{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "tritaxbigboxreitplc": "http://tritaxbigboxreitplc.com/xbrl/2025", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://tritaxbigboxreitplc.com/xbrl/2025/213800L6X88MIYPVR714-2025-12-31.xsd" ] }, "facts": { "fact-1": { "value": "We are the UK\u2019s largest listed investor in high-quality supply chain real estate and we also control the UK\u2019s largest logistics-focused land platform for development. We are ideally placed to capture the opportunities created by the long-term structural growth in UK logistics and data centres, driven by changes in the way we live and work and our clients\u2019 focus on optimising supply chains, increasing efficiencies and improving sustainability performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "312500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "281100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "15200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyServiceChargeIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "13100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyServiceChargeIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "16900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyServiceChargeExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "15600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyServiceChargeExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "5500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyManagementExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyManagementExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "305300000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:NetRentalIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "276000000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:NetRentalIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "104100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "86300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "88600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "63300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "15500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "23000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "37100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "33700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-44": { "value": "2100000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ExceptionalItems", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ExceptionalItems", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "281600000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:OperatingProfitBeforeChangesInFairValueAndOtherAdjustments", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "265300000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:OperatingProfitBeforeChangesInFairValueAndOtherAdjustments", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "198600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "243700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "-11500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "8400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "-1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesArisingFromDifferenceBetweenPreviousCarryingAmountAndFairValueOfFinancialAssetsReclassifiedAsMeasuredAtFairValue", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "29100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "439500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "514600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "8100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "8400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "77000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "71900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "-7300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "-5300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "445800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-306": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "445500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-307": { "value": "445500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "0.1439", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-75": { "value": "0.1967", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-76": { "value": "0.1438", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-77": { "value": "0.1967", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-78": { "value": "7371100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "5929400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "124200000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:InvestmentInLandOptions", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "148800000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:InvestmentInLandOptions", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "25200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "24400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherPropertyPlantAndEquipment", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherPropertyPlantAndEquipment", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "3200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "7600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "7500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "7534400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "6119700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "27900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "56000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "350900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "440400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "109500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "80600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "21100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "511400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "579000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "8045800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "6698700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "68100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "59500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "171700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "112500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-114": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-116": { "value": "65600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "307400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "173900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "7500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "1480100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "811700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "1188200000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:LoanNotes", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "1141800000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:LoanNotes", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-126": { "value": "3700000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:DeferredConsideration", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:DeferredConsideration", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-128": { "value": "2679500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-129": { "value": "1957400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "2986900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-131": { "value": "2131300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-132": { "value": "5058900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "4567400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "27000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-135": { "value": "24800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-137": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-138": { "value": "1088100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "1289000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-140": { "value": "1283900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-141": { "value": "957000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-142": { "value": "2610700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-143": { "value": "2247400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-144": { "value": "5058900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-145": { "value": "4567400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-146": { "value": "1.8722", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:NetAssetValuePerShareBasic", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-147": { "value": "1.8412", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:NetAssetValuePerShareBasic", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-148": { "value": "1.8709", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:NetAssetValuePerShareBasicDilluted", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-149": { "value": "1.8412", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:NetAssetValuePerShareBasicDilluted", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-150": { "value": "1.8776", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:EPRANetTangibleAssetPerShareBasic", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-151": { "value": "1.8556", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:EPRANetTangibleAssetPerShareBasic", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-152": { "value": "1.8763", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:EPRANetTangibleAssetPerShareDiluted", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-153": { "value": "1.8556", "decimals": 4, "dimensions": { "concept": "tritaxbigboxreitplc:EPRANetTangibleAssetPerShareDiluted", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-5": { "value": "These financial statements were approved by the Board of Directors on 26 February 2026 and signed on its behalf by: Aubrey Adams OBE, FCA, FRICS Independent Chair", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-154": { "value": "24800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-155": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "957000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-157": { "value": "1289000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "2247400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-159": { "value": "4567400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-160": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-308": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-161": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-309": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-310": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-163": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-311": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-164": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-312": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-313": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-166": { "value": "24800000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-167": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "957000000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-169": { "value": "1289000000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "2610700000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "4930700000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-172": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "326900000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "329100000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-178": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-179": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "200900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "200900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-184": { "value": "27000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-185": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "1283900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "1088100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "2610700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "5058900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-190": { "value": "19000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-191": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-192": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-193": { "value": "1463900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-194": { "value": "1801900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-195": { "value": "3334000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-196": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-314": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-197": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-315": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-198": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-316": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-199": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-317": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "445500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-318": { "value": "445500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "445500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-319": { "value": "445500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-202": { "value": "19000000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-203": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-204": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-205": { "value": "1463900000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-206": { "value": "2247400000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-207": { "value": "3779500000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:EquityAndProfitLossComprehensiveIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-208": { "value": "5800000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-209": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-210": { "value": "957000000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-211": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-212": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-213": { "value": "962800000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:ShareIssuedInRelationToUKCMAcquisition", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-214": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-215": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-216": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-217": { "value": "174900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-218": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-219": { "value": "174900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-220": { "value": "24800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-221": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-222": { "value": "957000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-223": { "value": "1289000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-224": { "value": "2247400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-225": { "value": "4567400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-226": { "value": "363300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-227": { "value": "445500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-228": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-229": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-230": { "value": "8100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-231": { "value": "8400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-232": { "value": "77000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-233": { "value": "71900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-234": { "value": "-7300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-235": { "value": "-5300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-236": { "value": "29100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-237": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-238": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-239": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-240": { "value": "1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTrading", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "-900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTrading", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-242": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-243": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-244": { "value": "-11500000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:AdjustmentsForLossGainOnDisposalOfInvestmentProperties", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-245": { "value": "8400000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:AdjustmentsForLossGainOnDisposalOfInvestmentProperties", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-246": { "value": "198600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-247": { "value": "243700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-248": { "value": "12200000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:AdjustmentsForAccretionOfTenantLeaseIncentive", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-249": { "value": "21400000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:AdjustmentsForAccretionOfTenantLeaseIncentive", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-250": { "value": "29800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-251": { "value": "-33400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-252": { "value": "-1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeOtherThanContractLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-253": { "value": "12700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeOtherThanContractLiabilities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-254": { "value": "13200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-255": { "value": "-26000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-256": { "value": "312800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-257": { "value": "198000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-258": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-259": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-260": { "value": "312800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-261": { "value": "195400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-262": { "value": "1168600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-263": { "value": "196200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-264": { "value": "8600000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:AdditionsToLandOptionsClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-265": { "value": "16900000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:AdditionsToLandOptionsClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-266": { "value": "-20600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-267": { "value": "8100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-268": { "value": "353900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-269": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-270": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-271": { "value": "137800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-272": { "value": "-1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-273": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-274": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-276": { "value": "-798800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "-82300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "1310000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "340000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "646000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "178000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "297000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "181900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-286": { "value": "6700000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:InterestDerivativesReceivedClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "7000000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:InterestDerivativesReceivedClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "8400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "60200000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:BankInterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "60600000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:BankInterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:InterestCapPremiumPaidClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "tritaxbigboxreitplc:InterestCapPremiumPaidClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-294": { "value": "199800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-295": { "value": "174100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "514900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-297": { "value": "-68700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-298": { "value": "28900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-299": { "value": "44400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-300": { "value": "80600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "value": "36200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "109500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-303": { "value": "80600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-321": { "value": "1. Corporate information The consolidated financial statements of the Group for the year ended 31 December 2025 comprise the results of Tritax Big Box REIT plc (the \u201cCompany\u201d) and its subsidiaries (together, the \u201cGroup\u201d) and were approved by the Board for issue on 26 February 2026. The Company is a public limited company incorporated and domiciled in England and Wales. The Company\u2019s Ordinary Shares are admitted to the official list of the UK Listing Authority, a division of the Financial Conduct Authority, and traded on the London Stock Exchange. The registered address of the Company is disclosed in the Company information. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "Tritax Big Box REIT plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Tritax Big Box REIT plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
Accounting policies
2. Basis of preparation
The consolidated financial statements have been prepared in
accordance with UK-adopted international accounting standards
and with the requirements of the Companies Act 2006 as applicable
to companies reporting under those standards.
