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Accounting policies The consolidated financial statements of the Group for the year ended 31 December 2025 comprise the results of abrdn European Logistics Income plc and its subsidiaries. The principal accounting policies adopted by the Group are set out below, all of which have been applied consistently throughout the year. (a) Basis of accounting The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (\u201cUK-adopted IFRS\u201d), which comprise standards and interpretations approved by the International Accounting Standards Board (\u2018IASB\u2019), and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee (\u2018IASC\u2019) that remain in effect, and to the extent that they have been adopted by the United Kingdom, and the Listing Rules of the UK Listing Authority. The consolidated financial statements of the Group have been prepared under the historical cost convention as modified by the measurement of investment property, investment properties held for sale, and derivative financial instruments at fair value. The consolidated financial statements are presented in Euro. In compliance with the AIC\u2019s Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (issued July 2022), the consolidated statement of comprehensive income is separated between capital and revenue profits and losses. Going concern At the Annual General Meeting held on 24 June 2024, in accordance with the Board\u2019s recommendation, the resolution concerning the continuation of the Company was not passed by Shareholders. At the General Meeting held on 23 July 2024, the proposed revised Investment Policy for the implementation of a managed wind-down of the Company was overwhelmingly approved by the Company\u2019s Shareholders. Following the approval by Shareholders of the revised investment objective and policy, the process of an orderly realisation of the Company\u2019s assets and a return of capital to Shareholders is ongoing. The Board will endeavour to realise the Company\u2019s investments in a manner that achieves a balance between maximising the value received from the sale of investments and timely returns of net proceeds to Shareholders. Whilst the Directors are satisfied that the Company has adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due, given that the Company is now in managed wind-down, the Directors consider it appropriate to continue to adopt a basis other than going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis had arisen as a result of ceasing to apply the going concern basis. The Group ended the year with \u20ac47.8 million cash in hand. Following the announcement of the managed wind-down, the revolving credit facility (\u201cRCF\u201d) of \u20ac70 million with Investec Bank was terminated in May 2024. As detailed in note 14, there are currently two bank facilities of which one is due to expire in June 2026. The Board is monitoring the expected disposal timelines of the underlying properties to achieve a balance between timely return of capital to shareholders and repayment of loan facilities with the relevant banks. The Board is confident that the Company has sufficient resources to repay the loan facilities on or before the expiry dates. Under the terms of the debt agreements, each debt obligation is \u201cring fenced\u201d within a sub-group of property holding companies. These non-recourse loans range in maturities between 0.6 and 2.0 years with all-in interest rates ranging between 1.38% and 3.30% per annum. The permitted loan to value (\u201cLTV\u201d) ratios in the debt arrangements as at 31 December 2025 are between 55% and 60% (soft breach limits). The \u201chard breach\u201d LTV ratio covenants which give the lenders the right to exercise their security are between 55% and 65%. If the lenders were to adopt the valuations carried out for the purposes of these financial statements as at 31 December 2025, the ratios would be between 54% and 59% respectively and were within both the applicable soft and hard breach covenant limits for all facilities. Accordingly, there were no breaches of either soft or hard LTV covenant limits during the year ended 31 December 2025. Based on the most recent covenant submissions to lenders, there are two facilities with less than 5% headroom before a soft breach. The Directors believe that the liquidity residing within the Group could be used for repayment of a loan in the event of a breach of LTV limits on these facilities. The permitted interest coverage ratios as at 31 December 2025, which give the lenders the right to exercise their security, is 250%. The latest calculated interest coverage ratios (\u201cICR\u201d) were between 314% and 730% respectively. For the year ended 31 December 2025, there were no breaches of ICR. The risk of ICR breach during the managed wind-down period is limited. The Board recognises the 9.2% share price discount to NAV, as at 31 December 2025 (21.9% as at 31 December 2024). The valuation of investment property is the main driver of the NAV and was determined by Savills as independent valuer. The Board is satisfied that the valuation exercise was performed in accordance with RICS Valuation - Global Standards. As such, the Board has full confidence in the level of the NAV disclosed in the financial statements at the reporting date. The Board expects the discount to continue to narrow as the Company progresses with the execution of the manged wind-down. The Directors note that the real estate values during the year continued to decline and have stabilised towards the end of the year. The Directors expect the changes in valuations to have no impact on the Group\u2019s ability to comply with debt covenants: \u2022 The Directors consider that in most cases there is sufficient or good headroom on covenant ratios. \u2022 The Group has a substantial cash balance, with the ability to retain cash from disposal proceeds to meet its obligations. \u2022 The parent company is not itself a party to any of the debt contracts (in any capacity including as borrower, guarantor or security provider). The lenders would therefore not, in any event, have any recourse to the ultimate parent under the debt contracts. While the Company cannot predict the outcome of the above matters, based on the financial forecasts prepared the Directors believe there are adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due. However, as the Company is in managed wind-down, the Directors consider it appropriate to continue to adopt a basis other than going concern in preparing the financial statements. New accounting standards or amendments effective for the year The following new accounting standards and amendments were effective for the year ended 31 December 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21, effective for annual reporting periods beginning on or after 1 January 2025. The amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. New accounting standards or amendments issued but not yet effective The following new accounting standards and amendments have been issued but are not effective for the year ended 31 December 2025 and have not been early adopted by the Group: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7, effective 1 January 2026 \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, effective 1 January 2026 \u2022 IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027 \u2022 IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. The other standards and amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. (b) Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s financial statements requires the Directors to make judgements, estimates and assumptions that affect the amounts recognised in the financial statements and contingent liabilities. However, uncertainty about these judgements, assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods. Key estimation uncertainties Fair value of investment properties and investment properties held for sale is stated at fair value as at the balance sheet date as set out in note 9 to these financial statements. The determination of the fair value of investment properties requires the use of estimates such as future cash flows from the assets, estimated inflation, market rents, discount rates, capitalisation rates, estimated rental value and net initial and net equivalent property yields. The estimate of future cash flows includes consideration of the repair and condition of the property, lease terms, future lease events, as well as other relevant factors for the particular asset. These estimates are based on local market conditions existing at the balance sheet date. Held for sale assessment Management has assessed the criteria for classification of investment properties as held for sale, including the likelihood of sale within the next 12 months, the asset\u2019s current condition, and the active marketing efforts to locate a buyer. This assessment involves evaluating the probability and timing of the sale, which can be influenced by market conditions and other external factors. The judgement made in this regard impacts the presentation and measurement of these assets in the financial statements. (c) Basis of consolidation The consolidated financial statements comprise the accounts of the Company and its subsidiaries drawn up to 31 December 2025. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group acquired subsidiaries that own real estate properties. At the time of acquisition, the Group considered whether the acquisition represented the acquisition of a business. The Group accounted for an acquisition as a business combination where an integrated set of activities was acquired in addition to the property. More specifically, consideration was made with regard to the extent to which significant processes were acquired and, in particular, the extent of ancillary services provided by the Group (e.g. maintenance, cleaning, security, bookkeeping, and the like). The significance of any process is judged with reference to the guidance in IAS 40 on ancillary services. When the acquisition of subsidiaries did not represent a business, it was accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition was allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax was recognised. The Company did not make any acquisitions during the year. (d) Functional and presentation currency Items included in the consolidated financial statements of the Group are measured using the currency of the primary economic environment in which the Company and its subsidiaries operate (\u201cthe functional currency\u201d) which in the judgement of the Directors is Euro. The financial statements are also presented in Euro. All figures in the consolidated financial statements are rounded to the nearest thousand euros unless otherwise stated. (e) Foreign currency Transactions denominated in foreign currencies are converted at the exchange rate ruling at the date of the transaction. Monetary and non-monetary assets and liabilities denominated in foreign currencies held at the financial year end are translated using the foreign exchange rate ruling at that date. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss to capital or revenue in the Consolidated Statement of Comprehensive Income as appropriate. Foreign exchange movements on investments are included in the Consolidated Statement of Comprehensive Income within gains on investments. (f) Revenue recognition Rental income, including the effect of lease incentives, arising from operating leases (including those containing fixed rent increases) is recognised on a straight line basis over the lease term. Service charge income represents the charge to tenants for services the Group is obliged to provide under lease agreements. This income is recorded gross within Income on the basis the Group is acting as principal, with any corresponding cost shown within expenses. Interest income is accounted for on an effective interest rate basis. (g) Expenses All expenses are recognised on an accruals basis and, in accordance with the AIC Statement of Recommended Practice, are charged to revenue, except for management fees and broker fees directly related to property disposals, which are charged to capital. (h) Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax Current tax is defined as the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Where corporation tax arises in subsidiaries, these amounts are charged to the Consolidated Statement of Comprehensive Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the date of the balance sheet in the countries where the Group operates. The Investment Manager periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. The carrying values of the Group\u2019s investment properties are assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Consolidated Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale and accounted for through the capital reserve. (i) Investment properties Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the year during which the expenditure is incurred. After initial recognition, investment properties are measured at fair value, with the movement in fair value recognised in the Consolidated Statement of Comprehensive Income and transferred to the Capital Reserve. Fair value is based on the external valuation provided by Savills (2024: Savills), chartered surveyors, at the balance sheet date undertaken in accordance with the RICS Valuation \u2013 Global Standards 2024, (Red Book), published by the Royal Institution of Chartered Surveyors. The assessed fair value is reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives and/or minimum lease payments. On derecognition, gains and losses on disposals of investment properties are recognised in the Consolidated Statement of Comprehensive Income. Non-current assets and investment properties held for sale A non-current asset or a group of assets containing a non-current asset (a disposal group) is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly probable within one year. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. Deferred tax on investment properties classified as held for sale is measured in accordance with accounting policy as outlined in note 1 (h). Investment properties held for sale continue to be recognised under the fair value model. On derecognition, gains and losses on disposals of investment properties held for sale are recognised in the Consolidated Statement of Comprehensive Income. (j) Distributions Interim distributions payable to the holders of equity shares are recognised in the Statement of Changes in Equity in the year in which they are paid. An annual shareholder resolution is voted upon to approve the Group\u2019s distribution policy. (k) Lease contracts Operating lease contracts \u2013 the Group as lessor The Group has entered into commercial property leases on its investment property portfolio. The Group has determined, based on an evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of ownership of these properties and so accounts for leases as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense on a straight-line basis over the lease term. Operating and finance lease contracts - the Group as intermediate lessor When the Group is an intermediate lessor, it accounts for its interest in the head lease and the sub-lease separately. The Group assesses all leases where it acts as an intermediate lessor, based on an evaluation of the terms and conditions of the arrangements. Any head leases identified as finance leases are capitalised at the lease commencement present value of the minimum lease payments discounted at an applicable discount rate as a right-of-use asset and leasehold liability. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The interest element of the finance cost is charged to the Statement of Comprehensive Income over the lease period. (l) Share issue expenses Incremental external costs directly attributable to the issue of shares that would otherwise have been avoided are written off to share premium. (m) Segmental reporting The Group is engaged in property investment in Europe. Operating results are analysed on a geographic basis by country. In accordance with IFRS 8 \u2018Operating Segments\u2019, financial information on business segments is presented in note 20 of the Consolidated financial statements. (n) Cash and cash equivalents Cash and cash equivalents are defined as cash in hand, demand deposits, and other short-term highly liquid investments readily convertible within three months or less to known amounts of cash and subject to insignificant risk of changes in value. (o) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Consolidated Statement of Comprehensive Income. Financial assets Financial assets are measured at amortised cost, financial assets \u2018at fair value through profit or loss\u2019 (FVTPL), or financial assets \u2018at fair value through other comprehensive income\u2019 (FVOCI). The classification is based on the business model in which the financial asset is managed and its contractual cash flow characteristics. All purchases and sales of financial assets are recognised on the trade date basis. Financial assets at amortised cost Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other receivables, and others) are subsequently measured at amortised cost using the effective interest method, less any impairment. The Group holds the trade receivables with the objective to collect the contractual cash flows. Impairment of financial assets The Group\u2019s financial assets are subject to the expected credit loss model. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The expected loss rates are based on the payment profiles of tenants over a period of twelve months before the measurement date, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the liability of the tenants to settle the receivable. Such forward-looking information would include: \u2022 significant financial difficulty of the issuer or counterparty; or \u2022 breach of contract, such as a default or delinquency in interest or principal payments; or \u2022 it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or \u2022 the disappearance of an active market for that financial asset because of financial difficulties. \u2022 changes in economic, regulatory, technological and environmental factors, (such as industry outlook, GDP, employment and politics); \u2022 external market indicators; and \u2022 tenant base. Financial liabilities Financial liabilities are classified as \u2018other financial liabilities\u2019. Other financial liabilities Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. (p) Derivative financial instruments The Company used forward foreign exchange contracts to mitigate potential volatility of income returns and to provide greater certainty as to the level of Sterling distributions expected to be paid in respect of the year covered by the relevant currency hedging instrument. It does not seek to provide a long-term hedge for the Company\u2019s income returns, which will continue to be affected by movements in the Euro/Sterling exchange rate over the longer term. The Company used interest rate SWAPs and interest rate caps to mitigate potential volatility in interest rates and income returns. Derivatives are measured at fair value calculated by reference to forward exchange rates for contracts with similar maturity profiles. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income. (q) Reserves Share capital This represents the proceeds from issuing Ordinary shares and is non-distributable. Share premium Share premium represents the excess consideration received over the par value of Ordinary shares issued and is classified as equity and is non-distributable. Incremental costs directly attributable to the issue of Ordinary shares are recognised as a deduction from share premium. Special distributable reserve The special reserve is a distributable reserve to be used for all purposes permitted by applicable legislation and practice, including the buyback of shares and the payment of dividends. Special distributable reserve II The special reserve is a distributable reserve set up following the cancellation of amounts standing to the credit of the share premium account to be used for capital distributions to shareholders as sufficient cash is generated from asset sales under the managed wind-down policy. Capital reserve The capital reserve is a distributable reserve subject to applicable legislation and practice, and the following are accounted for in this reserve: \u2022 gains and losses on the disposal of investment properties, which are distributable; \u2022 increases and decreases in the fair value of investment properties held at the year end, which are not distributable. Capital redemption reserve The capital redemption reserve arises when classes of share are cancelled, at which point an amount equal to the par value of the share capital is transferred from the share capital account to the capital redemption reserve. This reserve is not distributable. Under section 733 of the Companies Act 2006 this reserve may be used to pay up new shares to be allotted to members as fully paid bonus shares. Revenue reserve The revenue reserve is a distributable reserve and reflects any surplus arising from the net revenue return on ordinary activities after taxation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "(a) Basis of accounting The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (\u201cUK-adopted IFRS\u201d), which comprise standards and interpretations approved by the International Accounting Standards Board (\u2018IASB\u2019), and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee (\u2018IASC\u2019) that remain in effect, and to the extent that they have been adopted by the United Kingdom, and the Listing Rules of the UK Listing Authority. The consolidated financial statements of the Group have been prepared under the historical cost convention as modified by the measurement of investment property, investment properties held for sale, and derivative financial instruments at fair value. The consolidated financial statements are presented in Euro. In compliance with the AIC\u2019s Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (issued July 2022), the consolidated statement of comprehensive income is separated between capital and revenue profits and losses. Going concern At the Annual General Meeting held on 24 June 2024, in accordance with the Board\u2019s recommendation, the resolution concerning the continuation of the Company was not passed by Shareholders. At the General Meeting held on 23 July 2024, the proposed revised Investment Policy for the implementation of a managed wind-down of the Company was overwhelmingly approved by the Company\u2019s Shareholders. Following the approval by Shareholders of the revised investment objective and policy, the process of an orderly realisation of the Company\u2019s assets and a return of capital to Shareholders is ongoing. The Board will endeavour to realise the Company\u2019s investments in a manner that achieves a balance between maximising the value received from the sale of investments and timely returns of net proceeds to Shareholders. Whilst the Directors are satisfied that the Company has adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due, given that the Company is now in managed wind-down, the Directors consider it appropriate to continue to adopt a basis other than going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis had arisen as a result of ceasing to apply the going concern basis. The Group ended the year with \u20ac47.8 million cash in hand. Following the announcement of the managed wind-down, the revolving credit facility (\u201cRCF\u201d) of \u20ac70 million with Investec Bank was terminated in May 2024. As detailed in note 14, there are currently two bank facilities of which one is due to expire in June 2026. The Board is monitoring the expected disposal timelines of the underlying properties to achieve a balance between timely return of capital to shareholders and repayment of loan facilities with the relevant banks. The Board is confident that the Company has sufficient resources to repay the loan facilities on or before the expiry dates. Under the terms of the debt agreements, each debt obligation is \u201cring fenced\u201d within a sub-group of property holding companies. These non-recourse loans range in maturities between 0.6 and 2.0 years with all-in interest rates ranging between 1.38% and 3.30% per annum. The permitted loan to value (\u201cLTV\u201d) ratios in the debt arrangements as at 31 December 2025 are between 55% and 60% (soft breach limits). The \u201chard breach\u201d LTV ratio covenants which give the lenders the right to exercise their security are between 55% and 65%. If the lenders were to adopt the valuations carried out for the purposes of these financial statements as at 31 December 2025, the ratios would be between 54% and 59% respectively and were within both the applicable soft and hard breach covenant limits for all facilities. Accordingly, there were no breaches of either soft or hard LTV covenant limits during the year ended 31 December 2025. Based on the most recent covenant submissions to lenders, there are two facilities with less than 5% headroom before a soft breach. The Directors believe that the liquidity residing within the Group could be used for repayment of a loan in the event of a breach of LTV limits on these facilities. The permitted interest coverage ratios as at 31 December 2025, which give the lenders the right to exercise their security, is 250%. The latest calculated interest coverage ratios (\u201cICR\u201d) were between 314% and 730% respectively. For the year ended 31 December 2025, there were no breaches of ICR. The risk of ICR breach during the managed wind-down period is limited. The Board recognises the 9.2% share price discount to NAV, as at 31 December 2025 (21.9% as at 31 December 2024). The valuation of investment property is the main driver of the NAV and was determined by Savills as independent valuer. The Board is satisfied that the valuation exercise was performed in accordance with RICS Valuation - Global Standards. As such, the Board has full confidence in the level of the NAV disclosed in the financial statements at the reporting date. The Board expects the discount to continue to narrow as the Company progresses with the execution of the manged wind-down. The Directors note that the real estate values during the year continued to decline and have stabilised towards the end of the year. The Directors expect the changes in valuations to have no impact on the Group\u2019s ability to comply with debt covenants: \u2022 The Directors consider that in most cases there is sufficient or good headroom on covenant ratios. \u2022 The Group has a substantial cash balance, with the ability to retain cash from disposal proceeds to meet its obligations. \u2022 The parent company is not itself a party to any of the debt contracts (in any capacity including as borrower, guarantor or security provider). The lenders would therefore not, in any event, have any recourse to the ultimate parent under the debt contracts. While the Company cannot predict the outcome of the above matters, based on the financial forecasts prepared the Directors believe there are adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due. However, as the Company is in managed wind-down, the Directors consider it appropriate to continue to adopt a basis other than going concern in preparing the financial statements. New accounting standards or amendments effective for the year The following new accounting standards and amendments were effective for the year ended 31 December 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21, effective for annual reporting periods beginning on or after 1 January 2025. The amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. New accounting standards or amendments issued but not yet effective The following new accounting standards and amendments have been issued but are not effective for the year ended 31 December 2025 and have not been early adopted by the Group: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7, effective 1 January 2026 \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, effective 1 January 2026 \u2022 IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027 \u2022 IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. The other standards and amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (\u201cUK-adopted IFRS\u201d), which comprise standards and interpretations approved by the International Accounting Standards Board (\u2018IASB\u2019), and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee (\u2018IASC\u2019) that remain in effect, and to the extent that they have been adopted by the United Kingdom, and the Listing Rules of the UK Listing Authority. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Going concern At the Annual General Meeting held on 24 June 2024, in accordance with the Board\u2019s recommendation, the resolution concerning the continuation of the Company was not passed by Shareholders. At the General Meeting held on 23 July 2024, the proposed revised Investment Policy for the implementation of a managed wind-down of the Company was overwhelmingly approved by the Company\u2019s Shareholders. Following the approval by Shareholders of the revised investment objective and policy, the process of an orderly realisation of the Company\u2019s assets and a return of capital to Shareholders is ongoing. The Board will endeavour to realise the Company\u2019s investments in a manner that achieves a balance between maximising the value received from the sale of investments and timely returns of net proceeds to Shareholders. Whilst the Directors are satisfied that the Company has adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due, given that the Company is now in managed wind-down, the Directors consider it appropriate to continue to adopt a basis other than going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis had arisen as a result of ceasing to apply the going concern basis. The Group ended the year with \u20ac47.8 million cash in hand. Following the announcement of the managed wind-down, the revolving credit facility (\u201cRCF\u201d) of \u20ac70 million with Investec Bank was terminated in May 2024. As detailed in note 14, there are currently two bank facilities of which one is due to expire in June 2026. The Board is monitoring the expected disposal timelines of the underlying properties to achieve a balance between timely return of capital to shareholders and repayment of loan facilities with the relevant banks. The Board is confident that the Company has sufficient resources to repay the loan facilities on or before the expiry dates. Under the terms of the debt agreements, each debt obligation is \u201cring fenced\u201d within a sub-group of property holding companies. These non-recourse loans range in maturities between 0.6 and 2.0 years with all-in interest rates ranging between 1.38% and 3.30% per annum. The permitted loan to value (\u201cLTV\u201d) ratios in the debt arrangements as at 31 December 2025 are between 55% and 60% (soft breach limits). The \u201chard breach\u201d LTV ratio covenants which give the lenders the right to exercise their security are between 55% and 65%. If the lenders were to adopt the valuations carried out for the purposes of these financial statements as at 31 December 2025, the ratios would be between 54% and 59% respectively and were within both the applicable soft and hard breach covenant limits for all facilities. Accordingly, there were no breaches of either soft or hard LTV covenant limits during the year ended 31 December 2025. Based on the most recent covenant submissions to lenders, there are two facilities with less than 5% headroom before a soft breach. The Directors believe that the liquidity residing within the Group could be used for repayment of a loan in the event of a breach of LTV limits on these facilities. The permitted interest coverage ratios as at 31 December 2025, which give the lenders the right to exercise their security, is 250%. The latest calculated interest coverage ratios (\u201cICR\u201d) were between 314% and 730% respectively. For the year ended 31 December 2025, there were no breaches of ICR. The risk of ICR breach during the managed wind-down period is limited. The Board recognises the 9.2% share price discount to NAV, as at 31 December 2025 (21.9% as at 31 December 2024). The valuation of investment property is the main driver of the NAV and was determined by Savills as independent valuer. The Board is satisfied that the valuation exercise was performed in accordance with RICS Valuation - Global Standards. As such, the Board has full confidence in the level of the NAV disclosed in the financial statements at the reporting date. The Board expects the discount to continue to narrow as the Company progresses with the execution of the manged wind-down. The Directors note that the real estate values during the year continued to decline and have stabilised towards the end of the year. The Directors expect the changes in valuations to have no impact on the Group\u2019s ability to comply with debt covenants: \u2022 The Directors consider that in most cases there is sufficient or good headroom on covenant ratios. \u2022 The Group has a substantial cash balance, with the ability to retain cash from disposal proceeds to meet its obligations. \u2022 The parent company is not itself a party to any of the debt contracts (in any capacity including as borrower, guarantor or security provider). The lenders would therefore not, in any event, have any recourse to the ultimate parent under the debt contracts. While the Company cannot predict the outcome of the above matters, based on the financial forecasts prepared the Directors believe there are adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due. However, as the Company is in managed wind-down, the Directors consider it appropriate to continue to adopt a basis other than going concern in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "New accounting standards or amendments effective for the year The following new accounting standards and amendments were effective for the year ended 31 December 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21, effective for annual reporting periods beginning on or after 1 January 2025. The amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. New accounting standards or amendments issued but not yet effective The following new accounting standards and amendments have been issued but are not effective for the year ended 31 December 2025 and have not been early adopted by the Group: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7, effective 1 January 2026 \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, effective 1 January 2026 \u2022 IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027 \u2022 IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. The other standards and amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "New accounting standards or amendments effective for the year The following new accounting standards and amendments were effective for the year ended 31 December 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21, effective for annual reporting periods beginning on or after 1 January 2025. The amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "New accounting standards or amendments issued but not yet effective The following new accounting standards and amendments have been issued but are not effective for the year ended 31 December 2025 and have not been early adopted by the Group: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7, effective 1 January 2026 \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, effective 1 January 2026 \u2022 IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027 \u2022 IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impact on presentation and disclosure is expected to be material. The other standards and amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "(b) Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s financial statements requires the Directors to make judgements, estimates and assumptions that affect the amounts recognised in the financial statements and contingent liabilities. However, uncertainty about these judgements, assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods. Key estimation uncertainties Fair value of investment properties and investment properties held for sale is stated at fair value as at the balance sheet date as set out in note 9 to these financial statements. The determination of the fair value of investment properties requires the use of estimates such as future cash flows from the assets, estimated inflation, market rents, discount rates, capitalisation rates, estimated rental value and net initial and net equivalent property yields. The estimate of future cash flows includes consideration of the repair and condition of the property, lease terms, future lease events, as well as other relevant factors for the particular asset. These estimates are based on local market conditions existing at the balance sheet date. Held for sale assessment Management has assessed the criteria for classification of investment properties as held for sale, including the likelihood of sale within the next 12 months, the asset\u2019s current condition, and the active marketing efforts to locate a buyer. This assessment involves evaluating the probability and timing of the sale, which can be influenced by market conditions and other external factors. The judgement made in this regard impacts the presentation and measurement of these assets in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Key estimation uncertainties Fair value of investment properties and investment properties held for sale is stated at fair value as at the balance sheet date as set out in note 9 to these financial statements. The determination of the fair value of investment properties requires the use of estimates such as future cash flows from the assets, estimated inflation, market rents, discount rates, capitalisation rates, estimated rental value and net initial and net equivalent property yields. The estimate of future cash flows includes consideration of the repair and condition of the property, lease terms, future lease events, as well as other relevant factors for the particular asset. These estimates are based on local market conditions existing at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "(c) Basis of consolidation The consolidated financial statements comprise the accounts of the Company and its subsidiaries drawn up to 31 December 2025. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group acquired subsidiaries that own real estate properties. At the time of acquisition, the Group considered whether the acquisition represented the acquisition of a business. The Group accounted for an acquisition as a business combination where an integrated set of activities was acquired in addition to the property. More specifically, consideration was made with regard to the extent to which significant processes were acquired and, in particular, the extent of ancillary services provided by the Group (e.g. maintenance, cleaning, security, bookkeeping, and the like). The significance of any process is judged with reference to the guidance in IAS 40 on ancillary services. When the acquisition of subsidiaries did not represent a business, it was accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition was allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax was recognised. The Company did not make any acquisitions during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "The consolidated financial statements comprise the accounts of the Company and its subsidiaries drawn up to 31 December 2025. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group acquired subsidiaries that own real estate properties. At the time of acquisition, the Group considered whether the acquisition represented the acquisition of a business. The Group accounted for an acquisition as a business combination where an integrated set of activities was acquired in addition to the property. More specifically, consideration was made with regard to the extent to which significant processes were acquired and, in particular, the extent of ancillary services provided by the Group (e.g. maintenance, cleaning, security, bookkeeping, and the like). The significance of any process is judged with reference to the guidance in IAS 40 on ancillary services. When the acquisition of subsidiaries did not represent a business, it was accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition was allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax was recognised. The Company did not make any acquisitions during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "(d) Functional and presentation currency Items included in the consolidated financial statements of the Group are measured using the currency of the primary economic environment in which the Company and its subsidiaries operate (\u201cthe functional currency\u201d) which in the judgement of the Directors is Euro. The financial statements are also presented in Euro. All figures in the consolidated financial statements are rounded to the nearest thousand euros unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "(e) Foreign currency Transactions denominated in foreign currencies are converted at the exchange rate ruling at the date of the transaction. Monetary and non-monetary assets and liabilities denominated in foreign currencies held at the financial year end are translated using the foreign exchange rate ruling at that date. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss to capital or revenue in the Consolidated Statement of Comprehensive Income as appropriate. Foreign exchange movements on investments are included in the Consolidated Statement of Comprehensive Income within gains on investments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "(f) Revenue recognition Rental income, including the effect of lease incentives, arising from operating leases (including those containing fixed rent increases) is recognised on a straight line basis over the lease term. Service charge income represents the charge to tenants for services the Group is obliged to provide under lease agreements. This income is recorded gross within Income on the basis the Group is acting as principal, with any corresponding cost shown within expenses. Interest income is accounted for on an effective interest rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "(g) Expenses All expenses are recognised on an accruals basis and, in accordance with the AIC Statement of Recommended Practice, are charged to revenue, except for management fees and broker fees directly related to property disposals, which are charged to capital. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "(h) Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax Current tax is defined as the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Where corporation tax arises in subsidiaries, these amounts are charged to the Consolidated Statement of Comprehensive Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the date of the balance sheet in the countries where the Group operates. The Investment Manager periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. The carrying values of the Group\u2019s investment properties are assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Consolidated Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale and accounted for through the capital reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. The carrying values of the Group\u2019s investment properties are assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Consolidated Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale and accounted for through the capital reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "(i) Investment properties Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the year during which the expenditure is incurred. After initial recognition, investment properties are measured at fair value, with the movement in fair value recognised in the Consolidated Statement of Comprehensive Income and transferred to the Capital Reserve. Fair value is based on the external valuation provided by Savills (2024: Savills), chartered surveyors, at the balance sheet date undertaken in accordance with the RICS Valuation \u2013 Global Standards 2024, (Red Book), published by the Royal Institution of Chartered Surveyors. The assessed fair value is reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives and/or minimum lease payments. On derecognition, gains and losses on disposals of investment properties are recognised in the Consolidated Statement of Comprehensive Income. Non-current assets and investment properties held for sale A non-current asset or a group of assets containing a non-current asset (a disposal group) is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly probable within one year. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. Deferred tax on investment properties classified as held for sale is measured in accordance with accounting policy as outlined in note 1 (h). Investment properties held for sale continue to be recognised under the fair value model. On derecognition, gains and losses on disposals of investment properties held for sale are recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "(j) Distributions Interim distributions payable to the holders of equity shares are recognised in the Statement of Changes in Equity in the year in which they are paid. An annual shareholder resolution is voted upon to approve the Group\u2019s distribution policy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "(k) Lease contracts Operating lease contracts \u2013 the Group as lessor The Group has entered into commercial property leases on its investment property portfolio. The Group has determined, based on an evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of ownership of these properties and so accounts for leases as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense on a straight-line basis over the lease term. Operating and finance lease contracts - the Group as intermediate lessor When the Group is an intermediate lessor, it accounts for its interest in the head lease and the sub-lease separately. The Group assesses all leases where it acts as an intermediate lessor, based on an evaluation of the terms and conditions of the arrangements. Any head leases identified as finance leases are capitalised at the lease commencement present value of the minimum lease payments discounted at an applicable discount rate as a right-of-use asset and leasehold liability. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The interest element of the finance cost is charged to the Statement of Comprehensive Income over the lease period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "(l) Share issue expenses Incremental external costs directly attributable to the issue of shares that would otherwise have been avoided are written off to share premium. Share capital This represents the proceeds from issuing Ordinary shares and is non-distributable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "(m) Segmental reporting The Group is engaged in property investment in Europe. Operating results are analysed on a geographic basis by country. In accordance with IFRS 8 \u2018Operating Segments\u2019, financial information on business segments is presented in note 20 of the Consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "(n) Cash and cash equivalents Cash and cash equivalents are defined as cash in hand, demand deposits, and other short-term highly liquid investments readily convertible within three months or less to known amounts of cash and subject to insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "(o) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Consolidated Statement of Comprehensive Income. Financial assets Financial assets are measured at amortised cost, financial assets \u2018at fair value through profit or loss\u2019 (FVTPL), or financial assets \u2018at fair value through other comprehensive income\u2019 (FVOCI). The classification is based on the business model in which the financial asset is managed and its contractual cash flow characteristics. All purchases and sales of financial assets are recognised on the trade date basis. Financial assets at amortised cost Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other receivables, and others) are subsequently measured at amortised cost using the effective interest method, less any impairment. The Group holds the trade receivables with the objective to collect the contractual cash flows. Impairment of financial assets The Group\u2019s financial assets are subject to the expected credit loss model. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The expected loss rates are based on the payment profiles of tenants over a period of twelve months before the measurement date, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the liability of the tenants to settle the receivable. Such forward-looking information would include: \u2022 significant financial difficulty of the issuer or counterparty; or \u2022 breach of contract, such as a default or delinquency in interest or principal payments; or \u2022 it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or \u2022 the disappearance of an active market for that financial asset because of financial difficulties. \u2022 changes in economic, regulatory, technological and environmental factors, (such as industry outlook, GDP, employment and politics); \u2022 external market indicators; and \u2022 tenant base. Financial liabilities Financial liabilities are classified as \u2018other financial liabilities\u2019. Other financial liabilities Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. (p) Derivative financial instruments The Company used forward foreign exchange contracts to mitigate potential volatility of income returns and to provide greater certainty as to the level of Sterling distributions expected to be paid in respect of the year covered by the relevant currency hedging instrument. It does not seek to provide a long-term hedge for the Company\u2019s income returns, which will continue to be affected by movements in the Euro/Sterling exchange rate over the longer term. The Company used interest rate SWAPs and interest rate caps to mitigate potential volatility in interest rates and income returns. Derivatives are measured at fair value calculated by reference to forward exchange rates for contracts with similar maturity profiles. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "Financial assets Financial assets are measured at amortised cost, financial assets \u2018at fair value through profit or loss\u2019 (FVTPL), or financial assets \u2018at fair value through other comprehensive income\u2019 (FVOCI). The classification is based on the business model in which the financial asset is managed and its contractual cash flow characteristics. All purchases and sales of financial assets are recognised on the trade date basis. Financial assets at amortised cost Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other receivables, and others) are subsequently measured at amortised cost using the effective interest method, less any impairment. The Group holds the trade receivables with the objective to collect the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "Impairment of financial assets The Group\u2019s financial assets are subject to the expected credit loss model. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The expected loss rates are based on the payment profiles of tenants over a period of twelve months before the measurement date, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the liability of the tenants to settle the receivable. Such forward-looking information would include: \u2022 significant financial difficulty of the issuer or counterparty; or \u2022 breach of contract, such as a default or delinquency in interest or principal payments; or \u2022 it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or \u2022 the disappearance of an active market for that financial asset because of financial difficulties. \u2022 changes in economic, regulatory, technological and environmental factors, (such as industry outlook, GDP, employment and politics); \u2022 external market indicators; and \u2022 tenant base. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "Impairment of financial assets The Group\u2019s financial assets are subject to the expected credit loss model. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The expected loss rates are based on the payment profiles of tenants over a period of twelve months before the measurement date, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the liability of the tenants to settle the receivable. Such forward-looking information would include: \u2022 significant financial difficulty of the issuer or counterparty; or \u2022 breach of contract, such as a default or delinquency in interest or principal payments; or \u2022 it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or \u2022 the disappearance of an active market for that financial asset because of financial difficulties. \u2022 changes in economic, regulatory, technological and environmental factors, (such as industry outlook, GDP, employment and politics); \u2022 external market indicators; and \u2022 tenant base. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Financial liabilities Financial liabilities are classified as \u2018other financial liabilities\u2019. Other financial liabilities Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "(p) Derivative financial instruments The Company used forward foreign exchange contracts to mitigate potential volatility of income returns and to provide greater certainty as to the level of Sterling distributions expected to be paid in respect of the year covered by the relevant currency hedging instrument. It does not seek to provide a long-term hedge for the Company\u2019s income returns, which will continue to be affected by movements in the Euro/Sterling exchange rate over the longer term. The Company used interest rate SWAPs and interest rate caps to mitigate potential volatility in interest rates and income returns. Derivatives are measured at fair value calculated by reference to forward exchange rates for contracts with similar maturity profiles. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "(p) Derivative financial instruments The Company used forward foreign exchange contracts to mitigate potential volatility of income returns and to provide greater certainty as to the level of Sterling distributions expected to be paid in respect of the year covered by the relevant currency hedging instrument. It does not seek to provide a long-term hedge for the Company\u2019s income returns, which will continue to be affected by movements in the Euro/Sterling exchange rate over the longer term. The Company used interest rate SWAPs and interest rate caps to mitigate potential volatility in interest rates and income returns. Derivatives are measured at fair value calculated by reference to forward exchange rates for contracts with similar maturity profiles. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "(q) Reserves Share capital This represents the proceeds from issuing Ordinary shares and is non-distributable. Share premium Share premium represents the excess consideration received over the par value of Ordinary shares issued and is classified as equity and is non-distributable. Incremental costs directly attributable to the issue of Ordinary shares are recognised as a deduction from share premium. Special distributable reserve The special reserve is a distributable reserve to be used for all purposes permitted by applicable legislation and practice, including the buyback of shares and the payment of dividends. Special distributable reserve II The special reserve is a distributable reserve set up following the cancellation of amounts standing to the credit of the share premium account to be used for capital distributions to shareholders as sufficient cash is generated from asset sales under the managed wind-down policy. Capital reserve The capital reserve is a distributable reserve subject to applicable legislation and practice, and the following are accounted for in this reserve: \u2022 gains and losses on the disposal of investment properties, which are distributable; \u2022 increases and decreases in the fair value of investment properties held at the year end, which are not distributable. Capital redemption reserve The capital redemption reserve arises when classes of share are cancelled, at which point an amount equal to the par value of the share capital is transferred from the share capital account to the capital redemption reserve. This reserve is not distributable. Under section 733 of the Companies Act 2006 this reserve may be used to pay up new shares to be allotted to members as fully paid bonus shares. Revenue reserve The revenue reserve is a distributable reserve and reflects any surplus arising from the net revenue return on ordinary activities after taxation. ", "dimensions": { "concept": "aberdeeneuropean:DescriptionOfAccountingPolicyForReserves", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "2. Rental income Rental income includes amortisation of operating lease incentives granted. The largest tenants at the year-end accounted for: 32.5% A.G. van der Helm Vastgoed Moerdijk B.V., 24.6% BIOCOOP, 20.8% Combilo International B.V., 16.2% A.S. Watson (Property Continental Europe) B.V. (31 December 2024: 10.7% A.G. van der Helm Vastgoed Moerdijk B.V.) of the annualised rental income at 31 December 2025.
