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VGP to offer up to €225M of bonds

Developer VGP NV is making a public offer in Belgium for retail bonds due March 19, 2026, for an expected minimum amount of €175 million and a maximum amount of €225 million.

The bonds have a fixed rate of 3.50% per year, with the net yield equaling 2.304% per year.

The subscription period runs Sept. 7-12, subject to early closing. The issue date is expected to be Sept. 19.

The net proceeds are marked for the repayment of all or part of the company's outstanding debt under the €75 million fixed rate bonds on their Dec. 6 maturity date. The remaining balance will be used for the acquisition of development land in existing and new markets and to finance the development of new projects.

KBC Bank NV will act as sole manager and book runner for the issuance.