The comparative information disclosed relates to the year ended 31
December 2024.
The Group\u2019s financial statements have been prepared on a historical
cost basis, other than as explained in the accounting policies below.
The consolidated financial statements are presented in Sterling,
which is also the Company\u2019s functional currency, and all values are
rounded to the nearest \u00a30.1 million, except where otherwise
indicated.
The Group has chosen to adopt European Public Real Estate
Association (\u201cEPRA\u201d) best practice guidelines for calculating key
metrics such as net asset value and earnings per share
(www.epra.com/finance/financial-reporting/guidelines).
2.1. Going concern
The Board has assessed the appropriateness of the going concern
basis in preparing these financial statements. Any going concern
assessment considers the Group\u2019s financial position, cash flows,
liquidity and capital commitments including its continued access to
its debt facilities and headroom under financial loan covenants.
The Directors have considered the cash flow forecasts for the Group
for a period of at least twelve months from the date of approval of
these consolidated financial statements. These forecasts include the
Directors\u2019 assessment of plausible downside scenarios. The
Directors have reviewed the current and projected financial position
of the Group, making reasonable assumptions about its future
trading performance. Various forms of sensitivity analysis have been
performed having particular regard to the financial performance of
its clients\u2019 track record of rental receipts, whilst taking into account
any discussions held with the client surrounding their future rental
obligations. The analysis also included sensitising the impact of
portfolio valuation movements through market volatility, rent
collection and client default. These scenarios all paid regard to the
current economic environment.
The Group has a strong track record around rent collection with no
history of significant levels of bad debt or arrears. Generally
speaking, we have strong clients with robust balance sheets and
strong cash flows. The Directors have also considered the arrears
position in light of IFRS 9, expected credit loss model; see Note 22
for further details.
As at 31 December 2025, the Group had an aggregate \u00a3577.0 million of undrawn commitments under its senior debt facilities as well as \u00a3130.6m of cash held at bank, of which \u00a346.8 million was committed under various development related contracts. In January and February 2026, the Company sold \u00a313.3 million of non-strategic assets and exchanged \u00a311.4 million of logistics investment assets. investment assets. At 31 December 2025, the Group\u2019s loan to value ratio stood at 33.2%, with the debt portfolio having an average maturity term of approximately 4.3 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants. As at 31 December 2025, property values would have to fall by more than 50% before loan covenants are breached. The Group\u2019s financial covenants have been complied with for all loans throughout the period and up to the date of approval of these financial statements. The Directors have assessed the ability of the Group and Company to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the ability of the Group and Company to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 27 February 2027. The board has also had regard to \u00a3190 million of debt that needs to be refinanced shortly after the going concern period. The refinancing of these facilities is considered part of the ordinary course of business, and the Group historically arranges financing well in advance of expected requirements. These facilities can be refinanced through a combination of the Group\u2019s existing liquidity and its established lending relationships. The Directors have confidence that appropriate replacement debt facilities will be secured when required. 3. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. 3.1. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Other operating income Other operating income is receivable from development management agreements (\u201cDMA\u201d) in place with third parties. Development management income is recognised in the accounting period in which the services are rendered and a significant reversal is not expected in future periods. Judgement is exercised in identifying performance obligations, including the sale of land with planning consent, completing land and infrastructure works and managing the construction of an asset. The transaction price is allocated fairly between the different performance obligations (refer to notes 8 and 9). Certain performance obligations are recognised at a point in time (for example, a land transaction) and others are recognised over time (such as services under a DMA); each contract outlines the scope, deliverables, milestones and payment terms. Revenue is recognised based on the work completed to date using the percentage-of- completion method (input method), which is based on costs incurred relative to total expected costs.
Power connection agreements
In the period, power connection agreements have been acquired,
and judgement has been applied in determining how to account for
these either as part of the associated investment property or as an
intangible asset. The Board concluded that they should be
accounted for as part of the investment property because they are
integral to bringing specific identified sites into their intended use.
Acquisitions of property through corporate vehicles
Some property transactions are large or complex and require
management to make judgements when considering the appropriate
accounting treatment. These include acquisitions of property
through corporate vehicles, which could represent either asset
acquisitions or business combinations under IFRS 3 (refer to
note 4.9).
During the year, the Group acquired a logistics portfolio from
Blackstone. The management contract with Blackstone made them
responsible for the operations required to manage the properties
owned within the logistics portfolios acquired. Simultaneously upon
acquisition, the management contract between Blackstone and the
target companies acquired were immediately cancelled as the
operations of the Group were taken over by Tritax Management LLP
who remain the Investment Manager to the enlarged Group.
As the Group did not acquire any of the critical processes of the
target companies which enabled them to create outputs, it was
concluded that the transaction did not meet the definition of a
business combination under IFRS 3, and therefore has been
accounted for as an asset acquisition.
Land options
Land options, and other non-financial assets, are initially capitalised
at cost and considered for any impairment indication annually. The
impairment review includes consideration of the resale value of the
option, likelihood of achieving planning consent and current
recoverable value as determined by an independent external valuer.
In the calculation of the resale value or recoverable value of land
options, several estimates are required which include the expected
size of the development, expected rental and capitalisation rates,
estimated build costs, the time to complete the development and
anticipated progress with achieving planning consent, as well as the
associated risks of achieving the above.