Year ended
Year ended
31 December 2025
31 December 2024
\u20ac'000
\u20ac'000
Rental income
20,932
31,499
Total revenue
20,932
31,499
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "3. Expenditure Audit fee for statutory services includes group audit fee of \u00a3255,400 plus VAT (2024: \u20ac283,600 plus VAT) and subsidiary audit fee of \u20acnil (2024: \u20ac25,700). On 29 May 2025 the Group received a VAT refund of \u20ac718,600 for prior years of which \u20ac191,900 was allocated to audit fees and \u20ac526,700 to professional fees. Audit fees expensed during the year comprises 2025 audit fee less VAT refund disclosed above and VAT on 2024 audit fee which was subsequently refunded through quarterly VAT returns. There were no non-audit services\u2019 fees incurred in 2025 and 2024. Total expenses include \u20ac205,000 (2024: \u20acnil) broker fees related to disposal of properties that is classified as Capital in the Consolidated Statement of Comprehensive Income. Future operating costs in relation to the managed wind-down will be expensed as incurred.
Year ended
Year ended
31 De cember 2025
31 De cember 2024
\u20ac'000
\u20ac'000
Professional fees
2,470
3,066
Audit fee for statutory services
34
485
Directors' fees
167
180
Depositary fees
39
50
Registrar fees
48
50
Stock exchange fees
27
27
Broker fees
276
71
Directors liability insurance expense
25
16
Employers NI
10
13
Amortisation of leasing costs
461
-
Other expenses
10
147
Total expenses
3,567
4,105
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "3. Expenditure Audit fee for statutory services includes group audit fee of \u00a3255,400 plus VAT (2024: \u20ac283,600 plus VAT) and subsidiary audit fee of \u20acnil (2024: \u20ac25,700). On 29 May 2025 the Group received a VAT refund of \u20ac718,600 for prior years of which \u20ac191,900 was allocated to audit fees and \u20ac526,700 to professional fees. Audit fees expensed during the year comprises 2025 audit fee less VAT refund disclosed above and VAT on 2024 audit fee which was subsequently refunded through quarterly VAT returns. There were no non-audit services\u2019 fees incurred in 2025 and 2024. Total expenses include \u20ac205,000 (2024: \u20acnil) broker fees related to disposal of properties that is classified as Capital in the Consolidated Statement of Comprehensive Income. Future operating costs in relation to the managed wind-down will be expensed as incurred.
Year ended
Year ended
31 De cember 2025
31 De cember 2024
\u20ac'000
\u20ac'000
Professional fees
2,470
3,066
Audit fee for statutory services
34
485
Directors' fees
167
180
Depositary fees
39
50
Registrar fees
48
50
Stock exchange fees
27
27
Broker fees
276
71
Directors liability insurance expense
25
16
Employers NI
10
13
Amortisation of leasing costs
461
-
Other expenses
10
147
Total expenses
3,567
4,105
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "3. Expenditure Audit fee for statutory services includes group audit fee of \u00a3255,400 plus VAT (2024: \u20ac283,600 plus VAT) and subsidiary audit fee of \u20acnil (2024: \u20ac25,700). On 29 May 2025 the Group received a VAT refund of \u20ac718,600 for prior years of which \u20ac191,900 was allocated to audit fees and \u20ac526,700 to professional fees. Audit fees expensed during the year comprises 2025 audit fee less VAT refund disclosed above and VAT on 2024 audit fee which was subsequently refunded through quarterly VAT returns. There were no non-audit services\u2019 fees incurred in 2025 and 2024. Total expenses include \u20ac205,000 (2024: \u20acnil) broker fees related to disposal of properties that is classified as Capital in the Consolidated Statement of Comprehensive Income. Future operating costs in relation to the managed wind-down will be expensed as incurred.
Year ended
Year ended
31 De cember 2025
31 De cember 2024
\u20ac'000
\u20ac'000
Professional fees
2,470
3,066
Audit fee for statutory services
34
485
Directors' fees
167
180
Depositary fees
39
50
Registrar fees
48
50
Stock exchange fees
27
27
Broker fees
276
71
Directors liability insurance expense
25
16
Employers NI
10
13
Amortisation of leasing costs
461
-
Other expenses
10
147
Total expenses
3,567
4,105
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
4. Finance income and costs
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Interest on bank loans
3,732
-
3,732
5,126
-
5,126
Amortisation of loan costs
-
123
123
1,779
-
1,779
Remeasurement of loan liability
-
(915)
(915)
1,159
915
2,074
Bank interest
375
-
375
340
-
340
Total finance costs
4,107
(792)
3,315
8,404
915
9,319
Following the announcement of the managed wind-down the Group repaid a number of loans prior to maturity. The
amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully
amortised as at 31 December 2024. Finance costs incurred in extension of loans were amortised in full during the
year.
The remeasurement of loan liability costs as at 31 December 2024 included an estimated \u20ac915,000 in loan break-up
costs for the Erlensee and Fl\u00f6rsheim loans to DZ Hyp. These costs were not payable and were reversed in 2025. Early
termination cost and reversal is treated as capital within the Consolidated Statement of Comprehensive Income.
Finance income amounts to \u20ac199,000 (2024: \u20ac30,000) and is comprised of bank interest income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "4. Finance income and costs
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Interest on bank loans
3,732
-
3,732
5,126
-
5,126
Amortisation of loan costs
-
123
123
1,779
-
1,779
Remeasurement of loan liability
-
(915)
(915)
1,159
915
2,074
Bank interest
375
-
375
340
-
340
Total finance costs
4,107
(792)
3,315
8,404
915
9,319
Following the announcement of the managed wind-down the Group repaid a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024. Finance costs incurred in extension of loans were amortised in full during the year. The remeasurement of loan liability costs as at 31 December 2024 included an estimated \u20ac915,000 in loan break-up costs for the Erlensee and Fl\u00f6rsheim loans to DZ Hyp. These costs were not payable and were reversed in 2025. Early termination cost and reversal is treated as capital within the Consolidated Statement of Comprehensive Income. Finance income amounts to \u20ac199,000 (2024: \u20ac30,000) and is comprised of bank interest income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "4. Finance income and costs
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Interest on bank loans
3,732
-
3,732
5,126
-
5,126
Amortisation of loan costs
-
123
123
1,779
-
1,779
Remeasurement of loan liability
-
(915)
(915)
1,159
915
2,074
Bank interest
375
-
375
340
-
340
Total finance costs
4,107
(792)
3,315
8,404
915
9,319
Following the announcement of the managed wind-down the Group repaid a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024. Finance costs incurred in extension of loans were amortised in full during the year. The remeasurement of loan liability costs as at 31 December 2024 included an estimated \u20ac915,000 in loan break-up costs for the Erlensee and Fl\u00f6rsheim loans to DZ Hyp. These costs were not payable and were reversed in 2025. Early termination cost and reversal is treated as capital within the Consolidated Statement of Comprehensive Income. Finance income amounts to \u20ac199,000 (2024: \u20ac30,000) and is comprised of bank interest income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "4. Finance income and costs
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Interest on bank loans
3,732
-
3,732
5,126
-
5,126
Amortisation of loan costs
-
123
123
1,779
-
1,779
Remeasurement of loan liability
-
(915)
(915)
1,159
915
2,074
Bank interest
375
-
375
340
-
340
Total finance costs
4,107
(792)
3,315
8,404
915
9,319
Following the announcement of the managed wind-down the Group repaid a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024. Finance costs incurred in extension of loans were amortised in full during the year. The remeasurement of loan liability costs as at 31 December 2024 included an estimated \u20ac915,000 in loan break-up costs for the Erlensee and Fl\u00f6rsheim loans to DZ Hyp. These costs were not payable and were reversed in 2025. Early termination cost and reversal is treated as capital within the Consolidated Statement of Comprehensive Income. Finance income amounts to \u20ac199,000 (2024: \u20ac30,000) and is comprised of bank interest income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "4. Finance income and costs
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Interest on bank loans
3,732
-
3,732
5,126
-
5,126
Amortisation of loan costs
-
123
123
1,779
-
1,779
Remeasurement of loan liability
-
(915)
(915)
1,159
915
2,074
Bank interest
375
-
375
340
-
340
Total finance costs
4,107
(792)
3,315
8,404
915
9,319
Following the announcement of the managed wind-down the Group repaid a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024. Finance costs incurred in extension of loans were amortised in full during the year. The remeasurement of loan liability costs as at 31 December 2024 included an estimated \u20ac915,000 in loan break-up costs for the Erlensee and Fl\u00f6rsheim loans to DZ Hyp. These costs were not payable and were reversed in 2025. Early termination cost and reversal is treated as capital within the Consolidated Statement of Comprehensive Income. Finance income amounts to \u20ac199,000 (2024: \u20ac30,000) and is comprised of bank interest income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "4. Finance income and costs
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Interest on bank loans
3,732
-
3,732
5,126
-
5,126
Amortisation of loan costs
-
123
123
1,779
-
1,779
Remeasurement of loan liability
-
(915)
(915)
1,159
915
2,074
Bank interest
375
-
375
340
-
340
Total finance costs
4,107
(792)
3,315
8,404
915
9,319
Following the announcement of the managed wind-down the Group repaid a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024. Finance costs incurred in extension of loans were amortised in full during the year. The remeasurement of loan liability costs as at 31 December 2024 included an estimated \u20ac915,000 in loan break-up costs for the Erlensee and Fl\u00f6rsheim loans to DZ Hyp. These costs were not payable and were reversed in 2025. Early termination cost and reversal is treated as capital within the Consolidated Statement of Comprehensive Income. Finance income amounts to \u20ac199,000 (2024: \u20ac30,000) and is comprised of bank interest income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
5. Taxation
The Company is resident in the United Kingdom for tax purposes. The Company is approved by HMRC as an
investment trust under sections 1158 and 1159 of the Corporation Tax Act 2010. In respect of each accounting year
for which the Company continues to be approved by HMRC as an investment trust the Company will be exempt from
UK taxation on its capital gains. The Company is, however, liable to UK Corporation tax on its income. The Company
is able to elect to take advantage of modified UK tax treatment in respect of its \u2018\u2018qualifying interest income\u2019\u2019 for an
accounting year, referred to as the \u2018\u2018streaming\u2019\u2019 regime. Under regulations made pursuant to the Finance Act 2009,
the Company may, if it so chooses, designate as an \u2018\u2018interest distribution\u2019\u2019 all or part of the amount it distributes to
Shareholders as dividends, to the extent that it has \u2018\u2018qualifying interest income\u2019\u2019 for the accounting year. Were the
Company to designate any dividend it pays in this manner, it would be able to deduct such interest distributions from
its income in calculating its taxable profit for the relevant accounting year. The Company should in practice be exempt
from UK corporation tax on dividend income received, provided that such dividends (whether from UK or non-UK
companies) fall within one of the \u2018\u2018exempt classes\u2019\u2019 in Part 9A of the CTA 2010. There was no change in the corporate
tax rate in 2025 (2024: no change).
(a) Tax change in the Group Statement of Comprehensive Income
Current taxation charged to capital of \u20ac5,789,000 (2024: \u20ac482,000) relates to capital gains tax paid on disposal of
investment property.
Reconciliation between the tax charge and the product of accounting profit/(loss) multiplied by the applicable tax rate
for the year ended 31 December 2025.
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Current taxation:
Overseas taxation
176
5,789
5,965
928
482
1,410
Deferred taxation:
Overseas taxation
-
(5,594)
(5,594)
-
771
771
Total taxation
176
195
371
928
1,253
2,181
(b) Tax in the Group Balance Sheet
Year ended 31 De cember 2025
Year ended 31 De cember 2024
Reve nue
Capital
Total
Reve nue
C apital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Net result before taxation
7,666
(40,558)
(32,892)
13,955
(8,744)
5,211
Theoretical tax at UK corporation tax
1,916
(10,140)
(8,224)
3,489
(2,186)
1,303
rate of 25% (2024: 25%)
Effect of:
Losses where no deferred taxes have
been recognised
-
23,877
23,877
-
1,590
1,590
Impact of different tax rates on foreign
(151)
624
473
(234)
426
192
jurisdictions
Expenses that are not deductible /
(99)
(14,166)
(14,265)
(932)
1,423
491
income that is not taxable
Other adjustments
297
-
297
(648)
-
(648)
Impact of UK interest distributions
(1,787)
-
(1,787)
(747)
-
(747)
from the Investment Trust
Total taxation on return
176
195
371
928
1,253
2,181
2025
2024
\u20ac'000
\u20ac'000
Deferred tax assets:
On overseas tax losses
1,462
3,036
On other temporary differences
33
108
Total taxation on return
1,495
3,144
2025
2024
\u20ac'000
\u20ac'000
Deferred tax assets:
Deferred tax assets non-current
-
2,941
Deferred tax assets current - arising on investment properties
1,495
203
Total taxation on return
1,495
3,144
2025
2024
\u20ac'000
\u20ac'000
Deferred tax liabilities:
Differences between tax and derivative valuation
-
53
Differences between tax and property valuation
2,539
10,700
Total taxation on return
2,539
10,753
2025
2024
\u20ac'000
\u20ac'000
Deferred tax liabilities:
Deferred tax liabilities non-current
-
6,725
Deferred tax liabilities current - arising on investment properties held for sale
2,539
4,028
Total taxation on return
2,539
10,753
c) Movements in deferred tax balance Reduction in deferred tax due to loss of control of subsidiary relates to disposal of Erlensee and Fl\u00f6rsheim. There was no change of the Corporate tax rate in 2025 (2024: nil). No deferred tax asset has been recognised (2024: nil) on estimated UK tax losses. The Group has subsidiaries in France, Netherlands, Poland and Spain. There are no changes to tax rates in each country expected to have a material impact on the Group. Tax losses for which deferred tax asset was recognised expire as follows:
Balance at 1 January
Reduction in deferred tax due
Recognised in profit
Balance at 31
2025
to loss of control of
or loss
December 2025
su bsi di ary
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
(10,701)
971
7,191
(2,539)
Derivative financial assets
(52)
-
52
-
Trade and other payables
108
-
(75)
33
Tax losses carried forward
3,036
-
(1,574)
1,462
Deferred tax assets
3,144
-
(1,649)
1,495
Deferred tax (liabilities)
(10,753)
971
7,243
(2,539)
20252024Tax lossesDeferredExpiry dateTax lossesDeferredExpiry dateExpire---7911502025-2027Never expire5,662 -2,886-Total5,6621,46215,216", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "5. Taxation The Company is resident in the United Kingdom for tax purposes. The Company is approved by HMRC as an investment trust under sections 1158 and 1159 of the Corporation Tax Act 2010. In respect of each accounting year for which the Company continues to be approved by HMRC as an investment trust the Company will be exempt from UK taxation on its capital gains. The Company is, however, liable to UK Corporation tax on its income. The Company is able to elect to take advantage of modified UK tax treatment in respect of its \u2018\u2018qualifying interest income\u2019\u2019 for an accounting year, referred to as the \u2018\u2018streaming\u2019\u2019 regime. Under regulations made pursuant to the Finance Act 2009, the Company may, if it so chooses, designate as an \u2018\u2018interest distribution\u2019\u2019 all or part of the amount it distributes to Shareholders as dividends, to the extent that it has \u2018\u2018qualifying interest income\u2019\u2019 for the accounting year. Were the Company to designate any dividend it pays in this manner, it would be able to deduct such interest distributions from its income in calculating its taxable profit for the relevant accounting year. The Company should in practice be exempt from UK corporation tax on dividend income received, provided that such dividends (whether from UK or non-UK companies) fall within one of the \u2018\u2018exempt classes\u2019\u2019 in Part 9A of the CTA 2010. There was no change in the corporate tax rate in 2025 (2024: no change). (a) Tax change in the Group Statement of Comprehensive Income Current taxation charged to capital of \u20ac5,789,000 (2024: \u20ac482,000) relates to capital gains tax paid on disposal of investment property. Reconciliation between the tax charge and the product of accounting profit/(loss) multiplied by the applicable tax rate for the year ended 31 December 2025.
