation effects and extraordinary items, EBT is expected to reach a level between EUR 52.0 million and EUR 54.5 million. FFO (funds from operating activities) is expected to rise to between EUR 45.5 million and EUR 48.0 million in the 2019 financial year.

The company will publish its final results for the 2018 financial year together with the 2018 Annual Report on April 30, 2019. A company presentation with details of the 2018 interim results can be found 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 an der Donau 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 25 years. The company 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 extends tenancy agreements with its largest existing tenant to 2032 ahead of schedule and acquires garden centre in Göppingen

– Early extensions to tenancy agreements until 2032 for the Dehner Group’s
15 locations

– Further acquisition of a Dehner garden centre in Göppingen with an investment volume of around EUR 13.5 million

Neuburg/Danube, February 5, 2019 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, enjoys its largest tenant’s complete confidence. The Dehner Group has prematurely extended the existing tenancy agreements for properties at 15 locations until 2032.

The acquisition of another Dehner garden centre in Göppingen is helping to strengthen the balanced mix of businessesin its portfolio. VIB is thus also further building on its regional presence in Baden-Württemberg. The property will be converted in 2019 in line with the latest garden centre concept and is expected to be handed over at the end of 2019. The investment volume is around EUR 13.5 million. An attractive tenancy agreement with a 20-year term was concluded for the rentable space of 10,170 square metres.

“Thanks to our excellent tenant relationship with our largest existing tenant, we were able to secure a considerable portion of our net rental income until 2032. We are delighted that we managed to acquire another property at the same time and, in doing so, also expanded our portfolio,” says Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert
Tilly-Park 1
86633 Neuburg/Danube

Tel.: +49 (0)8431 9077 952
Fax: +49 (0)8431 9077 929
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 25 years. The company 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 developing fully let two-storey project with a rentable area of around 115,000 square metres in the Ingolstadt region

Neuburg/Danube, January 15, 2019 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, is developing what will be the largest logistics facility in its portfolio, at the Interpark site near Ingolstadt. Following the start of the project, which was announced in September 2018 with the letting of the first construction phase, a long-term tenant has now also been found for the second construction phase. The seamless transition between the two construction phases is helping to optimise both planning and costs.

Once completed, the project, which has an investment volume of about EUR 100 million, will boast a total useful area of around 115,000 square metres. The second construction phase relates to a two-storey logistics facility with a rentable area of around 87,000 square metres that constitutes a flagship project in the greater Ingolstadt area. The tenants are two leading automotive manufacturers in Germany, both of whom have signed ten-year rental agreements. VIB Vermögen AG anticipates completion of the first construction phase by the end of 2019 – and the project as a whole is scheduled for completion by the end of next year.

“On the basis of a close and forward-looking partnership with the two tenants, we have managed to achieve optimum utilisation of space thanks to an innovative two-storey design. We are pleased that with this concept we can expand our expertise in the development of ultra-modern multifunctional and logistics properties by a further  important module,” explains Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG.

Contact

Investor Relations:

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

Profile of VIB Vermögen AG (including BBI Immobilien AG)

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for 25 years. The company 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 agrees early renewal of rental agreements for 41,000 square metres of logistics space at the Interpark site

Neuburg/Danube, November 19, 2018 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has agreed early renewals with its second-largest tenant – the Rudolph Logistics Group – in respect of three properties at Interpark. This is further proof of the close cooperation and spirit of trust between VIB Vermögen and its existing tenants.

Both companies have signed early rental agreement renewals until December 31, 2029, in respect of space measuring some 41,000 square metres. The second-largest tenant in the portfolio is thus giving a clear commitment to the Interpark site near Ingolstadt for a further eleven years.

“First of all, these contractual renewals underscore the highly attractive nature of the Interpark site. Furthermore, the early extension of these rental contracts, which have largely been in place for ten years, illustrate the considerable importance attached by VIB Vermögen to long-term partnerships with its major existing tenants,” explains Martin Pfandzelter, Chief Executive Officer 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 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 25 years. The company 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

Addition of three in-house developments in the first nine months drives further growth at VIB Vermögen

– Revenue climbs by 3.8 per cent in the first nine months year-on-year to EUR 64.4 million

– Adjusted EBT rises by 8.4 per cent, reflecting a further increase in profitability

– Portfolio strengthened by three new in-house developments with an investment volume of EUR 41.3 million

– Guidance confirmed for the 2018 financial year

Neuburg/Danube, November 7, 2018 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, increased its revenue to EUR 64.4 million – and improved its consolidated net income by 19.2 per cent to approximately EUR 38.1 million – in the first nine months of 2018. This positive development is chiefly attributable to higher earnings from new properties associated with development projects, which also made a positive contribution of EUR 7.4 million to the valuation result. Declining interest expenses on existing loans represented another factor in this regard.

