PRESS RELEASE
Regulated Information
7 May 2026, 12.00 pm, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first four months of 2026:
- A total € 34.4 million of new and renewed leases signed year-to-date bringing the annualised committed leases for the year to date to € 486.4 million1 (+ € 18.2 million compared to 31 December 2025, which is +4% YTD and +12.6% y-o-y).
- The new lease agreements include some iconic developments, secured in the Netherlands, Romania, Spain, and Denmark, ranging from 6,000 square meters to 65,000 square meters (with expansion potential), and covering logistics, production, and office uses. These projects are strategically located in key distribution hubs and expect to start-up development in ’26 already. In addition the group was able to materialize an 18.5% rental uplift in reletting vacant area.
- 44 projects under construction representing 1,117,000 square meters (of which 7 projects totalling 181,000 square meters started up during the year) and € 86.8 million in additional annual rent once fully built and let. The pipeline under construction is 70% pre-let. The pre-let increases to 76% when taking into account pre-lets on development land.
- 5 projects delivered representing 121,000 square meters, or € 9.8 million in additional annual rent. These projects, located in Germany, Croatia, Romania and Slovakia are 95% leased.
- Total secured development land bank stands at 10.0 million square meters at the end of April 2026 representing a development potential of over 4.2 million square meters. With 915,000 square meters of new development land acquired during the first four months of the year. Several other strategic land acquisition projects are in the pipeline.
- Completed property portfolio virtually fully let with occupancy at 98% as of 30 April 2026 (compared to 98 % as at 31 December 2025). Of the € 486.4 million committed annualised rental income, € 414.9 million has become cash generative, an increase of +14% versus 30 April 2025. Another € 37.6 million2 of rental income is expected to start revenue generating within the next twelve months.
- In January, VGP successfully issued a € 600 million bond maturing in 2032 with a 4.00% coupon—attracting strong investor demand—and completed a liability management transaction to repurchase € 100 million of the € 320.1 million bond that was set to expire in 2027, thereby optimizing its debt profile and reducing refinancing risk.
- The Group is anticipating a number of closings with its Joint Ventures in H2 ’26. It pertains to a fourth closing with Areim, a closing with Allianz in VGP Park München and potentially a seed closing with East Capital.
- Operational renewable energy capacity has further increased during the first four months of 2026 with 151 projects completed delivering 204.5 MW compared to 182.5 MW as of Dec-25 (+12% YTD)
- As per May 8th, VGP will host its annual general shareholders meeting. Amongst others the shareholders will vote on a dividend pay-out of € 92.8 million, or € 3.40 per share.
- The company will also host its Capital Markets Day on 3 September 2026 in the Frankfurt region, where management will provide strategic updates on the business, including plans for the new data centre segment.
1 Including Joint Ventures at 100%. As at 30 April 2026 the annualised committed leases of the Joint Ventures stood at € 327.6 million.
2 Including Joint Ventures at 100%, the own portfolio amount to € 34.1 million.
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