Year ended 31 December 2025
Year ended 31 December 2024
Revenue
Capital
Total
Revenue
Capital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Current taxation:
Overseas taxation
176
5,789
5,965
928
482
1,410
Deferred taxation:
Overseas taxation
-
(5,594)
(5,594)
-
771
771
Total taxation
176
195
371
928
1,253
2,181
(b) Tax in the Group Balance Sheet
Year ended 31 De cember 2025
Year ended 31 De cember 2024
Reve nue
Capital
Total
Reve nue
C apital
Total
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Net result before taxation
7,666
(40,558)
(32,892)
13,955
(8,744)
5,211
Theoretical tax at UK corporation tax
1,916
(10,140)
(8,224)
3,489
(2,186)
1,303
rate of 25% (2024: 25%)
Effect of:
Losses where no deferred taxes have
been recognised
-
23,877
23,877
-
1,590
1,590
Impact of different tax rates on foreign
(151)
624
473
(234)
426
192
jurisdictions
Expenses that are not deductible /
(99)
(14,166)
(14,265)
(932)
1,423
491
income that is not taxable
Other adjustments
297
-
297
(648)
-
(648)
Impact of UK interest distributions
(1,787)
-
(1,787)
(747)
-
(747)
from the Investment Trust
Total taxation on return
176
195
371
928
1,253
2,181
2025
2024
\u20ac'000
\u20ac'000
Deferred tax assets:
On overseas tax losses
1,462
3,036
On other temporary differences
33
108
Total taxation on return
1,495
3,144
2025
2024
\u20ac'000
\u20ac'000
Deferred tax assets:
Deferred tax assets non-current
-
2,941
Deferred tax assets current - arising on investment properties
1,495
203
Total taxation on return
1,495
3,144
2025
2024
\u20ac'000
\u20ac'000
Deferred tax liabilities:
Differences between tax and derivative valuation
-
53
Differences between tax and property valuation
2,539
10,700
Total taxation on return
2,539
10,753
2025
2024
\u20ac'000
\u20ac'000
Deferred tax liabilities:
Deferred tax liabilities non-current
-
6,725
Deferred tax liabilities current - arising on investment properties held for sale
2,539
4,028
Total taxation on return
2,539
10,753
c) Movements in deferred tax balance Reduction in deferred tax due to loss of control of subsidiary relates to disposal of Erlensee and Fl\u00f6rsheim. There was no change of the Corporate tax rate in 2025 (2024: nil). No deferred tax asset has been recognised (2024: nil) on estimated UK tax losses. The Group has subsidiaries in France, Netherlands, Poland and Spain. There are no changes to tax rates in each country expected to have a material impact on the Group. Tax losses for which deferred tax asset was recognised expire as follows:
Balance at 1 January
Reduction in deferred tax due
Recognised in profit
Balance at 31
2025
to loss of control of
or loss
December 2025
su bsi di ary
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
(10,701)
971
7,191
(2,539)
Derivative financial assets
(52)
-
52
-
Trade and other payables
108
-
(75)
33
Tax losses carried forward
3,036
-
(1,574)
1,462
Deferred tax assets
3,144
-
(1,649)
1,495
Deferred tax (liabilities)
(10,753)
971
7,243
(2,539)
20252024Tax lossesDeferredExpiry dateTax lossesDeferredExpiry dateExpire---7911502025-2027Never expire5,662 -2,886-Total5,6621,46215,216", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
6. Dividends
Year ended
Year ended
31 December 2025 31 December 2024
\u20ac'000
\u20ac'000
2024
Fourth Interim dividend of 0.97c/0.81p per Share paid 31 March 2025
3,998
-
(2023
No fourth Interim dividend)
2025
First Interim dividend of 1.06c/0.89p per Share paid 30 June 2025
4,368
5,812
(2024
First Interim dividend of 1.41c/1.21p per Share paid 5 July 2024)
2025
Second Interim dividend of 1.00c/0.86p per Share paid 29 September 2025
4,122
3,710
(2024
Second Interim dividend of 0.90c/0.77p per Share paid 27 September 2024)
2025
Third Interim dividend of 1.00c/0.88p per Share paid 30 December 2025
4,122
4,328
(2024
Third Interim dividend of 1.05c/0.87p per Share paid 31 December 2024)
Total Dividends Paid
16,610
13,850
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "0.0097", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-397": { "value": "
7. Earnings per share (Basic and Diluted)
Year ended
Year ended
31 December 2025 31 December
2024
Revenue net return attributable to Ordinary shareholders (\u20ac'000)
7,490
13,027
Weighted average number of shares in issue during the period
412,174,356
412,174,356
Total revenue return after tax per ordinary share
1.8\u00a2
3.1\u00a2
Capital return attributable to Ordinary sharedolders (\u20ac'000)
(40,753)
(9,997)
Weighted average number of shares in issue during the period
412,174,356
412,174,356
Total capital return after tax per ordinary share
(9.9\u00a2)
(2.4\u00a2)
Total return after tax per ordinary share
(8.1\u00a2)
0.7\u00a2
Earnings per share is calculated on the revenue and capital loss for the year (before other comprehensive income) after tax and is calculated using the weighted average number of shares in the year of 412,174,356 shares (2024: 412,174,356 shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "8. Net assets value per share
2025
2024
Net assets attributable to shareholders (\u20ac'000)
138,260
374,108
Number of shares in issue at 31 December
412,174,356
412,174,356
Net asser value per share (in \u20ac)
33.5\u00a2
90.8\u00a2
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "9. Investment properties Movements in investment property held for sale can be analysed as follows: All of the Group\u2019s properties were classified as held for sale as at 31 December 2025 with the exception of the Waddinxveen asset in the Netherlands (2024: all Polish and two properties) and were valued at \u20ac145.4m (2024: \u20ac117.6m). Valuation methodology The Investment Manager appoints a suitable valuer (such appointment is reviewed on a periodic basis) to undertake a valuation of all the direct real estate investments on a quarterly basis. The valuation is undertaken in accordance with the RICS Valuation \u2013 Global Standards (\u2018Red Book Global Standards\u2019) effective from 31 January 2022, published by the Royal Institution of Chartered Surveyors. Valuations were performed by Savills (2024: Savills), an accredited independent valuer with a recognised and relevant professional qualification. The valuer has sufficient current local and national knowledge of the particular property markets involved and has the skills and understanding to undertake the valuations competently.
2025
2024
\u20ac'000
\u20ac'000
Opening carrying value
497,319
636,187
Acquisition costs, disposal costs and capital expenditure
2,787
31
Proceeds from disposal of investment property
(288,794)
(15,700)
Realised (loss)/gain on disposal
(21,453)
265
Right of use asset reassessment
358
429
Decrease in leasehold liability
(410)
(379)
Valuation losses
(11,045)
(6,915)
Movements in lease incentives and leasing costs
92
1,010
Transfer to investment property held-for-sale
(145,354)
(117,609)
Total carrying value at 31 December
33,500
497,319
2025
2024
\u20ac'000
\u20ac'000
Opening carrying value
117,609
17,500
Disposal costs and capital expenditure
1,935
-
Proceeds from disposal of investment property held-for-sale
(114,000)
(17,500)
Realised loss on disposal
(5,544)
(230)
Valuation losses
-
230
Movements in lease incentives and leasing costs
66
-
Transfer to investment property held-for-sale
145,354
117,609
Total carrying value at 31 December
145,420
117,609
The Investment Manager meets with the valuer on a quarterly basis to ensure the valuer is aware of all relevant information for the valuation and any change in the investments over the quarter. The Investment Manager then reviews and discusses draft valuations with the valuer to ensure correct factual assumptions are made prior to the valuer issuing a final valuation report. Where known, the property valuer takes account of deleterious materials included in the construction of the investment properties in arriving at its estimate of fair value when the Investment Manager advises of the presence of such materials. The majority of the leases are on a full repairing and insurance basis and as such the Group is not liable for costs in respect of repairs or maintenance to its investment properties. The fair value of investment property is determined using either the discounted cash flow or traditional method. Choice of methodology for a particular jurisdiction is determined by the valuers independently, based on local market practices. Both valuation methodologies are in accordance with RICS guidelines and used in determining the fair value of investment properties. Discounted cash flow methodology is based on the future annual net cash flow over a hold period of 10 years. The calculation of fair value using this method includes: \u2022 Present value of the cashflow generated through the future net operating income from the investment property over the hold period. \u2022 Present value of the exit value (sale price) at the end of the 10-year hold period. The rate used to calculate the present value of cashflow is the Discount Rate. The rate used to calculate the exit value at the end of hold period is called the Capitalisation Rate (exit cap rate). Fair value is calculated using rates that the valuer considers appropriate for the specific investment property. The traditional method requires an assessment of rental value (the market rent) and a market-based yield. The yield can be simply defined as the annual return on investment expressed as a percentage of capital value. The traditional method can reflect income streams which are under-rented and over-rented by incorporating risk within the yield choice (i.e. an all-risks yield) and by structuring the calculation appropriately, for example a term and reversion for under-rented income streams and a hardcore and top slice for over-rented income streams. This will require the valuer to reflect risk in each element of the calculation, e.g. increasing the yield above the market in the top-slice to reflect the added risk of an above market rent being paid for a specified period, or reducing the yield in the term to reflect that a below market rent is being paid until the reversion is due. These \u2018traditional\u2019 approaches are typically referred to as being growth implicit, meaning that rental growth is built into the choice of yield and not explicitly modelled within the calculation. As at 31 December 2025 and 31 December 2024 the German, French, Polish and Spanish assets were valued using the discounted cash flow method, and the Netherlands properties using the traditional method. The fair value of investment properties and investment properties Held for sale, amounted to \u20ac155,080,000 (2024: \u20ac593,991,000, including properties sold during 2025). The difference between the fair value and the value per the Consolidated Balance Sheet for Investment properties and Investment properties held for sale at 31 December 2025 consists of adjustments for lease incentive assets and the Den Hoorn lease liability separately recognised in the balance sheet of \u20ac507,000 and \u20ac24,347,000 respectively (2024: \u20ac3,462,000 and \u20ac24,399,000). Further details of the Den Hoorn lease are disclosed in note 12. The following disclosure is provided in relation to the adoption of IFRS 13 Fair Value Measurement. All properties are deemed Level 3 for the purposes of fair value measurement, and the current use of each property is considered the highest and best use.
Country and
Fair Value
Fair
Valuation
Key Unobservable
Range (weighted
Range (weighted average)
sector 2025 Value techniques inputs average) 2024
2024 2025
\u20ac'000
\u20ac'000
the Netherlands
102,400
173,200
Traditional
ERV
\u20ac2,087,495
- \u20ac3,698,389
\u20ac609,052
- \u20ac3,695,185
- Logistics Method (\u20ac2,985,787) (\u20ac2,542,168)
Equivalent yield
5.30% - 6.31% (5.80%)
5.00% - 6.25% (5.57%)
Germany -
-
59,300
Discounted
Capitalisation rate
-
4.50% - 4.70% (4.62%)
Logistics
Cash Flow
Discount rate
-
6.00% - 6.20% (6.08%)
ERV
-
\u20ac1,481,502
- \u20ac2,016,994
(\u20ac1,799,366)
France -
52,680
77,345
Discounted
Capitalisation rate
5.25% - 5.40% (5.27%)
4.95% - 5.00% (4.96%)
Logistics
Cash Flow
Discount rate
6.80% - 7.40% (6.89%)
6.45% - 7.05% (6.57%)
ERV
\u20ac456,210
- \u20ac2,590,707
\u20ac430,900
- \u20ac2,590,707
(\u20ac2,274,665)
(\u20ac1,826,559)
Poland -
-
88,890
Discounted
Capitalisation rate
-
6.40% - 6.65% (6.54%)
Logistics
Cash Flow
Discount rate
-
7.60% - 8.00% (7.74%)
ERV
-
\u20ac1,867,527
- \u20ac2,186,059
(\u20ac2,006,817)
Spain -
-
195,256
Discounted
Capitalisation rate
-
4.75% - 5.25% (4.97%)
Logistics
Cash Flow
Discount rate
-
6.50% - 7.50% (6.87%)
ERV
-
\u20ac486,749
- \u20ac2,568,852
(\u20ac1,549,050)
Sensitivity analysis
The table below presents the sensitivity of the valuation to changes in the most significant assumptions underlying
the valuation of investment property.
All non-current assets other than financial instruments, deferred tax assets and trade receivables are non-UK based.
Country and sector
Assumption
Movement
Effect on
Effect on
Valuation
Valuation
2025
2024
\u20ac'000
\u20ac'000
Netherlands - Logistics
Equivalent
+50 basis points Equivalent Yield (2024: +50
Yield basis points Equivalent Yield) (8,430) (14,800)
-50 basis points Equivalent Yield (2024: -50
basis points Equivalent Yield) 10,258 17,600
ERV
-5% ERV (2024: -5% ERV)
(4,331)
(6,600)
+5% ERV (2024: +5% ERV)
4,505
6,600
Capitalisation
+50 basis points (2024: +50 basis points)
(2,715)
(23,295)
France - Logistics
-50 basis points (2024: -50 basis points)
3,277
28,409
Germany - Logistics (2025:
Discount
+50 basis points (2024: +50 basis points)
disposed)
(1,920)
(15,507)
Poland - Logistics (2025:
-50 basis points (2024: -50 basis points)
disposed)
2,006
16,267
Spain - Logistics (2025:
ERV
-5% ERV (2024: -5% ERV)
disposed)
(1,450)
(13,288)
+5% ERV (2024: +5% ERV)
1,443
13,206
The sensitivity analysis for 2024 and 2025 has been conducted based on 50 basis points variation in capitalisation and
discount rates and 5% variation in ERV. This analysis aims to provide a more accurate reflection of the current market
environment and its potential impact on property valuations.
22. Financial instruments and investments properties
Fair value hierarchy
Level 1 \u2013 quoted prices in active markets for identical investments; Level 2 \u2013 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and Level 3 \u2013 significant unobservable inputs. The following table shows an analysis of the fair values of investment properties recognised in the balance sheet by level of the fair value hierarchy: The lowest level of input is the underlying yields on each property which is an input not based on observable market data. The lowest level of input is EUR:GBP exchange rate for forward foreign currency contracts. The lowest level of inputs for Interest rate SWAPs and Caps are current market interest rates and yield curve over the remaining term of the instrument. Bank loans are measured at amortised cost. The fair value is estimated using discounted cash flows with the current interest rates and yield curve applicable to each loan. As at 31 December 2025 the estimated fair value of the Group\u2019s bank loans is \u20ac57,713,000 (2024: \u20ac235,580,000). The amortised cost is \u20ac58,228,000 (2024: \u20ac236,615,000).
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
33,500
33,500
Investment property held-for-sale
-
-
145,420
145,420
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
497,319
497,319
Investment property held-for-sale
-
-
117,609
117,609
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
-
-
-
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
366
-
366
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
57,713
-
57,713
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
235,580
-
235,580
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "10. Trade and other receivables Lease incentives include accrued income resulting from the spreading of lease incentives and/or minimum lease payments over the term of the lease. A proportion of this balance relates to periods over 12 months. The ageing of trade debtors is as follows:
2025
2024
\u20ac'000
\u20ac'000
Trade debtors
4,408
9,748
Bad debt provisions
-
(573)
Lease incentives
507
3,462
Deposit on sale of Investment properties held with notary
395
2,970
Tax receivables
870
930
VAT receivable
736
455
Other receivables
-
6
Total receivables
6,916
16,998
2025
2024
\u20ac'000
\u20ac'000
Less than 6 months
4,379
8,523
Between 6 & 12 months
6
79
Over 12 months
23
1,146
Total rece ivables
4,408
9,748
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "11. Cash and cash equivalents
2025
2024
\u20ac'000
\u20ac'000
Cash at bank
47,834
25,011
Total cash and cash equivalents
47,834
25,011
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "12. Leasehold liability \u2013 arising on held for sale On 15 January 2020 the Group acquired a logistics warehouse in Den Hoorn. The property is located on land owned by the local municipality and leased to the Group on a perpetual basis. The Group reserves the option to acquire the freehold ownership on 1 July 2044 for the total sum of \u20ac15,983,000. The annual ground lease payments amount to \u20ac703,000 per annum (2024: \u20ac682,000 per annum), the present value of these future payments (assuming the option to acquire the freehold is exercised) being \u20ac24,347,000 as at 31 December 2025 (2024: \u20ac24,399,000). Due to
2025
2024
\u20ac'000
\u20ac'000
Maturity analysis - contractual undiscounted cash flows
Less than one year
703
682
One to two years
703
682
Two to three years
703
682
Three to four years
703
682
Four to five years
703
682
More than five years
25,479
25,900
Total undiscounted lease liabilities
28,994
29,310
Lease liability included in the statement of financial position
Current
24,347
682
Non - Current
-
23,717
Total lease liability included in the statement of financial position
24,347
24,399
reclassification of investment properties into assets held-for sale the lease liability is presented in the current liabilities
section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
13. Trade and other payables
2025
2024
\u20ac'000
\u20ac'000
Rental income received in advance
1,542
2,496
Tenant deposits
813
3,759
Notary disposal related deposits
395
3,912
Trade payables
2,678
2,970
Accruals
2,209
869
VAT payable
1,002
743
Management and incentive fee payable
548
573
Accrued management and incentive fee
2,872
-
Total payables
12,059
15,322
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "13. Trade and other payables
2025
2024
\u20ac'000
\u20ac'000
Rental income received in advance
1,542
2,496
Tenant deposits
813
3,759
Notary disposal related deposits
395
3,912
Trade payables
2,678
2,970
Accruals
2,209
869
VAT payable
1,002
743
Management and incentive fee payable
548
573
Accrued management and incentive fee
2,872
-
Total payables
12,059
15,322
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
14. Bank loans
2025
2024
\u20ac'000
\u20ac'000
Bank borrowing drawn
58,228
235,700
Loan issue costs paid
(6,507)
(6,384)
Accumulated amortisation of loan issue costs
5,347
5,224
Remeasurement of loan liability
1,160
2,075
Total bank loans
58,228
236,615
Following the announcement of the managed wind-down the Group intends to repay a number of loans prior to
maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost
was fully amortised as at 31 December 2025.
2025
2024
\u20ac'000
\u20ac'000
Maturity less than 1 year
58,228
140,300
Maturity above 1 year
-
96,315
Total receivables
58,228
236,615
The above loans are secured on the following properties on a non-recourse basis.
Country
Property
Lender
Loan
Start date
End date
Fixed interest
(\u20ac'000) rate (including
margin)
Netherlands
Ede + Waddinxveen
Berlin Hyp
34,300
06/06/2019
03/06/2026
3.30%*
Netherlands
Den Hoorn
Berlin Hyp
23,928
14/01/2020
14/01/2028
1.38%
58,228
2.51%
* Ede and Waddinxveen loan\u2019s interest rate is a variable.
