Despite the big turbulences on the international financial markets, less availability of credit facilities and an increase in funding costs, as well as the resulting decompression of yields in the real estate markets, VGP is well on track to double its portfolio and rental income in 2008.
Where 2007 was a year of exponential geographical growth through the securization of a substantial land bank, 2008 is a year where VGP focuses on optimizing the profitability of its portfolio, by converting its land bank into income generating assets. In addition the Group continues to undertake cautious attempts to further enlarge its land portfolio in those locations where demand proves the highest.
During the first half of 2008 VGP's activities can be summarized as follows:
- start-up of construction of 16 new projects. These new projects (together with one additional project started up in July 2008) represent a future lettable area of 261,776 m