VGP Posts Record Rent Growth Amid Slower Leasing, Eyes €500M Milestone

In the first half of 2026, VGP SA — the European logistics and industrial property developer — recorded nearly 18 percent rental income growth, a testament to enduring demand from e-commerce and defense sectors even as rising interest rates and a quieter leasing market cast long shadows. The company stands at the threshold of a symbolic milestone, with committed annualized rent approaching EUR500 million, yet beneath that headline lies a more complicated story of declining development profits and cautious new construction. Like many builders navigating the tension between ambition and prudence