Although the Berlin Hyp loan for Den Hoorn expires in 2028, it is classified as current in the Consolidated Statement
of Financial Position because the underlying property is classified as an investment property held for sale.
Reconciliation of movements of liabilities to cash flows arising from financing activities.
Bank borrowings
Bank interest
Financial
Total
derivatives
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 1 January 2025
236,615
25
366
237,006
Cash flow from financing activities:
Bank loans interest repaid
-
(3,732)
-
(3,732)
Bank loans repaid
(147,272)
-
-
(147,272)
Payment of lease interest
-
-
-
-
Non-cash movement:
Remeasurement of loan liability
(915)
-
-
(915)
Termination of derivative financial instruments
-
-
(164)
(164)
Changes arising from losing control of subsidiaries
(30,200)
-
-
(30,200)
Changes in fair value of financial instruments
-
-
(202)
(202)
Change in creditors for loan interest payable
-
3,727
-
3,727
Balance at 31 December 2025
58,228
20
-
58,248
Bank borrowings
Bank interest
Financial
Total
derivatives
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 1 January 2024
256,524
16
1,690
258,230
Cash flow from financing activities:
Bank loans interest repaid
-
(5,134)
-
(5,134)
Bank loans repaid
(23,762)
-
-
(23,762)
Non-cash movement:
Amortisation of capitalised borrowing costs
1,778
-
-
1,778
Remeasurement of loan liability
2,075
-
-
2,075
Termination of derivative financial instruments
-
-
(13)
(13)
Changes arising from losing control of subsidiaries
-
-
-
-
Changes in fair value of financial instruments
-
-
(1,311)
(1,311)
Change in creditors for loan interest payable
-
5,143
-
5,143
Balance at 31 December 2024
236,615
25
366
237,006
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "14. Bank loans
2025
2024
\u20ac'000
\u20ac'000
Bank borrowing drawn
58,228
235,700
Loan issue costs paid
(6,507)
(6,384)
Accumulated amortisation of loan issue costs
5,347
5,224
Remeasurement of loan liability
1,160
2,075
Total bank loans
58,228
236,615
Following the announcement of the managed wind-down the Group intends to repay a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2025.
2025
2024
\u20ac'000
\u20ac'000
Maturity less than 1 year
58,228
140,300
Maturity above 1 year
-
96,315
Total receivables
58,228
236,615
The above loans are secured on the following properties on a non-recourse basis.
Country
Property
Lender
Loan
Start date
End date
Fixed interest
(\u20ac'000) rate (including
margin)
Netherlands
Ede + Waddinxveen
Berlin Hyp
34,300
06/06/2019
03/06/2026
3.30%*
Netherlands
Den Hoorn
Berlin Hyp
23,928
14/01/2020
14/01/2028
1.38%
58,228
2.51%
* Ede and Waddinxveen loan\u2019s interest rate is a variable. Although the Berlin Hyp loan for Den Hoorn expires in 2028, it is classified as current in the Consolidated Statement of Financial Position because the underlying property is classified as an investment property held for sale. Reconciliation of movements of liabilities to cash flows arising from financing activities.
Bank borrowings
Bank interest
Financial
Total
derivatives
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 1 January 2025
236,615
25
366
237,006
Cash flow from financing activities:
Bank loans interest repaid
-
(3,732)
-
(3,732)
Bank loans repaid
(147,272)
-
-
(147,272)
Payment of lease interest
-
-
-
-
Non-cash movement:
Remeasurement of loan liability
(915)
-
-
(915)
Termination of derivative financial instruments
-
-
(164)
(164)
Changes arising from losing control of subsidiaries
(30,200)
-
-
(30,200)
Changes in fair value of financial instruments
-
-
(202)
(202)
Change in creditors for loan interest payable
-
3,727
-
3,727
Balance at 31 December 2025
58,228
20
-
58,248
Bank borrowings
Bank interest
Financial
Total
derivatives
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 1 January 2024
256,524
16
1,690
258,230
Cash flow from financing activities:
Bank loans interest repaid
-
(5,134)
-
(5,134)
Bank loans repaid
(23,762)
-
-
(23,762)
Non-cash movement:
Amortisation of capitalised borrowing costs
1,778
-
-
1,778
Remeasurement of loan liability
2,075
-
-
2,075
Termination of derivative financial instruments
-
-
(13)
(13)
Changes arising from losing control of subsidiaries
-
-
-
-
Changes in fair value of financial instruments
-
-
(1,311)
(1,311)
Change in creditors for loan interest payable
-
5,143
-
5,143
Balance at 31 December 2024
236,615
25
366
237,006
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "14. Bank loans
2025
2024
\u20ac'000
\u20ac'000
Bank borrowing drawn
58,228
235,700
Loan issue costs paid
(6,507)
(6,384)
Accumulated amortisation of loan issue costs
5,347
5,224
Remeasurement of loan liability
1,160
2,075
Total bank loans
58,228
236,615
Following the announcement of the managed wind-down the Group intends to repay a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2025.
2025
2024
\u20ac'000
\u20ac'000
Maturity less than 1 year
58,228
140,300
Maturity above 1 year
-
96,315
Total receivables
58,228
236,615
The above loans are secured on the following properties on a non-recourse basis.
Country
Property
Lender
Loan
Start date
End date
Fixed interest
(\u20ac'000) rate (including
margin)
Netherlands
Ede + Waddinxveen
Berlin Hyp
34,300
06/06/2019
03/06/2026
3.30%*
Netherlands
Den Hoorn
Berlin Hyp
23,928
14/01/2020
14/01/2028
1.38%
58,228
2.51%
* Ede and Waddinxveen loan\u2019s interest rate is a variable. Although the Berlin Hyp loan for Den Hoorn expires in 2028, it is classified as current in the Consolidated Statement of Financial Position because the underlying property is classified as an investment property held for sale. Reconciliation of movements of liabilities to cash flows arising from financing activities.
Bank borrowings
Bank interest
Financial
Total
derivatives
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 1 January 2025
236,615
25
366
237,006
Cash flow from financing activities:
Bank loans interest repaid
-
(3,732)
-
(3,732)
Bank loans repaid
(147,272)
-
-
(147,272)
Payment of lease interest
-
-
-
-
Non-cash movement:
Remeasurement of loan liability
(915)
-
-
(915)
Termination of derivative financial instruments
-
-
(164)
(164)
Changes arising from losing control of subsidiaries
(30,200)
-
-
(30,200)
Changes in fair value of financial instruments
-
-
(202)
(202)
Change in creditors for loan interest payable
-
3,727
-
3,727
Balance at 31 December 2025
58,228
20
-
58,248
Bank borrowings
Bank interest
Financial
Total
derivatives
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 1 January 2024
256,524
16
1,690
258,230
Cash flow from financing activities:
Bank loans interest repaid
-
(5,134)
-
(5,134)
Bank loans repaid
(23,762)
-
-
(23,762)
Non-cash movement:
Amortisation of capitalised borrowing costs
1,778
-
-
1,778
Remeasurement of loan liability
2,075
-
-
2,075
Termination of derivative financial instruments
-
-
(13)
(13)
Changes arising from losing control of subsidiaries
-
-
-
-
Changes in fair value of financial instruments
-
-
(1,311)
(1,311)
Change in creditors for loan interest payable
-
5,143
-
5,143
Balance at 31 December 2024
236,615
25
366
237,006
15. Derivative financial instruments
2025
2024
\u20ac'000
\u20ac'000
Interest rate swap
-
366
Balance as at 31 December
-
366
Following repayment of the loans the company terminated interest rate swaps and cap realising a gain on termination of \u20ac164,000. 22. Financial instruments and investments properties Fair value hierarchy Level 1 \u2013 quoted prices in active markets for identical investments; Level 2 \u2013 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and Level 3 \u2013 significant unobservable inputs. The following table shows an analysis of the fair values of investment properties recognised in the balance sheet by level of the fair value hierarchy: The lowest level of input is the underlying yields on each property which is an input not based on observable market data. The lowest level of input is EUR:GBP exchange rate for forward foreign currency contracts. The lowest level of inputs for Interest rate SWAPs and Caps are current market interest rates and yield curve over the remaining term of the instrument. Bank loans are measured at amortised cost. The fair value is estimated using discounted cash flows with the current interest rates and yield curve applicable to each loan. As at 31 December 2025 the estimated fair value of the Group\u2019s bank loans is \u20ac57,713,000 (2024: \u20ac235,580,000). The amortised cost is \u20ac58,228,000 (2024: \u20ac236,615,000). 23. Risk management The Group\u2019s financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The Group also has the ability to enter into derivative transactions in the form of forward foreign currency contracts, futures and options, for the purpose of managing currency and market risks arising from the Group\u2019s activities. The Group also has the ability to enter into derivative transactions to hedge against fluctuations in the cost of borrowing as a result of changes in interest rates.
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
33,500
33,500
Investment property held-for-sale
-
-
145,420
145,420
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
497,319
497,319
Investment property held-for-sale
-
-
117,609
117,609
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
-
-
-
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
366
-
366
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
57,713
-
57,713
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
235,580
-
235,580
The main risks the Group faces from its financial instruments are (a) market price risk (comprising of (i) interest rate risk, (ii) foreign currency risk and (iii) other price risk), (b) liquidity risk and (c) credit risk. (a) Market price risk The fair value or future cash flows of a financial instrument held by the Group may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, foreign currency risk and other price risk. (i) Market risk arising from interest rate risk Interest rate movements may affect the level of income receivable on cash deposits. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions. Interest risk profile The interest rate risk profile of the portfolio of financial assets and liabilities at the year-end were as follows: The floating rate assets consist of cash deposits on call earning interest at prevailing market rates. An increase of 100bps in interest rates as at the reporting date would have increased the reported profit and equity shareholders\u2019 funds by \u20ac478,340 (2024: \u20ac250,110). Other Comprehensive Income and Capital Reserves would have been \u20acnil (2024: \u20ac589,387) higher as a result of an increase in the fair value of the derivative designated as interest rate swaps and \u20acnil (2024: \u20ac7,597) higher as a result of an increase in the fair value of the derivative designated as interest rate caps on floating rate borrowings. A decrease of 100bps in interest rates would have reduced the reported profit and equity shareholders\u2019 funds by \u20ac478,340 (2024: \u20ac250,110). Other Comprehensive Income and the Capital Reserve would have been \u20acnil (2024: \u20ac589,387) lower as a result of a decrease in the fair value of the derivative designated as interest rate swaps and \u20acnil (2024: \u20ac572) lower as a result of a decrease in the fair value of the derivative designated as interest rate caps on floating rate borrowings. Other financial assets and liabilities (e.g. debtors, creditors) are not subject to interest rate risk. The rates of interest on the bank loans are fixed or hedged until the end of their term hence not subject to any interest rate risk. Further details are disclosed in note 14.
Interest rate
Local currency
Foreign exchange
Euro equivalent
As at 31 December 2025
%
'000
rate
\u20ac'000
Assets:
Euro
2.00
46,716
1.00
46,716
Pound Sterling
3.75
370
0.87
425
Polish Zloty
4.00
2,930
4.27
693
Total
47,834
Interest Rate
Local currency
Foreign exchange
Euro equivalent
As at 31 December 2024
%
'000
rate
\u20ac'000
Assets:
Euro
3.00
20,510
1.00
20,510
Pound Sterling
4.75
3,471
0.83
4,182
Polish Zloty
5.25
1,344
4.27
319
Total
25,011
(ii) Market risk arising from foreign currency risk The income and capital value of the Groups investments and liabilities can be affected by exchange rate movements as some of the Group\u2019s assets and income are denominated in currencies other than Euro which is the Group\u2019s reporting currency. The revenue account is subject to currency fluctuation arising from overseas income. Foreign currency risk profile Foreign currency risk profile by currency of denomination: The asset allocation between specific markets can vary from time to time based on the Investment Manager\u2019s opinion of the attractiveness of the individual markets. Foreign currency sensitivity The following table details the Group\u2019s sensitivity to a 10% increase and decrease in Sterling and Polish Zloty agains t the Euro and the resultant impact that any such increase or decrease would have on net return before tax and equity shareholders\u2019 funds. The sensitivity analysis includes only outstanding foreign currency denominated monetary item s and adjusts their translation at the year-end for a 10% change in foreign exchange rates. (iii) Market risk arising from other price risk Other price risks (i.e. changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments. The carrying amount for financial assets approximates to the fair value of trade and other receivables (note 10) and trade and other payables (note 13). Other price risk sensitivity If the investment property valuation fell by 10% at 31 December 2025, the decrease in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). If the investment property valuation rose by 10% at 31 December 2025, the increase in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). Exposures vary throughout the year as a
Net monetary exposure
Total currency exposure
As at 31 December 2025
\u20ac'000
\u20ac'000
Pound Sterling
157
157
Z\u0142oty
693
693
Total foreign currency
850
850
Euro
(41,510)
(41,510)
Total
(40,660)
(40,660)
Net monetary exposure
Total currency exposure
As at 31 December 2024
\u20ac'000
\u20ac'000
Pound Sterling
3,704
3,704
Z\u0142oty
319
319
Total foreign currency
4,023
4,023
Euro
(244,843)
(244,843)
Total
(240,820)
(240,820)
As at 31 December 2025
As at 31 December 2024
\u20ac'000
\u20ac'000
Polish Z\u0142oty
69
32
Pound Sterling
16
370
consequence of changes in the net assets of the Group arising out of the investment property and risk management processes. (b) Liquidity risk This is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. All creditors are payable within three months. The Group\u2019s liquidity risk is managed by the Investment Manager placing cash in liquid deposits and bank accounts. Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds to meet financial commitments. The level of dividends and other distributions to be paid by the Group may fluctuate and there is no guarantee that any such distributions will be paid. Following the announcement of the managed wind-down and as the Group progresses with the disposal of properties, its ability to generate income will diminish. Consequently, the Group has revised its dividend policy to align with the reduced income levels. Therefore, liquidity risk is not considered to be significant. (c) Credit risk This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Group suffering a loss. The risk is not considered significant by the Board, and is managed as follows: The Group has acquired a portfolio of European logistics properties and has a number of leases with tenants. In the event of default by a tenant, the Group will suffer a rental shortfall and incur additional costs until the property is re- let, including legal expenses, in maintaining, insuring and re-letting the property. The Board receives regular reports on concentrations of risk and any tenants in arrears. The Investment Manager monitors such reports in order to anticipate and minimise the impact of defaults by tenants. Cash is held only with reputable financial institutions with high quality external credit ratings. None of the Group\u2019s financial assets is secured by collateral. The maximum credit risk exposure as at 31 December 2025 was \u20ac54.2m (2024: \u20ac38.5m). This was due to trade receivables and cash as per notes 10 and 11. All cash is placed with financial institutions with a credit rating of -A or above. Bankruptcy or insolvency may cause the Group\u2019s ability to access cash placed on deposit to be delayed or limited. Should the credit quality or the financial position of the financial institutions currently employed significantly deteriorate, the Investment Manager would move the cash holdings to another financial institution. There are no significant concentrations of liquidity risk within the Group. (d) Taxation and Regulation risks The Company must comply with the provisions of the Companies Act and, as the shares are admitted to the closed ended investment funds segment of the Official List, the Listing Rules and the Disclosure Guidance and Transparency Rules. A breach of the Companies Act could result in the Company and/or the Board being fined or being the subject of criminal proceedings. Breach of the Listing Rules could result in the shares being suspended from listing. Legal and regulatory changes could occur that may adversely affect the Company. The Company has obtained UK Investment Trust Company status. The Company must comply with the provisions of sections 1158 and 1159 of the Corporation Tax Act 2010 and Part 2 Chapter 1 of Statutory Instruments 2011/2999 to maintain this status. Breaching these regulations could result in the Company paying UK Corporation Tax it would otherwise be exempt from, adversely affecting the Company\u2019s ability to pursue its investment objective. Capital management The Group considers that capital comprises issued Ordinary shares and borrowings. Following Shareholder approval of the revised Investment Policy on 23 July 2024, the Group entered a managed wind-down phase and accordingly its capital management objectives, policies and risk profile have changed. The Group\u2019s primary capital risk management objective is to maximise returns to Shareholders through the orderly realisation of the assets in its portfolio, while ensuring that the Group retains sufficient liquidity to meet its ongoing operational requirements and financial obligations as they fall due throughout the wind-down period. Capital is therefore managed with a focus on preserving value, maintaining appropriate liquidity, limiting financial risk and facilitating timely returns of capital to Shareholders. In accordance with the revised Investment Policy, the Group has ceased making new commercial real estate acquisitions. Capital expenditure is permitted only where the Board considers it necessary or desirable in connection with the realisation of the portfolio, primarily where such expenditure is required to protect or enhance an asset\u2019s realisation value. Net proceeds from asset disposals are used to repay borrowings and fund returns of capital to Shareholders, net of the Group\u2019s ongoing operating and wind-down costs. From time to time, the Group may hold surplus cash, for example following the disposal of an investment. Pending return to Shareholders, such surplus cash is expected to be held as cash on deposit or invested in liquid, low-risk instruments, including cash equivalents and money market instruments, bonds, commercial paper or other debt obligations with financial institutions or counterparties having a single-A (or equivalent) or higher credit rating, as determined by an internationally recognised rating agency, or in government and public securities as defined for the purposes of the FCA rules. The Group does not anticipate entering into new borrowing arrangements during the wind-down period, although limited borrowing may be used where required for efficient liquidity or balance sheet management. The Board monitors the Group\u2019s capital structure and gearing on an ongoing basis, having regard to forecast disposal proceeds, liquidity requirements and the timing and quantum of anticipated returns to Shareholders, to ensure alignment with the revised Investment Policy and the orderly execution of the wind-down. The Group monitors capital primarily through regular financial reporting and also through a gearing policy. The Group used gearing to improve shareholder returns. Debt is typically secured at the asset level and potentially at the Group level with or without a charge over some or all of the Group\u2019s assets, depending on the optimal structure for the Group and having consideration to key metrics including lender diversity, cost of debt, debt type and maturity profiles. Borrowings is typically non-recourse and secured against individual assets or groups of assets and the aggregate borrowings at asset level will always be subject to an absolute maximum, calculated at the time of drawdown for a property purchase, of 50 per cent. of Gross Assets. Where borrowings are secured against a group of assets, such group of assets shall not exceed 25 per cent. of Gross Assets in order to ensure that investment risk remains suitably spread. The Board has established gearing guidelines for the Investment Manager in order to maintain an appropriate level and structure of gearing within the parameters set out above. Under these guidelines, aggregate borrowings at asset level are expected to be at or around 35 per cent. of gross assets. The Board will keep the level of borrowings under review and the aggregate borrowings will always be subject to the absolute maximum set at the time of the Group\u2019s launch, calculated at the time of drawdown for a property purchase, of 50 per cent of Gross Assets. The carrying value of the Groups bank borrowings as at 31 December 2025, excluding any early repayment penalty costs, was \u20ac58,228,000 (2024: \u20ac235,700,000). Contractual undiscounted maturities All financial liabilities presented as current are payable within 12 months. The analysis of financial liabilities is below:
Within 1
1-2 years
2-5 years
Over 5 years
Total
year
As at 31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
35,108
-
24,271
-
59,379
Lease liability
703
703
2,110
25,478
28,994
Trade liabilities
12,059
-
-
-
12,059
Total
47,870
703
26,381
25,478
100,432
Within 1
1-2 years
2-5 years
Over 5 years
Total
year
As at 31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
143,764
35,523
62,955
-
242,242
Lease liability
682
682
2,046
25,900
29,310
Trade liabilities
15,322
-
-
-
15,322
Total
159,768
36,205
65,001
25,900
286,874
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
15. Derivative financial instruments
2025
2024
\u20ac'000
\u20ac'000
Interest rate swap
-
366
Balance as at 31 December
-
366
Following repayment of the loans the company terminated interest rate swaps and cap realising a gain on termination
of \u20ac164,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
16. Share capital
2025
2024
\u20ac'000
\u20ac'000
Opening balance
4,717
4,717
Balance as at 31 December
4,717
4,717
Ordinary shareholders participate in all general meetings of the Company on the basis of one vote for each share held.
