London—Dentons has advised VGP NV on its public offering to existing shareholders and holders of a non-statutory preferential right, raising a total of €302.9 million. The new shares are listed on Euronext Brussels, account for approximately 25% of the company's outstanding shares prior to announcement of the offering, and priced at a discount of 29.8% to the theoretical ex-right share price. The transaction was announced on 16 November 2022, and the new shares were listed on 29 November 2022.  Existing shareholders subscribed for 94.4% of the new shares, with the remaining 5.6% placed in a private placement by the global coordinators.  The transaction included a public offering in Belgium and private placement elsewhere, including to existing shareholders in the United States.

VGP will use the net proceeds from the capital increase to further increase its financial purchasing power and strengthen its shareholders’ equity in order to finance the investment pipeline and to be able to benefit from additional investment opportunities.

VGP is a pan-European developer, manager and owner of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. Founded in 1998 as a Belgian family-owned real estate developer in the Czech Republic, VGP has approximately 380 full time equivalent staff and operates in 19 European countries directly and through several joint ventures, including with Allianz Real Estate. As of June 2022, VGP's gross asset value, including its joint ventures at 100%, amounted to €6.53 billion.

Belfius Bank NV, BNP Paribas Fortis SA/NV, J.P. Morgan SE and KBC Securities NV acted as global coordinators for the transaction. Dentons acted as international and US securities counsel to VGP, and Argo Law BV acted as Belgian counsel to VGP.

Dentons' London-based capital markets and US securities partner Cameron Half, who led advice to VGP on the offering, said, "We are pleased to have supported our longstanding client VGP on the successful completion of its rights offering, and helping it to mobilize participation from its shareholder base."

Cameron Half was supported on the transaction by capital markets associates Fiona Hollingdale and Anna Clark, US securities law clerk Pichrotanak Bunthan and trainees Sarah Abi Raad and Imogen Wilkinson.  Dusseldorf based partner David Zafra Carrollo provided German real estate advice.

This is the fifth equity offering by VGP on which Dentons has advised since December 2017, following on its €300 million accelerated bookbuilt offering in November 2021, a €109.2 million accelerated bookbuilt offering in September 2020, a €200 million accelerated bookbuilt offering in April 2020, and a €284.8 million follow-on offering in 2017.

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