3.2. Estimates Fair valuation of investment property The market value of investment property is determined by an independent property valuation expert (see note 17) to be the estimated amount for which a property should exchange on the date of the valuation in an arm\u2019s-length transaction. Properties have been valued on an individual basis. The valuation expert uses recognised valuation techniques and the principles of both IAS 40 and IFRS 13. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards January 2025 (the \u201cRed Book\u201d). Factors reflected comprise current market conditions including Net Initial Yield applied, annual rents and estimated rental values, lease lengths, location and building specification, which would include climate-related considerations. The Net Initial Yield, being the most significant estimate, is subject to changes depending on the market conditions which are assessed on a periodic basis. The significant methods and assumptions used by the valuers in estimating the fair value of investment property, together with the sensitivity analysis on the most subjective inputs, are set out in note 17. 4. Material accounting policies 4.1. Segmental information The Directors are of the opinion that the Group is engaged in a single segment business, being the investment in UK logistics assets and land options with a view to developing logistics and holding these for investment purposes. The Directors consider that these properties have similar economic characteristics in nature and as a result they have been reported as a single reportable operating business. During the prior year, the Group acquired non-logistics assets as part of the UKCM acquisition. These assets share similar economic characteristics to the existing portfolio and collectively they form an insignificant proportion of the Group\u2019s portfolio. In addition to this, the monitoring and strategic decision-making processes are no different from the existing logistics core portfolio. Therefore, the Directors consider there to be a single reportable segment. 4.2. Investment property and investment property under construction Investment property comprises completed property that is held to earn rentals or for capital appreciation, or both. Property held under a lease is classified as investment property when it is held to earn rentals or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. The corresponding entry upon recognising lease incentives or fixed/ minimum rental uplifts is made to investment property. For further details see accounting policy note 4.10. Investment property is recognised once practical completion is achieved and is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes in the fair values are included in the Group Statement of Comprehensive Income in the year in which they arise under IAS 40 \u201cInvestment Property\u201d. Long leaseholds are accounted for as investment property as they meet the criteria for right of use assets. Investment properties under construction are financed by the Group through development contracts to build logistics assets, in the form of pre-let development and with an allowance of up to 5% of GAV in speculative development (with no pre-let secured). Investment properties under construction are initially measured at cost (including the transaction costs), which reflect the Group\u2019s investment in the assets. Subsequently, the assets are remeasured to fair value at each reporting date. The fair value of investment properties under construction is estimated as the fair value of the completed asset less any costs still payable in order to complete, which include an appropriate developer\u2019s margin. Additions to properties include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic benefits, which are expected to accrue to the Group. Capitalised expenditure also includes finance costs incurred on qualifying assets under construction. All other property expenditure is expensed in the Group profit or loss as incurred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal. The difference between the net disposal proceeds and the carrying amount of the asset would result in either gains or losses at the retirement or disposal of investment property. Any gains or losses are recognised in the Group Statement of Comprehensive Income in the year of retirement or disposal. 4.3. Financial instruments Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. 4.3.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income in the finance income or expense line. It also comprises of non-controlling minority interest equity investments, the Group has voluntarily classified these assets to be held at fair value through profit and loss. Amortised cost These assets arise principally from the provision of goods and services to clients (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, being the effective interest rate method less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from tenant default (being the failure of a tenant to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. 4.3.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting.
4.4. Joint arrangements
The Group is a party to a joint arrangement when there is a
contractual arrangement that confers joint control over the relevant
activities of the arrangement to the Group and at least one other
party. Joint control is assessed under the same principles as control
over subsidiaries.
The Group classifies its interests in joint arrangements as either:
\u2022 joint ventures: where the Group has rights to only the net assets of
the joint arrangement; or
\u2022 joint operations: where the Group has both the rights to assets
and obligations for the liabilities of the joint arrangement.
In assessing the classification of interests in joint arrangements, the
Group considers:
\u2022 the structure of the joint arrangement;
\u2022 the legal form of joint arrangements structured through a separate
vehicle;
\u2022 the contractual terms of the joint arrangement agreement; and
\u2022 any other facts and circumstances (including any other
contractual arrangements).
The Group does not have any joint operations.
Joint ventures are initially recognised in the Group Statement of
Financial Position at cost. Subsequently joint ventures are accounted
for using the equity method, where the Group\u2019s share of post-
acquisition profits and losses and other comprehensive income is
recognised in the Group Statement of Comprehensive Income.
Profits and losses arising on transactions between the Group and its
joint ventures are recognised only to the extent of unrelated
investors\u2019 interests in the associate. The investor\u2019s share in the joint
venture\u2019s profits and losses resulting from these transactions is
eliminated against the carrying value of the joint venture.
Any premium paid for an investment in a joint venture above the fair
value of the Group\u2019s share of the identifiable assets, liabilities and
contingent liabilities acquired is capitalised and included in the
carrying amount of the investment in joint venture. Provision for
impairment in value is made where there is objective evidence that
the investment in a joint venture has been impaired.
4.5. Goodwill
Goodwill is capitalised as an intangible asset, with any impairment in
carrying value being charged to the Group Statement of
Comprehensive Income. Where the fair value of identifiable assets,
liabilities and contingent liabilities exceed the fair value of
consideration paid, the excess is credited in full to the Group
Statement of Comprehensive Income on the acquisition date as a
gain on bargain purchase or negative goodwill.
4.6. Intangible assets
As a result of the acquisition of Tritax Big Box Developments, the
DMA between the Company and Tritax Big Box Developments
Management Limited is assessed as a favourable contract. It is
recognised as an intangible asset on the Group Statement of
Financial Position and is amortised over the original eight-year term
of the DMA. The favourable element of the DMA was assessed with
reference to a reasonable mark-up that may be expected for these
services if the agreement were set up at arm\u2019s-length, discounted
over the eight-year period.