Each Ordinary share has equal rights to dividends and equal rights to participate in a distribution arising from a
winding up of the Company. The Ordinary shares are not redeemable.
The number of Ordinary shares authorised, issued and fully paid as at 31 December 2025 was 412,174,356 (2024:
412,174,356). The nominal value of each share is \u00a30.01.
17. Share premium
On 23 July 2024 Shareholders approved in General Meeting the cancellation of the amount standing to the credit of
the Company\u2019s Share Premium account. Subsequently, on 24 September 2024, the Court issued a sealed order
confirming the proposal to cancel the Share Premium account and the cancellation certificate was registered at
Companies House on 26 September 2024.
The implementation of a B Share mechanism was approved by Shareholders on 22 November 2024. As a result, the
amount standing to the credit of the Share Premium account of the Company was cancelled and its balance was moved
to the Special Distributable Reserve II.
18. Special distributable reserve
2025
2024
\u20ac'000
\u20ac'000
Opening balance
145,016
152,099
Dividends paid
(12,352)
(7,083)
Balance as at 31 December
132,664
145,016
At a General Meeting held on 8 November 2017, a special resolution was passed authorising, conditional on the issue
of Ordinary shares by the Company, the amount standing to the credit of the share premium account of the Company
following issue to be cancelled. In order to cancel the Share Premium account the Company was required to obtain a
Court Order, which was received on 13 March 2018. A Statement of Capital form was lodged at Companies House
with a copy of the Court Order on 16 March 2018. With effect from that date the amount of the share premium account
cancelled was credited as a Special Distributable Reserve in the Company\u2019s books of account.
Further details of the dividends paid from the special distributable reserve are provided in note 7 of the parent company
accounts.
On 6 November 2024, the Board of the Company announced details of its proposal to implement a B Share mechanism
to facilitate the return of capital to Shareholders as part of the managed wind-down. During the year, the Board
implemented the B Share mechanism and returned capital to Shareholders by way of a bonus issue of redeemable B
Shares (with a nominal value of one penny each), which were immediately redeemed by the Company for cash
consideration equal to the amount treated as paid up on the issue of the B Shares. The Board considers this to be one
of the fairest and most efficient ways of returning substantial amounts of cash to Shareholders. The use of B Shares
enabled the Company to return capital on a strictly pro rata basis, ensuring that no individual Shareholder or group of
Shareholders was disadvantaged. B Shares were issued to Shareholders (at no cost to Shareholders) pro rata to their
holdings of Ordinary Shares at the time of issue of the B Shares and, shortly thereafter, redeemed and cancelled in
2025
2024
\u20ac'000
\u20ac'000
Opening balance
-
269,546
Cancelling of share premium
-
(269,546)
Balance as at 31 December
-
-
Spe cial dis tributable re se rve II
2025
2024
\u20ac'000
\u20ac'000
Opening balance
269,546
-
B shares issued during the year
(61,902)
-
Return of capital to B shareholders
(185,975)
-
Cancelling of share premium
-
269,546
Balance as at 31 December
21,669
269,546
The Company did not allot any fractions of B Shares, and the entitlement of each Shareholder was rounded down to the nearest whole B Share. The B Shares are non-transferable, non-equity shares that are classified and accounted for as financial liabilities, with limited rights as follows: Income - The Company's profits available for distribution shall be applied first in paying to the holders of the B Shares (in priority to any payment of dividend to the holders of any other class of shares in the capital of the Company) a fixed rate cumulative preferential cash dividend (\"Preferential Dividend\") at the rate of 0.01 per cent. per annum on the nominal value of one penny on every B Share held by them, such dividend to be paid annually on the date falling six months after the date on which any B Shares are issued and thereafter on each anniversary of such date (\"Fixed Dividend Dates\") to the registered holders of B Shares shown in the Register on the relevant Fixed Dividend Date. Every Preferential Dividend shall be distributed to the holders of the B Shares pro rata according to the amounts paid up or credited as paid up on the B Shares held by them respectively and shall be rounded down to the nearest whole penny. Capital - Except as provided below, on a return of capital on a winding-up (excluding any intra-group reorganisation on a solvent basis), the holders of the B Shares shall be entitled, in priority to any payment to the holders of every other class of share in the capital of the Company, to one penny per B Share held by them. On a winding up, the holders of the B Shares shall not be entitled to any further right of participation in the profits or assets of the Company in excess of that specified in the Income paragraph above. In the event that there is a winding-up and the amounts available for payment are insufficient to pay the amounts due on all the B Shares in full, the holders of the B Shares shall be entitled to their pro rata proportion of the amounts to which they would otherwise be entitled. The aggregate entitlement of each holder of B Shares on a winding-up in respect of all the B Shares held by him shall be rounded down to the nearest whole penny. The holders of the B Shares shall not be entitled to any further right of participation in the profits or assets of the Company in their capacity as holders of B Shares. Attendance and voting at general meetings - The holders of the B Shares shall not be entitled, in their capacity as holders of such B Shares, to receive notice of any general meeting of the Company nor to attend, speak or vote at any such general meeting nor to vote on a written resolution of the Company. Below table presents all B share distributions that occurred during 2025.
Special
Capital redemption
Total
distributable reserve
reserve II
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 31 December 2024
269,546
-
269,546
First B share distribution - nominal value of B share \u00a30.04
B shares issued 7 March 2025
(19,677)
-
(19,677)
B shares redeemed 7 March 2025
-
19,677
19,677
Return of capital to B shareholders 20 March 2025
(19,677)
-
(19,677)
Second B share distribution - nominal value of B share \u00a30.12
B shares issued 31 July 2025
(37,689)
(19,677)
(57,366)
B shares redeemed 31 July 2025
-
57,366
57,366
Return of capital to B shareholders 13 August 2025
(57,366)
-
(57,366)
Third B share distribution - nominal value of B share \u00a30.13
B shares issued 17 September 2025
(4,536)
(57,366)
(61,902)
B shares redeemed 17 September 2025
-
61,902
61,902
Return of capital to B shareholders 30 September 2025
(61,902)
-
(61,902)
Fourth B share distribution - nominal value of B share \u00a30.10
B shares issued 17 December 2025
-
(47,030)
(47,030)
B shares redeemed 17 December 2025
-
47,030
47,030
Return of capital to B shareholders 30 December 2025
(47,030)
-
(47,030)
Balance at 31 December 2025
21,669
61,902
83,571
19. Capital reserve
Realised
Unrealised
Total capital
capital reserve
gains/(losses)
reserve
\u20ac'000
\u20ac'000
\u20ac'000
Opening balance
(7,027)
(67,170)
(74,197)
Deferred taxation
-
5,619
5,619
Change in fair value of investments
-
(10,939)
(10,939)
Gains on disposal of investment properties
(26,997)
-
(26,997)
Taxation on disposal of investment properties
(5,814)
-
(5,814)
Remeasurement of loan liability
915
-
915
Amortisation of capitalised borrowing costs
(123)
-
(123)
Movement in fair value gains on derivative financial instruments
-
(201)
(201)
Gains arising from the derecognition of derivative financial instruments
164
-
164
Management and other fees based on disposal results
(3,040)
-
(3,040)
Currency gains during the year
-
(337)
(337)
Balance as at 31 December 2025
(41,922)
(73,028)
(114,950)
Realised
Unrealised
Total capital
capital reserve
gains/(losses)
reserve
\u20ac'000
\u20ac'000
\u20ac'000
Opening balance
2,951
(67,151)
(64,200)
Deferred taxation
-
(771)
(771)
Change in fair value of investments
(8,629)
2,345
(6,284)
Gains on disposal of investment properties
35
-
35
Taxation on disposal of investment properties
(482)
-
(482)
Remeasurement of loan liability
(915)
-
(915)
Movement in fair value gains on derivative financial instruments
-
(1,311)
(1,311)
Gains arising from the derecognition of derivative financial instruments
13
-
13
Currency gains during the year
-
(282)
(282)
Balance as at 31 December 2024
(7,027)
(67,170)
(74,197)
20. Revenue reserve
The Group\u2019s revenue reserve can be analysed as follows:
2025
2024
\u20ac'000
\u20ac'000
Opening balance
29,026
22,766
Result for the financial year
7,490
13,027
Dividends paid
(4,258)
(6,767)
Balance as at 31 December
32,258
29,026
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "16. Share capital
2025
2024
\u20ac'000
\u20ac'000
Opening balance
4,717
4,717
Balance as at 31 December
4,717
4,717
Ordinary shareholders participate in all general meetings of the Company on the basis of one vote for each share held. Each Ordinary share has equal rights to dividends and equal rights to participate in a distribution arising from a winding up of the Company. The Ordinary shares are not redeemable. The number of Ordinary shares authorised, issued and fully paid as at 31 December 2025 was 412,174,356 (2024: 412,174,356). The nominal value of each share is \u00a30.01. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "17. Share premium On 23 July 2024 Shareholders approved in General Meeting the cancellation of the amount standing to the credit of the Company\u2019s Share Premium account. Subsequently, on 24 September 2024, the Court issued a sealed order confirming the proposal to cancel the Share Premium account and the cancellation certificate was registered at Companies House on 26 September 2024. The implementation of a B Share mechanism was approved by Shareholders on 22 November 2024. As a result, the amount standing to the credit of the Share Premium account of the Company was cancelled and its balance was moved to the Special Distributable Reserve II. 18. Special distributable reserve
2025
2024
\u20ac'000
\u20ac'000
Opening balance
145,016
152,099
Dividends paid
(12,352)
(7,083)
Balance as at 31 December
132,664
145,016
At a General Meeting held on 8 November 2017, a special resolution was passed authorising, conditional on the issue of Ordinary shares by the Company, the amount standing to the credit of the share premium account of the Company following issue to be cancelled. In order to cancel the Share Premium account the Company was required to obtain a Court Order, which was received on 13 March 2018. A Statement of Capital form was lodged at Companies House with a copy of the Court Order on 16 March 2018. With effect from that date the amount of the share premium account cancelled was credited as a Special Distributable Reserve in the Company\u2019s books of account. Further details of the dividends paid from the special distributable reserve are provided in note 7 of the parent company accounts. On 6 November 2024, the Board of the Company announced details of its proposal to implement a B Share mechanism to facilitate the return of capital to Shareholders as part of the managed wind-down. During the year, the Board implemented the B Share mechanism and returned capital to Shareholders by way of a bonus issue of redeemable B Shares (with a nominal value of one penny each), which were immediately redeemed by the Company for cash consideration equal to the amount treated as paid up on the issue of the B Shares. The Board considers this to be one of the fairest and most efficient ways of returning substantial amounts of cash to Shareholders. The use of B Shares enabled the Company to return capital on a strictly pro rata basis, ensuring that no individual Shareholder or group of Shareholders was disadvantaged. B Shares were issued to Shareholders (at no cost to Shareholders) pro rata to their holdings of Ordinary Shares at the time of issue of the B Shares and, shortly thereafter, redeemed and cancelled in
2025
2024
\u20ac'000
\u20ac'000
Opening balance
-
269,546
Cancelling of share premium
-
(269,546)
Balance as at 31 December
-
-
Spe cial dis tributable re se rve II
2025
2024
\u20ac'000
\u20ac'000
Opening balance
269,546
-
B shares issued during the year
(61,902)
-
Return of capital to B shareholders
(185,975)
-
Cancelling of share premium
-
269,546
Balance as at 31 December
21,669
269,546
The Company did not allot any fractions of B Shares, and the entitlement of each Shareholder was rounded down to the nearest whole B Share. The B Shares are non-transferable, non-equity shares that are classified and accounted for as financial liabilities, with limited rights as follows: Income - The Company's profits available for distribution shall be applied first in paying to the holders of the B Shares (in priority to any payment of dividend to the holders of any other class of shares in the capital of the Company) a fixed rate cumulative preferential cash dividend (\"Preferential Dividend\") at the rate of 0.01 per cent. per annum on the nominal value of one penny on every B Share held by them, such dividend to be paid annually on the date falling six months after the date on which any B Shares are issued and thereafter on each anniversary of such date (\"Fixed Dividend Dates\") to the registered holders of B Shares shown in the Register on the relevant Fixed Dividend Date. Every Preferential Dividend shall be distributed to the holders of the B Shares pro rata according to the amounts paid up or credited as paid up on the B Shares held by them respectively and shall be rounded down to the nearest whole penny. Capital - Except as provided below, on a return of capital on a winding-up (excluding any intra-group reorganisation on a solvent basis), the holders of the B Shares shall be entitled, in priority to any payment to the holders of every other class of share in the capital of the Company, to one penny per B Share held by them. On a winding up, the holders of the B Shares shall not be entitled to any further right of participation in the profits or assets of the Company in excess of that specified in the Income paragraph above. In the event that there is a winding-up and the amounts available for payment are insufficient to pay the amounts due on all the B Shares in full, the holders of the B Shares shall be entitled to their pro rata proportion of the amounts to which they would otherwise be entitled. The aggregate entitlement of each holder of B Shares on a winding-up in respect of all the B Shares held by him shall be rounded down to the nearest whole penny. The holders of the B Shares shall not be entitled to any further right of participation in the profits or assets of the Company in their capacity as holders of B Shares. Attendance and voting at general meetings - The holders of the B Shares shall not be entitled, in their capacity as holders of such B Shares, to receive notice of any general meeting of the Company nor to attend, speak or vote at any such general meeting nor to vote on a written resolution of the Company. Below table presents all B share distributions that occurred during 2025.
Special
Capital redemption
Total
distributable reserve
reserve II
\u20ac'000
\u20ac'000
\u20ac'000
Balance at 31 December 2024
269,546
-
269,546
First B share distribution - nominal value of B share \u00a30.04
B shares issued 7 March 2025
(19,677)
-
(19,677)
B shares redeemed 7 March 2025
-
19,677
19,677
Return of capital to B shareholders 20 March 2025
(19,677)
-
(19,677)
Second B share distribution - nominal value of B share \u00a30.12
B shares issued 31 July 2025
(37,689)
(19,677)
(57,366)
B shares redeemed 31 July 2025
-
57,366
57,366
Return of capital to B shareholders 13 August 2025
(57,366)
-
(57,366)
Third B share distribution - nominal value of B share \u00a30.13
B shares issued 17 September 2025
(4,536)
(57,366)
(61,902)
B shares redeemed 17 September 2025
-
61,902
61,902
Return of capital to B shareholders 30 September 2025
(61,902)
-
(61,902)
Fourth B share distribution - nominal value of B share \u00a30.10
B shares issued 17 December 2025
-
(47,030)
(47,030)
B shares redeemed 17 December 2025
-
47,030
47,030
Return of capital to B shareholders 30 December 2025
(47,030)
-
(47,030)
Balance at 31 December 2025
21,669
61,902
83,571
19. Capital reserve
Realised
Unrealised
Total capital
capital reserve
gains/(losses)
reserve
\u20ac'000
\u20ac'000
\u20ac'000
Opening balance
(7,027)
(67,170)
(74,197)
Deferred taxation
-
5,619
5,619
Change in fair value of investments
-
(10,939)
(10,939)
Gains on disposal of investment properties
(26,997)
-
(26,997)
Taxation on disposal of investment properties
(5,814)
-
(5,814)
Remeasurement of loan liability
915
-
915
Amortisation of capitalised borrowing costs
(123)
-
(123)
Movement in fair value gains on derivative financial instruments
-
(201)
(201)
Gains arising from the derecognition of derivative financial instruments
164
-
164
Management and other fees based on disposal results
(3,040)
-
(3,040)
Currency gains during the year
-
(337)
(337)
Balance as at 31 December 2025
(41,922)
(73,028)
(114,950)
Realised
Unrealised
Total capital
capital reserve
gains/(losses)
reserve
\u20ac'000
\u20ac'000
\u20ac'000
Opening balance
2,951
(67,151)
(64,200)
Deferred taxation
-
(771)
(771)
Change in fair value of investments
(8,629)
2,345
(6,284)
Gains on disposal of investment properties
35
-
35
Taxation on disposal of investment properties
(482)
-
(482)
Remeasurement of loan liability
(915)
-
(915)
Movement in fair value gains on derivative financial instruments
-
(1,311)
(1,311)
Gains arising from the derecognition of derivative financial instruments
13
-
13
Currency gains during the year
-
(282)
(282)
Balance as at 31 December 2024
(7,027)
(67,170)
(74,197)
20. Revenue reserve The Group\u2019s revenue reserve can be analysed as follows:
2025
2024
\u20ac'000
\u20ac'000
Opening balance
29,026
22,766
Result for the financial year
7,490
13,027
Dividends paid
(4,258)
(6,767)
Balance as at 31 December
32,258
29,026
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "21. Operating segments The Group\u2019s reportable segments are the geographical areas in which it operates. These operating segments reflect the components of the Group that are regularly reviewed to allocate resources and assess performance.
