VGP: contracted annual rents reach €500.8M at end-October, up 9% year-on-year
VGP's contracted annual rents reached €500.8M at the end of October 2026, according to the activity update for the first ten months published on November 5, 2026. This level is up €32.5M since December 31, 2025, i.e. +6.9% year to date and +9% year-on-year.
This total includes the 100%-consolidated joint ventures, which account for €328.2M, compared with €172.5M for the portfolio held directly. Overall, €425.0M already generate cash flows, up 9% compared with December 2025, and an additional €49.9M is due to start generating rent within the next twelve months.
In parallel, the developer and owner of logistics parks is relying on asset rotation towards its joint ventures: it is about to finalize more than €450M of transactions in the fourth quarter of 2026.
€85.9M in signings support contracted rents
The growth in the rent roll is based on €85.9M of new and renewed leases signed over the first ten months, covering 1.1 million m². The last four months accounted for €33.2M of these signings.
On the delivery side, 18 projects have been completed since January, totaling 399,000 m² and €32.9M of additional annual rents, including 6 projects and 163,000 m² since July 1, 2026. These buildings are 87% leased, and 33% of them have obtained the BREEAM Outstanding label or an equivalent (DGNB certification in Germany).
The operating portfolio, including joint ventures at 100%, shows an occupancy rate of 98% as of October 31, 2026, stable compared with June 30, 2026.
43 projects under construction, 72% pre-let, for €80M of potential rents
The group has 43 projects under construction covering 1,071,000 m², including 18 launched this year on 409,000 m². Once completed and fully leased, they are expected to generate an additional €80M of annual rents; they are currently 72% pre-let.
In addition, there are commitments covering 249,000 m² of buildings yet to be developed, already 82% pre-let. The entire project pipeline, these commitments included, is 74% pre-let as of October 31, 2026.
The land reserve acquired or committed reaches 10.0 million m² at the end of October, with a development potential of more than 4.1 million m², and the group indicates it is adopting a selective approach to new land purchase commitments.
In renewable energy, installed capacity rose 25% year-on-year to 226.0 MW, with 202.5 MW under construction or in the process of being authorized (+75%) and 181.8 MW in project, bringing the platform to 610.3 MW.
More than €450M of transactions with joint ventures expected by end-2026
VGP is about to finalize more than €450M of transactions in the fourth quarter of 2026: the last building of its third joint venture (Ymir), for approximately €150M of gross asset value, and a fourth closing of approximately €300M with the joint venture Saga I in December.
Further closings with Saga I will follow in 2027 as deliveries occur; the vehicle is expected to be fully allocated by the end of 2027, which would allow the launch of Saga II.
The group also expects approximately €80M of distributions from its joint ventures in 2026, and received in July a performance fee of €18.4M in respect of its first joint venture (Rheingold), whose net IRR exceeded 12%.
At the half-year results published on August 20, 2026, VGP had cited a pan-European fund project with East Capital targeting at least €1.5bn of gross asset value in Central and Eastern Europe. Its set-up, like that of the joint venture dedicated to data centers, is progressing, with the objective of significant closings in 2027.
Fitch and S&P Global Ratings have confirmed VGP's ratings in the investment-grade category, with a stable outlook. The growth in the rent roll is thus accompanied by an increased reliance on joint ventures, which already carry the majority of contracted rents and whose upcoming closings are expected to fund the financing of the portfolio under construction.