With the aforementioned increases, VIB further improved its profitability. When adjusted for valuation effects and extraordinary items, EBT increased by approximately EUR 3.0 million year-on-year, amounting to just under EUR 38.0 million.

Outstanding results thanks to a diversified and profitable property portfolio
As of the balance sheet date of September 30, 2018, the VIB Vermögen property portfolio comprised 108 properties with total rentable space of more than 1.12 million square metres. During the reporting period, these properties generated FFO (funds from operations) – an indicator of the company’s cash inflow from operating activities – of approximately EUR 33.2 million. This equates to an increase of EUR 2.6 million, or 8.5 per cent, on the prior-year period. FFO per share improved accordingly from EUR 1.11 to EUR 1.20. By virtue of the pleasing course of business, the undiluted net asset value (NAV) of the company climbed to EUR 536.3 million as of September 30, 2018 (December 31, 2017: EUR 512.5 million). Taking the total number of shares, NAV per share has increased by 4.6 per cent from EUR 18.58 to EUR 19.45 since the start of the year.

“In particular, the continued positive trend in all financial indicators at VIB is due to the completion and successful letting of in-house development projects, coupled with the ongoing reductions in interest expenses on existing loans,” explains Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG, adding: “For our sustainable growth strategy, we have a property pipeline with a potential floor space of a further 155,000 square metres. “

During the year under review, VIB Vermögen has already completed three in-house developments with a total investment volume of EUR 41.3 million and incorporated them into the portfolio. With a total useful area of 56,300 square metres, these logistics and light industry properties will contribute total net basic rents of approximately EUR 3.4 million a year to the revenue of the VIB Group.
 

On the basis of the results to date and the macroeconomic and industry-specific underlying conditions, the Managing Board of VIB Vermögen confirms the guidance for the 2018 financial year as a whole made in the 2017 Annual Report.

The full interim report for the first nine months of 2018 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/Donau Email: ed.ga-biv@trehceir.artep

Profile of VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for 25 years. The company 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 reports completion and full occupancy of a 31,000 square metre site in Schwarzenbruck

Neuburg/Danube, October 25, 2018 – VIB Vermögen AG, a company specialising in the development, acquisition and management of commercial properties, has added a further multi-
functional property in an attractive location to its portfolio.

In total, the multifunctional logistics property boasts a rentable useful area of approximately 31,000 square metres. The facility is fully let on a long-term basis to two users from the logistics and e-commerce sectors. With an investment volume of around EUR 20 million, the property is generating a net initial yield of approximately 8.5 per cent.

“We are delighted that we have completed yet another development project on time and on budget. This project is further proof of our development and letting expertise and is a perfect fit with our corporate strategy,” explains Martin Pfandzelter, Chief Executive Officer 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 Email: ed.ga-biv@trehceir.artep

Profile of VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for 25 years. The company 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 launches major new development project at Interpark by fully letting the first construction phase

Neuburg/Danube, September 24, 2018 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has concluded a long-term rental agreement with a leading carmaker from the region for the first construction phase of its largest reserved plot at the Interpark industrial estate near Ingolstadt.

The roughly 27,500 square metres of rental space, which are being developed on an existing site measuring some 113,000 square metres in total, represent the first stage of the entire development. Construction is scheduled to start in the fourth quarter of 2018, with the company anticipating the completion of the first construction phase in the fourth quarter of 2019.The investment volume for the state-of-the-art facility, which is suitable for logistics and light industry, amounts to about EUR 25 million.

“We are delighted to have got the development of the Zeppelinstrasse site at Interpark off the ground by fully letting the first construction phase. We are currently examining a range of options in order to find an attractive solution that will ensure sustainable use of the remainder of the site,” explains Martin Pfandzelter, Chief Executive Officer 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 Email: ed.ga-biv@trehceir.artep

Profile of VIB Vermögen AG (including BBI Immobilien AG)

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for 25 years. The company 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 honoured with the “Most Improved Annual Report” and a prize in the Gold category at the EPRA Awards

Neuburg/Danube, September 19, 2018 – VIB Vermögen was one of the companies that showed the greatest improvement in the implementation of the so called ‘EPRA Best Practice Recommendations’ in its financial reporting at this year’s EPRA Awards and additionally won the much-coveted prize in the Gold category.

Every year, the financial experts at the European Public Real Estate Association (EPRA) analyse the quality of the financial reports of Europe’s major listed property companies. This year, the Association assessed 155 companies in conjunction with audit firm Deloitte. The basis for analysing the reports is their compliance with EPRA guidelines on quality and comparability of reporting, known as the “Best Practice Recommendations”. The considerable importance of these criteria is reflected in the increasing number of companies who report in accordance with them.

“We are delighted by the recognition shown by the EPRA and by the Gold Award. VIB Vermögen has always attached great importance to transparent, high-quality reporting. The positive assessment issued by these independent experts serves to strengthen our commitment to this goal,” says Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG, commenting on this year’s Award.