Netherlands
Poland
Ge rmany
S pain
France
Parent
Total
company
2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Total assets
133,250
19,139
-
8,484
57,096
17,464
235,433
T otal liabilities
84,354
2,008
-
633
5,653
4,525
97,173
Total comprehensive return for
the period (revenue)
4,198
(885)
471
(1,988)
1,436
4,258
7,490
Total Comprehensive return for
the period (capital)
(6,835)
(6,415)
7,094
(21,624)
(9,942)
(3,031)
(40,753)
Included in total
comprehensive income
Net change in fair value
(6,894)
-
-
-
(4,045)
-
(10,939)
adjustment on investment
property
Rental income
9,006
3,626
1,250
3,196
3,854
-
20,932
Netherlands
Poland
Ge rmany
S pain
France
Parent
Total
company
2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Total assets
210,000
95,012
61,499
205,141
84,439
5,106
661,197
T otal liabilities
118,644
5,759
33,061
101,749
27,034
842
287,089
Total comprehensive return for
the period (revenue)
4,617
1,642
1,093
(2,362)
1,270
6,767
13,027
Total Comprehensive return for
the period (capital)
(3,750)
(1,334)
(4,281)
4,037
(4,388)
(281)
(9,997)
Included in total
comprehensive income
Net change in fair value
(3,270)
(1,250)
(3,909)
6,220
(4,075)
-
(6,284)
Rental income
12,062
5,368
3,296
7,038
3,735
-
31,499
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "21. Operating segments The Group\u2019s reportable segments are the geographical areas in which it operates. These operating segments reflect the components of the Group that are regularly reviewed to allocate resources and assess performance.
Netherlands
Poland
Ge rmany
S pain
France
Parent
Total
company
2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Total assets
133,250
19,139
-
8,484
57,096
17,464
235,433
T otal liabilities
84,354
2,008
-
633
5,653
4,525
97,173
Total comprehensive return for
the period (revenue)
4,198
(885)
471
(1,988)
1,436
4,258
7,490
Total Comprehensive return for
the period (capital)
(6,835)
(6,415)
7,094
(21,624)
(9,942)
(3,031)
(40,753)
Included in total
comprehensive income
Net change in fair value
(6,894)
-
-
-
(4,045)
-
(10,939)
adjustment on investment
property
Rental income
9,006
3,626
1,250
3,196
3,854
-
20,932
Netherlands
Poland
Ge rmany
S pain
France
Parent
Total
company
2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Total assets
210,000
95,012
61,499
205,141
84,439
5,106
661,197
T otal liabilities
118,644
5,759
33,061
101,749
27,034
842
287,089
Total comprehensive return for
the period (revenue)
4,617
1,642
1,093
(2,362)
1,270
6,767
13,027
Total Comprehensive return for
the period (capital)
(3,750)
(1,334)
(4,281)
4,037
(4,388)
(281)
(9,997)
Included in total
comprehensive income
Net change in fair value
(3,270)
(1,250)
(3,909)
6,220
(4,075)
-
(6,284)
Rental income
12,062
5,368
3,296
7,038
3,735
-
31,499
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "22. Financial instruments and investments properties Fair value hierarchy Level 1 \u2013 quoted prices in active markets for identical investments; Level 2 \u2013 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and Level 3 \u2013 significant unobservable inputs. The following table shows an analysis of the fair values of investment properties recognised in the balance sheet by level of the fair value hierarchy: The lowest level of input is the underlying yields on each property which is an input not based on observable market data. The lowest level of input is EUR:GBP exchange rate for forward foreign currency contracts. The lowest level of inputs for Interest rate SWAPs and Caps are current market interest rates and yield curve over the remaining term of the instrument. Bank loans are measured at amortised cost. The fair value is estimated using discounted cash flows with the current interest rates and yield curve applicable to each loan. As at 31 December 2025 the estimated fair value of the Group\u2019s bank loans is \u20ac57,713,000 (2024: \u20ac235,580,000). The amortised cost is \u20ac58,228,000 (2024: \u20ac236,615,000).
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
33,500
33,500
Investment property held-for-sale
-
-
145,420
145,420
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
497,319
497,319
Investment property held-for-sale
-
-
117,609
117,609
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
-
-
-
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
366
-
366
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
57,713
-
57,713
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
235,580
-
235,580
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Fair value hierarchy Level 1 \u2013 quoted prices in active markets for identical investments; Level 2 \u2013 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and Level 3 \u2013 significant unobservable inputs. The following table shows an analysis of the fair values of investment properties recognised in the balance sheet by level of the fair value hierarchy: The lowest level of input is the underlying yields on each property which is an input not based on observable market data. The lowest level of input is EUR:GBP exchange rate for forward foreign currency contracts. The lowest level of inputs for Interest rate SWAPs and Caps are current market interest rates and yield curve over the remaining term of the instrument. Bank loans are measured at amortised cost. The fair value is estimated using discounted cash flows with the current interest rates and yield curve applicable to each loan. As at 31 December 2025 the estimated fair value of the Group\u2019s bank loans is \u20ac57,713,000 (2024: \u20ac235,580,000). The amortised cost is \u20ac58,228,000 (2024: \u20ac236,615,000).
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
33,500
33,500
Investment property held-for-sale
-
-
145,420
145,420
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Investment properties
-
-
497,319
497,319
Investment property held-for-sale
-
-
117,609
117,609
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
-
-
-
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Derivative financial asset
-
366
-
366
Level 1
Level 2
Level 3
Total fair value
31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
57,713
-
57,713
Level 1
Level 2
Level 3
Total fair value
31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
-
235,580
-
235,580
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "23. Risk management The Group\u2019s financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The Group also has the ability to enter into derivative transactions in the form of forward foreign currency contracts, futures and options, for the purpose of managing currency and market risks arising from the Group\u2019s activities. The Group also has the ability to enter into derivative transactions to hedge against fluctuations in the cost of borrowing as a result of changes in interest rates. The main risks the Group faces from its financial instruments are (a) market price risk (comprising of (i) interest rate risk, (ii) foreign currency risk and (iii) other price risk), (b) liquidity risk and (c) credit risk. (a) Market price risk The fair value or future cash flows of a financial instrument held by the Group may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, foreign currency risk and other price risk. (i) Market risk arising from interest rate risk Interest rate movements may affect the level of income receivable on cash deposits. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions. Interest risk profile The interest rate risk profile of the portfolio of financial assets and liabilities at the year-end were as follows: The floating rate assets consist of cash deposits on call earning interest at prevailing market rates. An increase of 100bps in interest rates as at the reporting date would have increased the reported profit and equity shareholders\u2019 funds by \u20ac478,340 (2024: \u20ac250,110). Other Comprehensive Income and Capital Reserves would have been \u20acnil (2024: \u20ac589,387) higher as a result of an increase in the fair value of the derivative designated as interest rate swaps and \u20acnil (2024: \u20ac7,597) higher as a result of an increase in the fair value of the derivative designated as interest rate caps on floating rate borrowings. A decrease of 100bps in interest rates would have reduced the reported profit and equity shareholders\u2019 funds by \u20ac478,340 (2024: \u20ac250,110). Other Comprehensive Income and the Capital Reserve would have been \u20acnil (2024: \u20ac589,387) lower as a result of a decrease in the fair value of the derivative designated as interest rate swaps and \u20acnil (2024: \u20ac572) lower as a result of a decrease in the fair value of the derivative designated as interest rate caps on floating rate borrowings. Other financial assets and liabilities (e.g. debtors, creditors) are not subject to interest rate risk. The rates of interest on the bank loans are fixed or hedged until the end of their term hence not subject to any interest rate risk. Further details are disclosed in note 14.
Interest rate
Local currency
Foreign exchange
Euro equivalent
As at 31 December 2025
%
'000
rate
\u20ac'000
Assets:
Euro
2.00
46,716
1.00
46,716
Pound Sterling
3.75
370
0.87
425
Polish Zloty
4.00
2,930
4.27
693
Total
47,834
Interest Rate
Local currency
Foreign exchange
Euro equivalent
As at 31 December 2024
%
'000
rate
\u20ac'000
Assets:
Euro
3.00
20,510
1.00
20,510
Pound Sterling
4.75
3,471
0.83
4,182
Polish Zloty
5.25
1,344
4.27
319
Total
25,011
(ii) Market risk arising from foreign currency risk The income and capital value of the Groups investments and liabilities can be affected by exchange rate movements as some of the Group\u2019s assets and income are denominated in currencies other than Euro which is the Group\u2019s reporting currency. The revenue account is subject to currency fluctuation arising from overseas income. Foreign currency risk profile Foreign currency risk profile by currency of denomination: The asset allocation between specific markets can vary from time to time based on the Investment Manager\u2019s opinion of the attractiveness of the individual markets. Foreign currency sensitivity The following table details the Group\u2019s sensitivity to a 10% increase and decrease in Sterling and Polish Zloty agains t the Euro and the resultant impact that any such increase or decrease would have on net return before tax and equity shareholders\u2019 funds. The sensitivity analysis includes only outstanding foreign currency denominated monetary item s and adjusts their translation at the year-end for a 10% change in foreign exchange rates. (iii) Market risk arising from other price risk Other price risks (i.e. changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments. The carrying amount for financial assets approximates to the fair value of trade and other receivables (note 10) and trade and other payables (note 13). Other price risk sensitivity If the investment property valuation fell by 10% at 31 December 2025, the decrease in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). If the investment property valuation rose by 10% at 31 December 2025, the increase in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). Exposures vary throughout the year as a
Net monetary exposure
Total currency exposure
As at 31 December 2025
\u20ac'000
\u20ac'000
Pound Sterling
157
157
Z\u0142oty
693
693
Total foreign currency
850
850
Euro
(41,510)
(41,510)
Total
(40,660)
(40,660)
Net monetary exposure
Total currency exposure
As at 31 December 2024
\u20ac'000
\u20ac'000
Pound Sterling
3,704
3,704
Z\u0142oty
319
319
Total foreign currency
4,023
4,023
Euro
(244,843)
(244,843)
Total
(240,820)
(240,820)
As at 31 December 2025
As at 31 December 2024
\u20ac'000
\u20ac'000
Polish Z\u0142oty
69
32
Pound Sterling
16
370
consequence of changes in the net assets of the Group arising out of the investment property and risk management processes. (b) Liquidity risk This is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. All creditors are payable within three months. The Group\u2019s liquidity risk is managed by the Investment Manager placing cash in liquid deposits and bank accounts. Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds to meet financial commitments. The level of dividends and other distributions to be paid by the Group may fluctuate and there is no guarantee that any such distributions will be paid. Following the announcement of the managed wind-down and as the Group progresses with the disposal of properties, its ability to generate income will diminish. Consequently, the Group has revised its dividend policy to align with the reduced income levels. Therefore, liquidity risk is not considered to be significant. (c) Credit risk This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Group suffering a loss. The risk is not considered significant by the Board, and is managed as follows: The Group has acquired a portfolio of European logistics properties and has a number of leases with tenants. In the event of default by a tenant, the Group will suffer a rental shortfall and incur additional costs until the property is re- let, including legal expenses, in maintaining, insuring and re-letting the property. The Board receives regular reports on concentrations of risk and any tenants in arrears. The Investment Manager monitors such reports in order to anticipate and minimise the impact of defaults by tenants. Cash is held only with reputable financial institutions with high quality external credit ratings. None of the Group\u2019s financial assets is secured by collateral. The maximum credit risk exposure as at 31 December 2025 was \u20ac54.2m (2024: \u20ac38.5m). This was due to trade receivables and cash as per notes 10 and 11. All cash is placed with financial institutions with a credit rating of -A or above. Bankruptcy or insolvency may cause the Group\u2019s ability to access cash placed on deposit to be delayed or limited. Should the credit quality or the financial position of the financial institutions currently employed significantly deteriorate, the Investment Manager would move the cash holdings to another financial institution. There are no significant concentrations of liquidity risk within the Group. (d) Taxation and Regulation risks The Company must comply with the provisions of the Companies Act and, as the shares are admitted to the closed ended investment funds segment of the Official List, the Listing Rules and the Disclosure Guidance and Transparency Rules. A breach of the Companies Act could result in the Company and/or the Board being fined or being the subject of criminal proceedings. Breach of the Listing Rules could result in the shares being suspended from listing. Legal and regulatory changes could occur that may adversely affect the Company. The Company has obtained UK Investment Trust Company status. The Company must comply with the provisions of sections 1158 and 1159 of the Corporation Tax Act 2010 and Part 2 Chapter 1 of Statutory Instruments 2011/2999 to maintain this status. Breaching these regulations could result in the Company paying UK Corporation Tax it would otherwise be exempt from, adversely affecting the Company\u2019s ability to pursue its investment objective. Capital management The Group considers that capital comprises issued Ordinary shares and borrowings. Following Shareholder approval of the revised Investment Policy on 23 July 2024, the Group entered a managed wind-down phase and accordingly its capital management objectives, policies and risk profile have changed. The Group\u2019s primary capital risk management objective is to maximise returns to Shareholders through the orderly realisation of the assets in its portfolio, while ensuring that the Group retains sufficient liquidity to meet its ongoing operational requirements and financial obligations as they fall due throughout the wind-down period. Capital is therefore managed with a focus on preserving value, maintaining appropriate liquidity, limiting financial risk and facilitating timely returns of capital to Shareholders. In accordance with the revised Investment Policy, the Group has ceased making new commercial real estate acquisitions. Capital expenditure is permitted only where the Board considers it necessary or desirable in connection with the realisation of the portfolio, primarily where such expenditure is required to protect or enhance an asset\u2019s realisation value. Net proceeds from asset disposals are used to repay borrowings and fund returns of capital to Shareholders, net of the Group\u2019s ongoing operating and wind-down costs. From time to time, the Group may hold surplus cash, for example following the disposal of an investment. Pending return to Shareholders, such surplus cash is expected to be held as cash on deposit or invested in liquid, low-risk instruments, including cash equivalents and money market instruments, bonds, commercial paper or other debt obligations with financial institutions or counterparties having a single-A (or equivalent) or higher credit rating, as determined by an internationally recognised rating agency, or in government and public securities as defined for the purposes of the FCA rules. The Group does not anticipate entering into new borrowing arrangements during the wind-down period, although limited borrowing may be used where required for efficient liquidity or balance sheet management. The Board monitors the Group\u2019s capital structure and gearing on an ongoing basis, having regard to forecast disposal proceeds, liquidity requirements and the timing and quantum of anticipated returns to Shareholders, to ensure alignment with the revised Investment Policy and the orderly execution of the wind-down. The Group monitors capital primarily through regular financial reporting and also through a gearing policy. The Group used gearing to improve shareholder returns. Debt is typically secured at the asset level and potentially at the Group level with or without a charge over some or all of the Group\u2019s assets, depending on the optimal structure for the Group and having consideration to key metrics including lender diversity, cost of debt, debt type and maturity profiles. Borrowings is typically non-recourse and secured against individual assets or groups of assets and the aggregate borrowings at asset level will always be subject to an absolute maximum, calculated at the time of drawdown for a property purchase, of 50 per cent. of Gross Assets. Where borrowings are secured against a group of assets, such group of assets shall not exceed 25 per cent. of Gross Assets in order to ensure that investment risk remains suitably spread. The Board has established gearing guidelines for the Investment Manager in order to maintain an appropriate level and structure of gearing within the parameters set out above. Under these guidelines, aggregate borrowings at asset level are expected to be at or around 35 per cent. of gross assets. The Board will keep the level of borrowings under review and the aggregate borrowings will always be subject to the absolute maximum set at the time of the Group\u2019s launch, calculated at the time of drawdown for a property purchase, of 50 per cent of Gross Assets. The carrying value of the Groups bank borrowings as at 31 December 2025, excluding any early repayment penalty costs, was \u20ac58,228,000 (2024: \u20ac235,700,000).
Contractual undiscounted maturities
All financial liabilities presented as current are payable within 12 months. The analysis of financial liabilities is below:
Within 1
1-2 years
2-5 years
Over 5 years
Total
year
As at 31 December 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
35,108
-
24,271
-
59,379
Lease liability
703
703
2,110
25,478
28,994
Trade liabilities
12,059
-
-
-
12,059
Total
47,870
703
26,381
25,478
100,432
Within 1
1-2 years
2-5 years
Over 5 years
Total
year
As at 31 December 2024
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Bank loans
143,764
35,523
62,955
-
242,242
Lease liability
682
682
2,046
25,900
29,310
Trade liabilities
15,322
-
-
-
15,322
Total
159,768
36,205
65,001
25,900
286,874
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "(a) Market price risk The fair value or future cash flows of a financial instrument held by the Group may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, foreign currency risk and other price risk. (i) Market risk arising from interest rate risk Interest rate movements may affect the level of income receivable on cash deposits. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions. Interest risk profile The interest rate risk profile of the portfolio of financial assets and liabilities at the year-end were as follows: The floating rate assets consist of cash deposits on call earning interest at prevailing market rates. An increase of 100bps in interest rates as at the reporting date would have increased the reported profit and equity shareholders\u2019 funds by \u20ac478,340 (2024: \u20ac250,110). Other Comprehensive Income and Capital Reserves would have been \u20acnil (2024: \u20ac589,387) higher as a result of an increase in the fair value of the derivative designated as interest rate swaps and \u20acnil (2024: \u20ac7,597) higher as a result of an increase in the fair value of the derivative designated as interest rate caps on floating rate borrowings. A decrease of 100bps in interest rates would have reduced the reported profit and equity shareholders\u2019 funds by \u20ac478,340 (2024: \u20ac250,110). Other Comprehensive Income and the Capital Reserve would have been \u20acnil (2024: \u20ac589,387) lower as a result of a decrease in the fair value of the derivative designated as interest rate swaps and \u20acnil (2024: \u20ac572) lower as a result of a decrease in the fair value of the derivative designated as interest rate caps on floating rate borrowings. Other financial assets and liabilities (e.g. debtors, creditors) are not subject to interest rate risk. The rates of interest on the bank loans are fixed or hedged until the end of their term hence not subject to any interest rate risk. Further details are disclosed in note 14.
