VGP, a Belgium-based logistics real estate provider, reported a first-half pretax profit of €141 million, reflecting strong operational performance in its property portfolio. The company’s net asset value rose 10.5% during the period to €2.90 billion, while net rental income climbed 18% year-over-year to €122.8 million.
New and renewed leases totaled €52.7 million, with organic committed lease growth reaching 10.8% compared to the prior year. Vacant spaces were re-let at an average rental price increase of 6%, contributing to a committed annualized rental income of €496 million. The company delivered 12 projects in the first half, adding €17.1 million in annual rent and achieving 86% occupancy for these new properties.
VGP’s completed portfolio maintained high occupancy at 98%, with nearly all available space leased. Renewable energy operations generated gross income of €7.2 million, up from €6.5 million in the first half of 2025, driven by higher solar electricity sales and expanded photovoltaic capacity.
Looking ahead, VGP expects battery energy storage systems to contribute to revenue in the second half of 2026. The company also plans to finalize closings for its Saga I joint venture in the second half of 2026 and the first half of 2027.