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 Email: ed.ga-biv@trehceir.artep

Profile of VIB Vermögen AG (including BBI Immobilien AG)

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully than 25 years. The company 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 extends rental agreement with leading sporting goods manufacturer in respect of 30,200 square metres

Neuburg/Danube, 6. September 2018 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has prematurely extended the rental agreement for the property in Uffenheim in the greater area of Würzburg by five years to the end of 2024.

The logistics facility, which is conveniently located near the A7 motorway, was acquired and added to the VIB portfolio in October 2016 – and is let to an international renowed manufacturer of sporting goods. The early extension of the rental agreement is another positive example of the business strategy, which involves administering and managing the properties of the VIB Group portfolio in-house.

“The successful tenancy extension is mainly attributable to our proactive in-house management
associated with the close contact to our tenants. Alongside our expertise in the development and acquisition of properties, managing our portfolio by ourselves has again proofen to be the right strategy”, explains Martin Pfandzelter, Chief Executive Officer 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 Email: ed.ga-biv@trehceir.artep

Profile of VIB Vermögen AG (including BBI Immobilien AG)

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company 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 further increases property portfolio and profitability in the first half of 2018

– Revenue rise of 3.5 per cent to EUR 42.6 million thanks to portfolio expansion

– Further increase in profitability, with sharp climb of 8.3 per cent in adjusted EBT

– Outlook for the 2018 financial year confirmed
 

Neuburg/Danube, August 8, 2018 – VIB Vermögen AG, a company specialising in the development, acquisition and management of commercial properties, has closed the first half of 2018 with significant increases in revenue and earnings. This trend was driven by the letting of new properties arising from development projects, as well as the ongoing decline in interest expenses on existing borrowings. As a result, FFO (an indicator used in the property sector) and adjusted EBT rose more sharply than revenue.

Following new additions to the portfolio and rent adjustments due to indexing, revenue rose by 3.5 per cent year-on-year to EUR 42.6 million (previous year: EUR 41.1 million). When adjusted for valuation effects and extraordinary items, EBT came in at EUR 25.0 million (previous year: EUR 23.0 million), which represents a considerable increase of 8.3 per cent. Consolidated net income rose by 5.0 per cent to EUR 22.9 million in the first half of the year (previous year: EUR 21.8 million).

“The first half of 2018 was extremely pleasing for VIB Vermögen. With the new additions to our portfolio, we are benefiting from our strategy of making good use of in-house developments in the current market environment. At the same time, our long-term financing strategy, which continues to result in lower interest expenses, is paying off in terms of our borrowings,” explains Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG.
 

An attractive and profitable property portfolio
As of June 30, 2018, the VIB Vermögen property portfolio comprised 105 properties with rentable space of approximately 1.07 million square metres. The FFO (funds from operations) generated from it, which serves as an indicator of the company’s cash inflow from operating activities, climbed by 9.1 per cent to EUR 21.8 million euros in the first half of 2018 (previous year: EUR 20.0 million). FFO per share improved accordingly from EUR 0.72 to EUR 0.79. By virtue of the pleasing course of business, the undiluted net asset value (NAV) of the company climbed to EUR 536.5 million as of June 30, 2018 (December 31, 2017: EUR 512.5 million). Taking the total number of shares, undiluted NAV per share increased by 4.7 per cent from EUR 18.58 to EUR 19.45. The vacancy rate remains unchanged at its low level of 0.8 per cent.

At VIB Vermögen, three new developments, as well as a redensification development on an existing site, are currently under construction. All four projects are in-house developments and will add some 57,000 square metres of rental space to the portfolio. Two of the new developments have been fully let prior to completion and will be handed over to their tenants in the next few weeks. One third of the remaining new development has already been let, and construction is scheduled for completion in the fourth quarter of 2018. The redensification project is being completed on an existing site in the Regensburg area and comprises the construction of two office complexes. Completion is scheduled for the fourth quarter of 2019.

In addition, the burgeoning site pipeline of VIB Vermögen totals some 170,000 square metres for potential new development projects. Whilst property acquisitions are also conceivable, these depend on the further development of prices.

“The market for logistics properties remains extremely attractive. In this regard, southern Germany represents an outstanding location in the heart of Europe. With in-house developments on new sites and the redensification of existing sites, we are able to tap into considerable potential when it comes to further optimising our portfolio with attractive properties in the future. This also reduces our exposure to the high purchase prices of existing properties,” emphasises Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG.

On the basis of the results to date and the planned course of business, VIB Vermögen confirms its guidance for the 2018 financial year as a whole made in the 2017 Annual Report.

The full 2018 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/Donau Email: ed.ga-biv@trehceir.artep

Profile of VIB Vermögen AG (including BBI Immobilien AG)

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company 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.