Interest rate
Local currency
Foreign exchange
Euro equivalent
As at 31 December 2025
%
'000
rate
\u20ac'000
Assets:
Euro
2.00
46,716
1.00
46,716
Pound Sterling
3.75
370
0.87
425
Polish Zloty
4.00
2,930
4.27
693
Total
47,834
Interest Rate
Local currency
Foreign exchange
Euro equivalent
As at 31 December 2024
%
'000
rate
\u20ac'000
Assets:
Euro
3.00
20,510
1.00
20,510
Pound Sterling
4.75
3,471
0.83
4,182
Polish Zloty
5.25
1,344
4.27
319
Total
25,011
(ii) Market risk arising from foreign currency risk The income and capital value of the Groups investments and liabilities can be affected by exchange rate movements as some of the Group\u2019s assets and income are denominated in currencies other than Euro which is the Group\u2019s reporting currency. The revenue account is subject to currency fluctuation arising from overseas income. Foreign currency risk profile Foreign currency risk profile by currency of denomination: The asset allocation between specific markets can vary from time to time based on the Investment Manager\u2019s opinion of the attractiveness of the individual markets. Foreign currency sensitivity The following table details the Group\u2019s sensitivity to a 10% increase and decrease in Sterling and Polish Zloty agains t the Euro and the resultant impact that any such increase or decrease would have on net return before tax and equity shareholders\u2019 funds. The sensitivity analysis includes only outstanding foreign currency denominated monetary item s and adjusts their translation at the year-end for a 10% change in foreign exchange rates. (iii) Market risk arising from other price risk Other price risks (i.e. changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments. The carrying amount for financial assets approximates to the fair value of trade and other receivables (note 10) and trade and other payables (note 13). Other price risk sensitivity If the investment property valuation fell by 10% at 31 December 2025, the decrease in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). If the investment property valuation rose by 10% at 31 December 2025, the increase in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). Exposures vary throughout the year as a
Net monetary exposure
Total currency exposure
As at 31 December 2025
\u20ac'000
\u20ac'000
Pound Sterling
157
157
Z\u0142oty
693
693
Total foreign currency
850
850
Euro
(41,510)
(41,510)
Total
(40,660)
(40,660)
Net monetary exposure
Total currency exposure
As at 31 December 2024
\u20ac'000
\u20ac'000
Pound Sterling
3,704
3,704
Z\u0142oty
319
319
Total foreign currency
4,023
4,023
Euro
(244,843)
(244,843)
Total
(240,820)
(240,820)
As at 31 December 2025
As at 31 December 2024
\u20ac'000
\u20ac'000
Polish Z\u0142oty
69
32
Pound Sterling
16
370
consequence of changes in the net assets of the Group arising out of the investment property and risk management processes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "Foreign currency sensitivity The following table details the Group\u2019s sensitivity to a 10% increase and decrease in Sterling and Polish Zloty agains the Euro and the resultant impact that any such increase or decrease would have on net return before tax and equity shareholders\u2019 funds. The sensitivity analysis includes only outstanding foreign currency denominated monetary item and adjusts their translation at the year-end for a 10% change in foreign exchange rates.
As at 31 December 2025
As at 31 December 2024
\u20ac'000
\u20ac'000
Polish Z\u0142oty
69
32
Pound Sterling
16
370
Other price risk sensitivity If the investment property valuation fell by 10% at 31 December 2025, the decrease in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). If the investment property valuation rose by 10% at 31 December 2025, the increase in total assets and return before tax would be \u20ac16m (2024: \u20ac59m). Exposures vary throughout the year as a consequence of changes in the net assets of the Group arising out of the investment property and risk management processes. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "(b) Liquidity risk This is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. All creditors are payable within three months. The Group\u2019s liquidity risk is managed by the Investment Manager placing cash in liquid deposits and bank accounts. Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds to meet financial commitments. The level of dividends and other distributions to be paid by the Group may fluctuate and there is no guarantee that any such distributions will be paid. Following the announcement of the managed wind-down and as the Group progresses with the disposal of properties, its ability to generate income will diminish. Consequently, the Group has revised its dividend policy to align with the reduced income levels. Therefore, liquidity risk is not considered to be significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "(c) Credit risk This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Group suffering a loss. The risk is not considered significant by the Board, and is managed as follows: The Group has acquired a portfolio of European logistics properties and has a number of leases with tenants. In the event of default by a tenant, the Group will suffer a rental shortfall and incur additional costs until the property is re- let, including legal expenses, in maintaining, insuring and re-letting the property. The Board receives regular reports on concentrations of risk and any tenants in arrears. The Investment Manager monitors such reports in order to anticipate and minimise the impact of defaults by tenants. Cash is held only with reputable financial institutions with high quality external credit ratings. None of the Group\u2019s financial assets is secured by collateral. The maximum credit risk exposure as at 31 December 2025 was \u20ac54.2m (2024: \u20ac38.5m). This was due to trade receivables and cash as per notes 10 and 11. All cash is placed with financial institutions with a credit rating of -A or above. Bankruptcy or insolvency may cause the Group\u2019s ability to access cash placed on deposit to be delayed or limited. Should the credit quality or the financial position of the financial institutions currently employed significantly deteriorate, the Investment Manager would move the cash holdings to another financial institution. There are no significant concentrations of liquidity risk within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "(d) Taxation and Regulation risks The Company must comply with the provisions of the Companies Act and, as the shares are admitted to the closed ended investment funds segment of the Official List, the Listing Rules and the Disclosure Guidance and Transparency Rules. A breach of the Companies Act could result in the Company and/or the Board being fined or being the subject of criminal proceedings. Breach of the Listing Rules could result in the shares being suspended from listing. Legal and regulatory changes could occur that may adversely affect the Company. The Company has obtained UK Investment Trust Company status. The Company must comply with the provisions of sections 1158 and 1159 of the Corporation Tax Act 2010 and Part 2 Chapter 1 of Statutory Instruments 2011/2999 to maintain this status. Breaching these regulations could result in the Company paying UK Corporation Tax it would otherwise be exempt from, adversely affecting the Company\u2019s ability to pursue its investment objective. ", "dimensions": { "concept": "aberdeeneuropean:DisclosureOfTaxationAndRegulationRisks", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Capital management The Group considers that capital comprises issued Ordinary shares and borrowings. Following Shareholder approval of the revised Investment Policy on 23 July 2024, the Group entered a managed wind-down phase and accordingly its capital management objectives, policies and risk profile have changed. The Group\u2019s primary capital risk management objective is to maximise returns to Shareholders through the orderly realisation of the assets in its portfolio, while ensuring that the Group retains sufficient liquidity to meet its ongoing operational requirements and financial obligations as they fall due throughout the wind-down period. Capital is therefore managed with a focus on preserving value, maintaining appropriate liquidity, limiting financial risk and facilitating timely returns of capital to Shareholders. In accordance with the revised Investment Policy, the Group has ceased making new commercial real estate acquisitions. Capital expenditure is permitted only where the Board considers it necessary or desirable in connection with the realisation of the portfolio, primarily where such expenditure is required to protect or enhance an asset\u2019s realisation value. Net proceeds from asset disposals are used to repay borrowings and fund returns of capital to Shareholders, net of the Group\u2019s ongoing operating and wind-down costs. From time to time, the Group may hold surplus cash, for example following the disposal of an investment. Pending return to Shareholders, such surplus cash is expected to be held as cash on deposit or invested in liquid, low-risk instruments, including cash equivalents and money market instruments, bonds, commercial paper or other debt obligations with financial institutions or counterparties having a single-A (or equivalent) or higher credit rating, as determined by an internationally recognised rating agency, or in government and public securities as defined for the purposes of the FCA rules. The Group does not anticipate entering into new borrowing arrangements during the wind-down period, although limited borrowing may be used where required for efficient liquidity or balance sheet management. The Board monitors the Group\u2019s capital structure and gearing on an ongoing basis, having regard to forecast disposal proceeds, liquidity requirements and the timing and quantum of anticipated returns to Shareholders, to ensure alignment with the revised Investment Policy and the orderly execution of the wind-down. The Group monitors capital primarily through regular financial reporting and also through a gearing policy. The Group used gearing to improve shareholder returns. Debt is typically secured at the asset level and potentially at the Group level with or without a charge over some or all of the Group\u2019s assets, depending on the optimal structure for the Group and having consideration to key metrics including lender diversity, cost of debt, debt type and maturity profiles. Borrowings is typically non-recourse and secured against individual assets or groups of assets and the aggregate borrowings at asset level will always be subject to an absolute maximum, calculated at the time of drawdown for a property purchase, of 50 per cent. of Gross Assets. Where borrowings are secured against a group of assets, such group of assets shall not exceed 25 per cent. of Gross Assets in order to ensure that investment risk remains suitably spread. The Board has established gearing guidelines for the Investment Manager in order to maintain an appropriate level and structure of gearing within the parameters set out above. Under these guidelines, aggregate borrowings at asset level are expected to be at or around 35 per cent. of gross assets. The Board will keep the level of borrowings under review and the aggregate borrowings will always be subject to the absolute maximum set at the time of the Group\u2019s launch, calculated at the time of drawdown for a property purchase, of 50 per cent of Gross Assets. The carrying value of the Groups bank borrowings as at 31 December 2025, excluding any early repayment penalty costs, was \u20ac58,228,000 (2024: \u20ac235,700,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
24. Related party transactions
The Company\u2019s Alternative Investment Fund Manager (\u2018AIFM\u2019) throughout the year was abrdn Fund Managers
Limited (\u201caFML\u201d). Under the terms of a Management Agreement dated 17 November 2017 the AIFM is appointed to
provide investment management services, risk management services and general administrative services including
acting as the Company Secretary.
Under the terms of the agreement portfolio management services are delegated by aFML to abrdn Investments Ireland
Limited (\u2018aIIL\u2019). Effective 1 August 2024 the Company has paid lower management fees at the rate of 0.5% (reduced
from 0.75%) and additional disposal fees between 0.65% and 0.75% depending on the net disposal proceeds realised
on the sale of investment properties. Disposal fees can only be paid once 80% of the portfolio has been sold with the
remaining 20% payable once the entire portfolio has been sold. In addition, with effect from 23 July 2024, the
Management Agreement became terminable by the Company or aFML on not less than three months\u2019 notice with such
notice not to be served before 31 March 2025. The total management fees charged to the Consolidated Statement of
Comprehensive Income during the year were \u20ac4,180,000 (2024: \u20ac2,508,000), of which \u20ac3,420,000 (2024: \u20ac573,000)
was payable at the year end. Under the terms of a Global Secretarial Agreement between aFML and abrdn Holdings
Limited (\u2018aHL\u2019), company secretarial services are provided to the Company by aHL.
A promotional and marketing budget fee of \u00a395,000 (2024: \u00a3114,000) was approved for 2024/2025 at the July 2024
Board meeting which is payable to abrdn Investment Management Limited (\u2018aIML\u2019). As at 31 December 2025
\u00a390,250 was payable (31 December 2024: \u00a396,418). This fee reduced to zero effective from 1 April 2026.
The remuneration of Directors is detailed below. Further details on the Directors can be found on pages 39 to 43.
2025
2024
\u20ac'000
\u20ac'000
Tony Roper
69
66
Caroline Gulliver
53
51
John Heawood
45
43
Diane Wild e
-
20
Balance as at 31 December
167
180
Please note the above figures are all Euro, while those in the Directors\u2019 remuneration report are stated in GBP. The Directors\u2019 shareholdings are detailed below.
31 December 2025
31 December 2024
Ordinary shares Ordinary shares
Tony Roper
122,812
122,812
Caroline Gulliver
90,000
90,000
John Heawood
60,000
60,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "24. Related party transactions The Company\u2019s Alternative Investment Fund Manager (\u2018AIFM\u2019) throughout the year was abrdn Fund Managers Limited (\u201caFML\u201d). Under the terms of a Management Agreement dated 17 November 2017 the AIFM is appointed to provide investment management services, risk management services and general administrative services including acting as the Company Secretary. Under the terms of the agreement portfolio management services are delegated by aFML to abrdn Investments Ireland Limited (\u2018aIIL\u2019). Effective 1 August 2024 the Company has paid lower management fees at the rate of 0.5% (reduced from 0.75%) and additional disposal fees between 0.65% and 0.75% depending on the net disposal proceeds realised on the sale of investment properties. Disposal fees can only be paid once 80% of the portfolio has been sold with the remaining 20% payable once the entire portfolio has been sold. In addition, with effect from 23 July 2024, the Management Agreement became terminable by the Company or aFML on not less than three months\u2019 notice with such notice not to be served before 31 March 2025. The total management fees charged to the Consolidated Statement of Comprehensive Income during the year were \u20ac4,180,000 (2024: \u20ac2,508,000), of which \u20ac3,420,000 (2024: \u20ac573,000) was payable at the year end. Under the terms of a Global Secretarial Agreement between aFML and abrdn Holdings Limited (\u2018aHL\u2019), company secretarial services are provided to the Company by aHL. A promotional and marketing budget fee of \u00a395,000 (2024: \u00a3114,000) was approved for 2024/2025 at the July 2024 Board meeting which is payable to abrdn Investment Management Limited (\u2018aIML\u2019). As at 31 December 2025 \u00a390,250 was payable (31 December 2024: \u00a396,418). This fee reduced to zero effective from 1 April 2026. The remuneration of Directors is detailed below. Further details on the Directors can be found on pages 39 to 43.
2025
2024
\u20ac'000
\u20ac'000
Tony Roper
69
66
Caroline Gulliver
53
51
John Heawood
45
43
Diane Wild e
-
20
Balance as at 31 December
167
180
Please note the above figures are all Euro, while those in the Directors\u2019 remuneration report are stated in GBP.
The Directors\u2019 shareholdings are detailed below.
31 December 2025
31 December 2024
Ordinary shares Ordinary shares
Tony Roper
122,812
122,812
Caroline Gulliver
90,000
90,000
John Heawood
60,000
60,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "25. Lease analysis The group leases out its investment properties under operating leases. The future income under operating leases, based on the unexpired lease length at the year-end was as follows (based on total rents and excluding annual CPI adjustments). The Group entered into commercial property leases on its investment property portfolio. These leases had remaining lease terms of between 1 and 16 years.
2025
2024
\u20ac'000
\u20ac'000
Less than one year
10,996
32,437
Between one and two years
10,981
30,474
Between two and three years
10,830
28,802
Between three and four years
10,830
27,508
Between four and five years
6,964
25,084
Over five years
23,692
100,845
Total cas h and cas h equivalents
74,293
245,150
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "26. Proceeds from disposal of subsidiary The Group disposed of four subsidiaries during 2025. The following table summarises the disposal date fair value of each major classes of consideration transferred and realised result on the disposal.
Erlensee
Fl\u00f6rsheim
Madrid Logistics 1
Madrid Logistics 2
Total 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Total consideration received
16,808
18,172
101,577
44,147
180,704
Amount of consideration received in cash
16,626
18,100
100,619
43,221
178,566
Amount to be received/(paid)
(277)
(193)
845
662
1,037
Cash and cash equivalents disposed
459
265
113
264
1,101
Effect on each major class of assets and liabilities:
Investment properties
35,161
31,975
103,646
45,030
215,812
Trade and other receivables
428
(107)
1,092
485
1,898
Other assets
-
-
12
-
12
Trade and other payables
861
385
3,286
1,632
6,164
Bank loans
17,800
12,400
-
-
30,200
Deferred tax liability
579
1,176
-
-
1,755
Amount of gain/(loss) recognised
(281)
7,032
(7,769)
(13,742)
(14,760)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "26. Proceeds from disposal of subsidiary The Group disposed of four subsidiaries during 2025. The following table summarises the disposal date fair value of each major classes of consideration transferred and realised result on the disposal.
Erlensee
Fl\u00f6rsheim
Madrid Logistics 1
Madrid Logistics 2
Total 2025
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
\u20ac'000
Total consideration received
16,808
18,172
101,577
44,147
180,704
Amount of consideration received in cash
16,626
18,100
100,619
43,221
178,566
Amount to be received/(paid)
(277)
(193)
845
662
1,037
Cash and cash equivalents disposed
459
265
113
264
1,101
Effect on each major class of assets and liabilities:
Investment properties
35,161
31,975
103,646
45,030
215,812
Trade and other receivables
428
(107)
1,092
485
1,898
Other assets
-
-
12
-
12
Trade and other payables
861
385
3,286
1,632
6,164
Bank loans
17,800
12,400
-
-
30,200
Deferred tax liability
579
1,176
-
-
1,755
Amount of gain/(loss) recognised
(281)
7,032
(7,769)
(13,742)
(14,760)
", "dimensions": { "concept": "aberdeeneuropean:DisclosureOfProceedsFromDisposalOfSubsidiary", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
27. Post balance sheet events
On 12 January 2026 the Company announced that it had received a requisition request from DL Invest Group ISR
SARL (\"DL Invest\"), the Company\u2019s largest Shareholder, requiring the Directors to convene a general meeting of the
On 23 January 2026, the Group completed the sale of an asset located in France for a consideration of approximately \u20ac7.9 million. On 28 February 2026, Israel and the United States launched a military offensive against Iran. This geopolitical event has caused global market disruption, with heightened uncertainty surrounding the potential short and medium-term implications for investment markets. The conflict did not impact real estate valuations as at 31 December 2025, being the financial year-end for the Group. However, the outlook for markets remains volatile and continues to be monitored. As at the date of reporting, no negative impacts on the Group have been observed. On 13 March 2026, the Group completed the sale of its warehouse located in Waddinxveen, the Netherlands. The asset has been sold for a consideration of \u20ac35 million. Following this sale, the entire loan with Berlin Hyp of \u20ac34.3 million, expiring in June 2026, was repaid. On 19 March 2026, the Group completed the sale of its warehouse located in Noves, near Avignon, France. The asset has been sold for a consideration of \u20ac47.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "28. Capital commitments As at the 31 December 2025 the Group had capital commitments of \u20acnil (2024: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "28. Capital commitments As at the 31 December 2025 the Group had capital commitments of \u20acnil (2024: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "29. Ultimate parent company In the opinion of the Directors on the basis of shareholdings reviewed by them, the Company has no immediate or ultimate controlling party. ", "dimensions": { "concept": "aberdeeneuropean:DisclosureOfUltimateParentCompany", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "280 Bishopsgate London EC2M 4AG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800I9IYIKKNRT3G50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }