VGP half-year results announced

Industrial developer VGP has released its half-year figures. Highlights include an 81.2% growth in gross rental income to €9.3m, a 91% occupancy rate (compared to 95% at the beginning of the year), a €1m loss on interest rate derivatives, and a €36m loss on its existing portfolio. It all adds up to a net loss of €11.7m for the listed company, but VGP is calling it a strong performance given the woeful market. VGP signed its first four rental contracts outside the Czech Republic in the second quarter of the year.

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