5 November 2026, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first ten months of ‘26:
- Annualised committed leases surpassed the € 500 million milestone, reaching € 500.8 million[1] following the signing of € 85.9 million, or 1.1 million sqm in new and renewed leases during the first ten months of 2026, including € 33.2 million in the past four months. This represents an increase of € 32.5 million since 31 December 2025, or +6.9% year to date and +9% year on year.
- 43 projects under construction representing 1,071,000 sqm (of which 18 projects totalling 409,000 sqm started up during the year) and € 80 million in additional annual rent once fully built and let. Additionally, reflecting sustained tenant demand, the group has already pre-let commitments on 249,000 square meters of to be developed assets, which are to date 82% pre-let. The total pre-let pipeline is 74% pre-let[2] as of 31 October ’26.
- 18 projects delivered during first ten months representing 399,000 sqm, or € 32.9 million in additional annual rent (of which 6 projects totalling 163,000 sqm delivered since the 1st of July 2026), currently 87% let. Furthermore, 33% of the completed buildings were certified with the BREEAM Outstanding label, or similar (DGNB certification for Germany).
- Total owned and committed development land bank stands at 10.0 million sqm at the end of October 2026 representing a development potential of more than 4.1 million sqm. The Group takes a selective approach in securing further commitments on land acquisitions.
- Property portfolio[3] virtually fully let with occupancy at 98% as of 31 October 2026 (compared to 98% as at 30 June 2026). Of the € 500.8 million committed annualised rental income, € 425.0 million has become cash generative, an increase of 9% versus December 2025. Another € 49.9 million of rental income is expected to start within the next twelve months.
- Installed renewable energy capacity up 25% YoY to 226.0 MW, with 202.5 MW under construction or permitting (+75%) and 181.8 MW in the pipeline, a 610.3 MW platform.
- Numerous initiatives are strengthening VGP’s balance sheet and supporting further growth:
- Joint venture distributions of approximately € 80 million are expected in 2026;
- VGP is set to close over € 450 million of joint-venture transactions in Q4 2026, being the final building of the Third Joint Venture (Ymir), c. € 150 million of gross asset value, and a fourth closing of c. € 300 million for the Saga I Joint Venture in December 2026. Further Saga I closings follow in 2027 as the assets are delivered; the joint venture is expected to be fully allocated by the end of 2027, as such enabling the launch of Saga II.
- A promote payment of € 18.4 million was received in July 2026, following a + 12% net – IRR performance in the First Joint Venture (Rheingold);
- Good progress continues on establishing East Capital and the Data Centre Joint Venture, targeting material closings with all ventures in ‘27;
- Fitch and S&P Global Ratings have reaffirmed VGP’s investment-grade ratings, both with a stable outlook.
[1] Including Joint Ventures at 100%. The Annualised committed leases in the Joint Ventures amounts to € 328.2 million and in the own portfolio € 172.5 million.
[2] Includes pre-lets on development land. Pre-let of the pipeline under construction is 72% pre-let.
[3] Including Joint Ventures at 100%.