4.7. Land options Land options are classified as non-financial assets as they are non-liquid assets with no active market and they cannot be readily converted into cash. The options are exercisable at a future date subject to receiving planning consent. They are initially carried at cost and are tested for impairment annually and whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, the higher of value in use and fair value less costs to sell, the option is written down accordingly as a charge to the Group Statement of Comprehensive Income. Once the options are exercised and the land is drawn down, they are transferred into investment property. 4.8. Impairment of assets Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets including intangible assets, investment in joint ventures and land options are subject to annual impairment tests, or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, the higher of value in use and fair value less costs to sell, the asset is impaired accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, its cash-generating units (\u201cCGUs\u201d). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in the Group Statement of Comprehensive Income. An impairment loss recognised for goodwill is not reversed. 4.9. Business combination The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. Where an acquisition is considered to be a business combination, the consolidated financial statements incorporate the results of business combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is treated as gain on bargain purchase and credited to the Group Statement of Comprehensive Income. The results of acquired operations are included in the Group Statement of Comprehensive Income from the date on which control is obtained until the date on which control ceases. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred tax arises. Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments are automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than consideration for the acquisition of a business. 4.10. Property income Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in gross rental income in the Group Statement of Comprehensive Income. A rental adjustment is recognised from the rent review date in relation to unsettled rent reviews, where the Directors are reasonably certain that the rental uplift will be agreed. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Rental income is invoiced, either monthly or quarterly in advance, and for all rental income that relates to a future period this is deferred and appears within current liabilities on the Group Statement of Financial Position. For leases which contain fixed or minimum uplifts the rental income arising from such uplifts is recognised on a straight-line basis over the lease term. Tenant lease incentives are recognised as a reduction of gross rental income on a straight-line basis over the term of the lease. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option. When the Group enters into a pre-let development agreement no rental income is recognised under the agreement for lease until practical completion has taken place, at which point rental income is recognised in the Group Statement of Comprehensive Income from the rent commencement date. 4.11. Taxation Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted at the year-end date, including any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "2. Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The comparative information disclosed relates to the year ended 31 December 2024. The Group\u2019s financial statements have been prepared on a historical cost basis, other than as explained in the accounting policies below. The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded to the nearest \u00a30.1 million, except where otherwise indicated. The Group has chosen to adopt European Public Real Estate Association (\u201cEPRA\u201d) best practice guidelines for calculating key metrics such as net asset value and earnings per share (www.epra.com/finance/financial-reporting/guidelines). 2.1. Going concern The Board has assessed the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of at least twelve months from the date of approval of these consolidated financial statements. These forecasts include the Directors\u2019 assessment of plausible downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making reasonable assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having particular regard to the financial performance of its clients\u2019 track record of rental receipts, whilst taking into account any discussions held with the client surrounding their future rental obligations. The analysis also included sensitising the impact of portfolio valuation movements through market volatility, rent collection and client default. These scenarios all paid regard to the current economic environment. The Group has a strong track record around rent collection with no history of significant levels of bad debt or arrears. Generally speaking, we have strong clients with robust balance sheets and strong cash flows. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model; see Note 22 for further details.
As at 31 December 2025, the Group had an aggregate \u00a3577.0
million of undrawn commitments under its senior debt facilities as
well as \u00a3130.6m of cash held at bank, of which \u00a346.8 million was
committed under various development related contracts. In January
and February 2026, the Company sold \u00a313.3 million of non-strategic
assets and exchanged \u00a311.4 million of logistics investment assets.
investment assets.
At 31 December 2025, the Group\u2019s loan to value ratio stood at
33.2%, with the debt portfolio having an average maturity term of
approximately 4.3 years. As at the date of approval of this report, the
Group has substantial headroom within its financial loan covenants.
As at 31 December 2025, property values would have to fall by more
than 50% before loan covenants are breached.
The Group\u2019s financial covenants have been complied with for all
loans throughout the period and up to the date of approval of these
financial statements.
The Directors have assessed the ability of the Group and Company
to continue as a going concern and are not aware of any material
uncertainties that may cast significant doubt upon the ability of the
Group and Company to continue as a going concern. Therefore the
Directors are satisfied that the Group has the resources to continue
in business until at least 27 February 2027.
The board has also had regard to \u00a3190 million of debt that needs to
be refinanced shortly after the going concern period. The refinancing
of these facilities is considered part of the ordinary course of
business, and the Group historically arranges financing well in
advance of expected requirements. These facilities can be
refinanced through a combination of the Group\u2019s existing liquidity
and its established lending relationships. The Directors have
confidence that appropriate replacement debt facilities will be
secured when required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded to the nearest \u00a30.1 million, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "2.1. Going concern The Board has assessed the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of at least twelve months from the date of approval of these consolidated financial statements. These forecasts include the Directors\u2019 assessment of plausible downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making reasonable assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having particular regard to the financial performance of its clients\u2019 track record of rental receipts, whilst taking into account any discussions held with the client surrounding their future rental obligations. The analysis also included sensitising the impact of portfolio valuation movements through market volatility, rent collection and client default. These scenarios all paid regard to the current economic environment. The Group has a strong track record around rent collection with no history of significant levels of bad debt or arrears. Generally speaking, we have strong clients with robust balance sheets and strong cash flows. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model; see Note 22 for further details. As at 31 December 2025, the Group had an aggregate \u00a3577.0 million of undrawn commitments under its senior debt facilities as well as \u00a3130.6m of cash held at bank, of which \u00a346.8 million was committed under various development related contracts. In January and February 2026, the Company sold \u00a313.3 million of non-strategic assets and exchanged \u00a311.4 million of logistics investment assets. investment assets. At 31 December 2025, the Group\u2019s loan to value ratio stood at 33.2%, with the debt portfolio having an average maturity term of approximately 4.3 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants. As at 31 December 2025, property values would have to fall by more than 50% before loan covenants are breached. The Group\u2019s financial covenants have been complied with for all loans throughout the period and up to the date of approval of these financial statements. The Directors have assessed the ability of the Group and Company to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the ability of the Group and Company to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 27 February 2027. The board has also had regard to \u00a3190 million of debt that needs to be refinanced shortly after the going concern period. The refinancing of these facilities is considered part of the ordinary course of business, and the Group historically arranges financing well in advance of expected requirements. These facilities can be refinanced through a combination of the Group\u2019s existing liquidity and its established lending relationships. The Directors have confidence that appropriate replacement debt facilities will be secured when required. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
3. Significant accounting judgements, estimates
and assumptions
The preparation of the Group\u2019s financial statements requires
management to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities at the reporting
date. However, uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the
carrying amount of the asset or liability affected in future periods.
3.1. Judgements
In the process of applying the Group\u2019s accounting policies,
management has made the following judgements, which have the
most significant effect on the amounts recognised in the
consolidated financial statements:
Other operating income
Other operating income is receivable from development
management agreements (\u201cDMA\u201d) in place with third parties.
Development management income is recognised in the accounting
period in which the services are rendered and a significant reversal
is not expected in future periods.
Judgement is exercised in identifying performance obligations,
including the sale of land with planning consent, completing land
and infrastructure works and managing the construction of an asset.
The transaction price is allocated fairly between the different
performance obligations (refer to notes 8 and 9). Certain
performance obligations are recognised at a point in time (for
example, a land transaction) and others are recognised over time
(such as services under a DMA); each contract outlines the scope,
deliverables, milestones and payment terms. Revenue is recognised
based on the work completed to date using the percentage-of-
completion method (input method), which is based on costs incurred
relative to total expected costs.
Power connection agreements In the period, power connection agreements have been acquired, and judgement has been applied in determining how to account for these either as part of the associated investment property or as an intangible asset. The Board concluded that they should be accounted for as part of the investment property because they are integral to bringing specific identified sites into their intended use. Acquisitions of property through corporate vehicles Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3 (refer to note 4.9). During the year, the Group acquired a logistics portfolio from Blackstone. The management contract with Blackstone made them responsible for the operations required to manage the properties owned within the logistics portfolios acquired. Simultaneously upon acquisition, the management contract between Blackstone and the target companies acquired were immediately cancelled as the operations of the Group were taken over by Tritax Management LLP who remain the Investment Manager to the enlarged Group. As the Group did not acquire any of the critical processes of the target companies which enabled them to create outputs, it was concluded that the transaction did not meet the definition of a business combination under IFRS 3, and therefore has been accounted for as an asset acquisition. Land options Land options, and other non-financial assets, are initially capitalised at cost and considered for any impairment indication annually. The impairment review includes consideration of the resale value of the option, likelihood of achieving planning consent and current recoverable value as determined by an independent external valuer. In the calculation of the resale value or recoverable value of land options, several estimates are required which include the expected size of the development, expected rental and capitalisation rates, estimated build costs, the time to complete the development and anticipated progress with achieving planning consent, as well as the associated risks of achieving the above.
3.2. Estimates
Fair valuation of investment property
The market value of investment property is determined by an
independent property valuation expert (see note 17) to be the
estimated amount for which a property should exchange on the date
of the valuation in an arm\u2019s-length transaction. Properties have been
valued on an individual basis. The valuation expert uses recognised
valuation techniques and the principles of both IAS 40 and IFRS 13.
The valuations have been prepared in accordance with the RICS
Valuation \u2013 Global Standards January 2025 (the \u201cRed Book\u201d).
Factors reflected comprise current market conditions including Net
Initial Yield applied, annual rents and estimated rental values, lease
lengths, location and building specification, which would include
climate-related considerations. The Net Initial Yield, being the most
significant estimate, is subject to changes depending on the market
conditions which are assessed on a periodic basis. The significant
methods and assumptions used by the valuers in estimating the fair
value of investment property, together with the sensitivity analysis on
the most subjective inputs, are set out in note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
4.1. Segmental information
The Directors are of the opinion that the Group is engaged in a
single segment business, being the investment in UK logistics assets
and land options with a view to developing logistics and holding
these for investment purposes. The Directors consider that these
properties have similar economic characteristics in nature and as a
result they have been reported as a single reportable operating
business. During the prior year, the Group acquired non-logistics
assets as part of the UKCM acquisition. These assets share similar
economic characteristics to the existing portfolio and collectively
they form an insignificant proportion of the Group\u2019s portfolio. In
addition to this, the monitoring and strategic decision-making
processes are no different from the existing logistics core portfolio.
Therefore, the Directors consider there to be a single
reportable segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
4.2. Investment property and investment property under
construction
Investment property comprises completed property that is held to
earn rentals or for capital appreciation, or both. Property held under
a lease is classified as investment property when it is held to earn
rentals or for capital appreciation or both, rather than for sale in the
ordinary course of business or for use in production or administrative
functions.
The corresponding entry upon recognising lease incentives or fixed/
minimum rental uplifts is made to investment property. For further
details see accounting policy note 4.10.
Investment property is recognised once practical completion is
achieved and is measured initially at cost including transaction
costs. Transaction costs include transfer taxes, professional fees for
legal services and other costs incurred in order to bring the property
to the condition necessary for it to be capable of operating.
Subsequent to initial recognition, investment property is stated at fair
value. Gains or losses arising from changes in the fair values are
included in the Group Statement of Comprehensive Income in the
year in which they arise under IAS 40 \u201cInvestment Property\u201d.
Long leaseholds are accounted for as investment property as they
meet the criteria for right of use assets.
Investment properties under construction are financed by the Group
through development contracts to build logistics assets, in the form
of pre-let development and with an allowance of up to 5% of GAV in
speculative development (with no pre-let secured). Investment
properties under construction are initially measured at cost
(including the transaction costs), which reflect the Group\u2019s
investment in the assets. Subsequently, the assets are remeasured
to fair value at each reporting date. The fair value of investment
properties under construction is estimated as the fair value of the
completed asset less any costs still payable in order to complete,
which include an appropriate developer\u2019s margin.
Additions to properties include costs of a capital nature only.
Expenditure is classified as capital when it results in identifiable
future economic benefits, which are expected to accrue to the
Group. Capitalised expenditure also includes finance costs incurred
on qualifying assets under construction. All other property
expenditure is expensed in the Group profit or loss as incurred.
Investment properties cease to be recognised when they have been
disposed of or withdrawn permanently from use and no future
economic benefit is expected from disposal. The difference between
the net disposal proceeds and the carrying amount of the asset
would result in either gains or losses at the retirement or disposal of
investment property. Any gains or losses are recognised in the
Group Statement of Comprehensive Income in the year of retirement
or disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
4.3. Financial instruments
Fair value hierarchy
Level 1: Quoted (unadjusted) market prices in active markets for
identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable.
Level 3: Valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by
reassessing categorisation at the end of each reporting period.
4.3.1. Financial assets
The Group classifies its financial assets into one of the categories
discussed below. The Group\u2019s accounting policy for each category
is as follows:
Fair value through profit or loss
This category comprises in-the-money derivatives and out-of-money
derivatives where the time value offsets the negative intrinsic value.
They are carried in the Group Statement of Financial Position at fair
value with changes in fair value recognised in the Group Statement
of Comprehensive Income in the finance income or expense line. It
also comprises of non-controlling minority interest equity
investments, the Group has voluntarily classified these assets to be
held at fair value through profit and loss.
Amortised cost
These assets arise principally from the provision of goods and
services to clients (e.g. trade receivables), but also incorporate other
types of financial assets where the objective is to hold these assets
in order to collect contractual cash flows and contractual cash flows
are solely payments of principal and interest. They are initially
recognised at fair value plus transaction costs that are directly
attributable to their acquisition or issue and are subsequently carried
at amortised cost, being the effective interest rate method less
provision for impairment.
Impairment provisions for current and non-current trade receivables
are recognised based on the simplified approach within IFRS 9 using
a provision matrix in the determination of the lifetime expected credit
losses. During this process the probability of the non-payment of the
trade receivables is assessed. This probability is then multiplied by
the amount of the expected loss arising from tenant default (being
the failure of a tenant to timely pay rent due) to determine the lifetime
expected credit loss for the trade receivables. On confirmation that
the trade receivable will not be collectable, the gross carrying value
of the asset is written off against the associated provision.
The Group\u2019s financial assets measured at amortised cost comprise
trade and other receivables and cash and cash equivalents in the
Group Statement of Financial Position.
Cash and cash equivalents includes cash in hand, deposits held at
call with banks and other short-term highly liquid investments with
original maturities of three months or less.
4.3.2. Financial liabilities
The Group classifies its financial liabilities into one of two categories,
depending on the purpose for which the liability was acquired.
The Group\u2019s accounting policy for each category is as follows:
Fair value through profit or loss
This category comprises out-of-the-money derivatives where the
time value does not offset the negative intrinsic value. They are
carried in the Group Statement of Financial Position at fair value with
changes in fair value recognised in the Group Statement of
Comprehensive Income. Other than these derivative financial
instruments, the Group does not have any liabilities held for trading
nor has it designated any financial liabilities as being at fair value
through profit or loss.
Other financial liabilities
Other financial liabilities include the following items:
Bank borrowings and the Group\u2019s loan notes are initially recognised
at fair value net of any transaction costs directly attributable to the
issue of the instrument. Such interest-bearing liabilities are
subsequently measured at amortised cost using the effective
interest rate method, which ensures that any interest expense over
the period to repayment is at a constant rate on the balance of the
liability carried in the Group Statement of Financial Position. For the
purposes of each financial liability, interest expense includes initial
transaction costs and any premium payable on redemption, as well
as any interest or coupon payment while the liability is outstanding.
Debt modification
Debt modifications are subject to a qualitative and quantitative test
to determine if a substantial modification has occurred. The outcome
of the tests will determine if the modification should be treated as a
substantial modification under extinguishment accounting or an
adjustment to the existing liability under modification accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "4.3.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income in the finance income or expense line. It also comprises of non-controlling minority interest equity investments, the Group has voluntarily classified these assets to be held at fair value through profit and loss. Amortised cost These assets arise principally from the provision of goods and services to clients (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, being the effective interest rate method less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from tenant default (being the failure of a tenant to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income in the finance income or expense line. It also comprises of non-controlling minority interest equity investments, the Group has voluntarily classified these assets to be held at fair value through profit and loss. Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "4.3.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "4.4. Joint arrangements The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries. The Group classifies its interests in joint arrangements as either: \u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or \u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement. In assessing the classification of interests in joint arrangements, the Group considers: \u2022 the structure of the joint arrangement; \u2022 the legal form of joint arrangements structured through a separate vehicle; \u2022 the contractual terms of the joint arrangement agreement; and \u2022 any other facts and circumstances (including any other contractual arrangements). The Group does not have any joint operations. Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for using the equity method, where the Group\u2019s share of post- acquisition profits and losses and other comprehensive income is recognised in the Group Statement of Comprehensive Income. Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the joint venture. Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment in value is made where there is objective evidence that the investment in a joint venture has been impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "4.4. Joint arrangements The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries. The Group classifies its interests in joint arrangements as either: \u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or \u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement. In assessing the classification of interests in joint arrangements, the Group considers: \u2022 the structure of the joint arrangement; \u2022 the legal form of joint arrangements structured through a separate vehicle; \u2022 the contractual terms of the joint arrangement agreement; and \u2022 any other facts and circumstances (including any other contractual arrangements). The Group does not have any joint operations. Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for using the equity method, where the Group\u2019s share of post- acquisition profits and losses and other comprehensive income is recognised in the Group Statement of Comprehensive Income. Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the joint venture. Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment in value is made where there is objective evidence that the investment in a joint venture has been impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "4.5. Goodwill Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group Statement of Comprehensive Income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Group Statement of Comprehensive Income on the acquisition date as a gain on bargain purchase or negative goodwill. 4.6. Intangible assets As a result of the acquisition of Tritax Big Box Developments, the DMA between the Company and Tritax Big Box Developments Management Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is amortised over the original eight-year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable mark-up that may be expected for these services if the agreement were set up at arm\u2019s-length, discounted over the eight-year period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "4.5. Goodwill Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group Statement of Comprehensive Income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Group Statement of Comprehensive Income on the acquisition date as a gain on bargain purchase or negative goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "4.6. Intangible assets As a result of the acquisition of Tritax Big Box Developments, the DMA between the Company and Tritax Big Box Developments Management Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is amortised over the original eight-year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable mark-up that may be expected for these services if the agreement were set up at arm\u2019s-length, discounted over the eight-year period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
4.7. Land options
Land options are classified as non-financial assets as they are
non-liquid assets with no active market and they cannot be readily
converted into cash. The options are exercisable at a future date
subject to receiving planning consent. They are initially carried at
cost and are tested for impairment annually and whenever events or
changes in circumstances indicate that their carrying amount may
not be recoverable. Where the carrying value of an asset exceeds its
recoverable amount, the higher of value in use and fair value less
costs to sell, the option is written down accordingly as a charge to
the Group Statement of Comprehensive Income. Once the options
are exercised and the land is drawn down, they are transferred into
investment property.
", "dimensions": { "concept": "tritaxbigboxreitplc:DescriptionOfAccountingPolicyForLandOptions", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
4.8. Impairment of assets
Impairment tests on goodwill and other intangible assets with
indefinite useful economic lives are undertaken annually at the
financial year end. Other non-financial assets including intangible
assets, investment in joint ventures and land options are subject to
annual impairment tests, or whenever events or changes in
circumstances indicate that their carrying amount may not be
recoverable. Where the carrying value of an asset exceeds its
recoverable amount, the higher of value in use and fair value less
costs to sell, the asset is impaired accordingly.
Where it is not possible to estimate the recoverable amount of an
individual asset, the impairment test is carried out on the smallest
group of assets to which it belongs for which there are separately
identifiable cash flows, its cash-generating units (\u201cCGUs\u201d). Goodwill
is allocated on initial recognition to each of the Group\u2019s CGUs that
are expected to benefit from a business combination that gives rise
to the goodwill.
Impairment charges are included in the Group Statement of
Comprehensive Income. An impairment loss recognised for goodwill
is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
4.9. Business combination
The Group acquires subsidiaries that own investment properties. At
the time of acquisition, the Group considers whether each
acquisition represents the acquisition of a business or the acquisition
of an asset. Under the Definition of a Business (Amendments to IFRS
3 \u201cBusiness Combinations\u201d), to be considered a business an
acquired set of activities and assets must include, at a minimum, an
input and a substantive process that together significantly contribute
to the ability to create outputs. The optional \u201cconcentration test\u201d is
also applied; where substantially all of the fair value of gross assets
acquired is concentrated in a single asset (or a group of similar
assets), the assets acquired would not represent a business.
Therefore the Group accounts for an acquisition as a business
combination where an integrated set of activities is acquired in
addition to the property.
Where an acquisition is considered to be a business combination,
the consolidated financial statements incorporate the results of
business combinations using the acquisition method. In the Group
Statement of Financial Position, the acquiree\u2019s identifiable assets,
liabilities and contingent liabilities are initially recognised at their fair
values at the acquisition date. Any excess of the cost of a business
combination over the Group\u2019s interest in the fair value of identifiable
assets, liabilities and contingent liabilities acquired is treated as
goodwill. Where the fair value of identifiable assets, liabilities and
contingent liabilities acquired exceeds the fair value of the purchase
consideration, the difference is treated as gain on bargain purchase
and credited to the Group Statement of Comprehensive Income.
The results of acquired operations are included in the Group
Statement of Comprehensive Income from the date on which control
is obtained until the date on which control ceases.
Where such acquisitions are not judged to be the acquisition of a
business, they are not treated as business combinations. Rather,
the cost to acquire the corporate entity is allocated between the
identifiable assets and liabilities of the entity based upon their relative
fair values at the acquisition date. Accordingly, no goodwill or additional
deferred tax arises.
Where amounts payable for the acquisition of a business are subject
to a contingent consideration arrangement in which the payments
are automatically forfeited if employment terminates, the amounts
are treated as remuneration for post-combination services rather
than consideration for the acquisition of a business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "4.9. Business combination The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. Where an acquisition is considered to be a business combination, the consolidated financial statements incorporate the results of business combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is treated as gain on bargain purchase and credited to the Group Statement of Comprehensive Income. The results of acquired operations are included in the Group Statement of Comprehensive Income from the date on which control is obtained until the date on which control ceases. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred tax arises. Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments are automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than consideration for the acquisition of a business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
4.10. Property income
Rental income arising from operating leases on investment property
is accounted for on a straight-line basis over the lease term and is
included in gross rental income in the Group Statement of
Comprehensive Income. A rental adjustment is recognised from the
rent review date in relation to unsettled rent reviews, where the
Directors are reasonably certain that the rental uplift will be agreed.
Initial direct costs incurred in negotiating and arranging an operating
lease are recognised as an expense over the lease term on the same
basis as the lease income. Rental income is invoiced, either monthly
or quarterly in advance, and for all rental income that relates to a
future period this is deferred and appears within current liabilities
on the Group Statement of Financial Position.
For leases which contain fixed or minimum uplifts the rental income
arising from such uplifts is recognised on a straight-line basis over
the lease term.
Tenant lease incentives are recognised as a reduction of gross rental
income on a straight-line basis over the term of the lease. The lease
term is the non-cancellable period of the lease together with any
further term for which the tenant has the option to continue the lease
where, at the inception of the lease, the Directors are reasonably
certain that the tenant will exercise that option.
When the Group enters into a pre-let development agreement
no rental income is recognised under the agreement for lease until
practical completion has taken place, at which point rental income
is recognised in the Group Statement of Comprehensive Income
from the rent commencement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
4.11. Taxation
Taxation on the profit or loss for the period not exempt under UK
REIT regulations comprises current and deferred tax. Current tax is
expected tax payable on any profit not relating to the property rental
business for the year, using tax rates enacted or substantively
enacted at the year-end date, including any adjustment to tax
payable in respect of previous years. A deferred tax asset is
recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "4.11. Taxation Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted at the year-end date, including any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
5. New standards issued
5.1. New standard issued and effective from 1 January 2025
The following standard and amendment to existing standards
has been applied in preparing the financial statements.
The following amendments are effective for the period beginning
1 January 2025:
\u2022 Disclosures: Supplier Finance Arrangements \u2013 Amendments
to IAS 7 and IFRS 7.
There was no material effect from the adoption of the
above-mentioned amendments to IFRS effective in the period.
They have no significant impact to the Group as they are either
not relevant to the Group\u2019s activities or require accounting which
is already consistent with the Group\u2019s current accounting policies.
5.2. New standards issued but not yet effective
The following standards and amendments are effective for the
annual reporting period beginning 1 January 2027:
\u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d;
\u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d.
The Group is assessing the impact of IFRS 18, issued by the IASB in
April 2024, which replaces IAS 1 and introduces major amendments
to IFRS Standards, including IAS 8. While IFRS 18 does not affect
recognition or measurement, it will significantly impact presentation
and disclosure, including, but not limited to profit or loss categorisation,
aggregation/disaggregation, labelling and management-defined
performance measures. The Group does not expect to be eligible
to apply IFRS 19.
There are no standards that are not yet effective that would be
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:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "5.1. New standard issued and effective from 1 January 2025 The following standard and amendment to existing standards has been applied in preparing the financial statements. The following amendments are effective for the period beginning 1 January 2025: \u2022 Disclosures: Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. There was no material effect from the adoption of the above-mentioned amendments to IFRS effective in the period. They have no significant impact to the Group as they are either not relevant to the Group\u2019s activities or require accounting which is already consistent with the Group\u2019s current accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "5.2. New standards issued but not yet effective The following standards and amendments are effective for the annual reporting period beginning 1 January 2027: \u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d; \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d. The Group is assessing the impact of IFRS 18, issued by the IASB in April 2024, which replaces IAS 1 and introduces major amendments to IFRS Standards, including IAS 8. While IFRS 18 does not affect recognition or measurement, it will significantly impact presentation and disclosure, including, but not limited to profit or loss categorisation, aggregation/disaggregation, labelling and management-defined performance measures. The Group does not expect to be eligible to apply IFRS 19. There are no standards that are not yet effective that would be 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:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
6. Total property income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Rental income \u2013 freehold property
262.1
225.5
Rental income \u2013 long leasehold property
37.8
33.8
Spreading of tenant incentives and guaranteed rental uplifts
12.2
21.4
Other income
0.4
0.4
Gross rental income
312.5
281.1
Property insurance recoverable
5.1
4.9
Service charges recoverable
10.1
8.2
Total property insurance and service charge income
15.2
13.1
Total property income
327.7
294.2
There was one individual tenant representing more than 10% of gross rental income, constituting \u00a336.9 million of rental income in 2025
(2024: \u00a337.3 million).
", "dimensions": { "concept": "tritaxbigboxreitplc:DisclosureOfPropertyIncome", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
7. Service charge expense
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Property insurance expense
5.0
5.2
Service charge expense
11.9
10.4
Total property expenses
16.9
15.6
10. Administrative and other expenses
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Investment management fees
27.2
24.6
Directors\u2019 remuneration (note 11)
0.6
0.5
Auditor\u2019s fees:
Fees payable for the audit of the Company\u2019s annual accounts
0.8
0.8
Fees payable for the review of the Company\u2019s interim accounts
0.1
0.1
Fees payable for the audit of the Company\u2019s subsidiaries
0.2
0.1
Total Auditor\u2019s fee
1.1
1.0
Development management fees
1.0
1.0
Corporate administration fees
1.4
0.8
Regulatory fees
0.2
0.2
Legal and professional fees
2.2
1.8
Marketing and promotional fees
1.4
1.6
Other costs
2.0
2.2
Total administrative and other expenses
37.1
33.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "
8. Other operating income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
DMA income
74.7
67.4
Sale of land
29.4
18.9
Total other operating income
104.1
86.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "8. Other operating income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
DMA income
74.7
67.4
Sale of land
29.4
18.9
Total other operating income
104.1
86.3
9. Other operating costs
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
DMA expense
59.2
47.2
Cost of land
29.4
16.1
Total other operating costs
88.6
63.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
9. Other operating costs
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
DMA expense
59.2
47.2
Cost of land
29.4
16.1
Total other operating costs
88.6
63.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "10. Administrative and other expenses
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Investment management fees
27.2
24.6
Directors\u2019 remuneration (note 11)
0.6
0.5
Auditor\u2019s fees:
Fees payable for the audit of the Company\u2019s annual accounts
0.8
0.8
Fees payable for the review of the Company\u2019s interim accounts
0.1
0.1
Fees payable for the audit of the Company\u2019s subsidiaries
0.2
0.1
Total Auditor\u2019s fee
1.1
1.0
Development management fees
1.0
1.0
Corporate administration fees
1.4
0.8
Regulatory fees
0.2
0.2
Legal and professional fees
2.2
1.8
Marketing and promotional fees
1.4
1.6
Other costs
2.0
2.2
Total administrative and other expenses
37.1
33.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Investment management fees
27.2
24.6
Directors\u2019 remuneration (note 11)
0.6
0.5
Auditor\u2019s fees:
Fees payable for the audit of the Company\u2019s annual accounts
0.8
0.8
Fees payable for the review of the Company\u2019s interim accounts
0.1
0.1
Fees payable for the audit of the Company\u2019s subsidiaries
0.2
0.1
Total Auditor\u2019s fee
1.1
1.0
Development management fees
1.0
1.0
Corporate administration fees
1.4
0.8
Regulatory fees
0.2
0.2
Legal and professional fees
2.2
1.8
Marketing and promotional fees
1.4
1.6
Other costs
2.0
2.2
Total administrative and other expenses
37.1
33.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
11. Directors\u2019 remuneration
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Directors\u2019 fees
0.5
0.4
Employer\u2019s National Insurance
0.1
0.1
Total Directors\u2019 remuneration
0.6
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
12. Finance income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest received on bank deposits
1.9
0.7
Interest received on swaps and other derivatives
6.2
7.7
Total finance income
8.1
8.4
13. Finance expense
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
47.4
36.9
Interest payable on loan notes
31.0
29.8
Amortisation of loan arrangement fees
4.4
4.3
Commitment fees payable on bank borrowings
2.5
2.7
Unwinding of deferred consideration
0.4
0.4
Unwinding of discount on fixed rate debt
6.1
3.8
91.8
77.9
Borrowing costs capitalised against development properties
1
(14.8)
(6.0)
Total finance expense
77.0
71.9
1. The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt for logistical assets and the marginal cost of debt for the data centre pipeline.
The increase in capitalised interest during the year primarily reflects significant capital deployed into data centre development projects, with
the majority of spend occurring in Q1 2025. Data centre developments have materially longer lead times than logistics assets, resulting in
interest being capitalised from the point of land drawdown or infrastructure commencement. In addition, the Group\u2019s joint venture with EDF
applies a finance rate aligned to the borrowing cost under the corporate RCF, which is approximately 150 bps above the Group\u2019s average cost
of debt. As a result, interest capitalised on data centre developments is proportionately higher than on logistics projects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "12. Finance income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest received on bank deposits
1.9
0.7
Interest received on swaps and other derivatives
6.2
7.7
Total finance income
8.1
8.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "12. Finance income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest received on bank deposits
1.9
0.7
Interest received on swaps and other derivatives
6.2
7.7
Total finance income
8.1
8.4
13. Finance expense
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
47.4
36.9
Interest payable on loan notes
31.0
29.8
Amortisation of loan arrangement fees
4.4
4.3
Commitment fees payable on bank borrowings
2.5
2.7
Unwinding of deferred consideration
0.4
0.4
Unwinding of discount on fixed rate debt
6.1
3.8
91.8
77.9
Borrowing costs capitalised against development properties
1
(14.8)
(6.0)
Total finance expense
77.0
71.9
1. The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt for logistical assets and the marginal cost of debt for the data centre pipeline. The increase in capitalised interest during the year primarily reflects significant capital deployed into data centre development projects, with the majority of spend occurring in Q1 2025. Data centre developments have materially longer lead times than logistics assets, resulting in interest being capitalised from the point of land drawdown or infrastructure commencement. In addition, the Group\u2019s joint venture with EDF applies a finance rate aligned to the borrowing cost under the corporate RCF, which is approximately 150 bps above the Group\u2019s average cost of debt. As a result, interest capitalised on data centre developments is proportionately higher than on logistics projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "12. Finance income
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest received on bank deposits
1.9
0.7
Interest received on swaps and other derivatives
6.2
7.7
Total finance income
8.1
8.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "13. Finance expense
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
47.4
36.9
Interest payable on loan notes
31.0
29.8
Amortisation of loan arrangement fees
4.4
4.3
Commitment fees payable on bank borrowings
2.5
2.7
Unwinding of deferred consideration
0.4
0.4
Unwinding of discount on fixed rate debt
6.1
3.8
91.8
77.9
Borrowing costs capitalised against development properties
1
(14.8)
(6.0)
Total finance expense
77.0
71.9
1. The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt for logistical assets and the marginal cost of debt for the data centre pipeline. The increase in capitalised interest during the year primarily reflects significant capital deployed into data centre development projects, with the majority of spend occurring in Q1 2025. Data centre developments have materially longer lead times than logistics assets, resulting in interest being capitalised from the point of land drawdown or infrastructure commencement. In addition, the Group\u2019s joint venture with EDF applies a finance rate aligned to the borrowing cost under the corporate RCF, which is approximately 150 bps above the Group\u2019s average cost of debt. As a result, interest capitalised on data centre developments is proportionately higher than on logistics projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "13. Finance expense
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest payable on bank borrowings
47.4
36.9
Interest payable on loan notes
31.0
29.8
Amortisation of loan arrangement fees
4.4
4.3
Commitment fees payable on bank borrowings
2.5
2.7
Unwinding of deferred consideration
0.4
0.4
Unwinding of discount on fixed rate debt
6.1
3.8
91.8
77.9
Borrowing costs capitalised against development properties
1
(14.8)
(6.0)
Total finance expense
77.0
71.9
1. The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt for logistical assets and the marginal cost of debt for the data centre pipeline. The increase in capitalised interest during the year primarily reflects significant capital deployed into data centre development projects, with the majority of spend occurring in Q1 2025. Data centre developments have materially longer lead times than logistics assets, resulting in interest being capitalised from the point of land drawdown or infrastructure commencement. In addition, the Group\u2019s joint venture with EDF applies a finance rate aligned to the borrowing cost under the corporate RCF, which is approximately 150 bps above the Group\u2019s average cost of debt. As a result, interest capitalised on data centre developments is proportionately higher than on logistics projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
14. Taxation
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Tax charge
\u2014
0.3
The UK corporation tax rate for the financial year is 25%. Accordingly, this rate has been applied in the measurement of the Group\u2019s tax liability
at 31 December 2024.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Profit on ordinary activities before taxation
363.3
445.8
Theoretical tax at UK corporation tax rate of 25% (31 December 2024: 25%)
90.8
111.5
REIT exempt income
(58.6)
(50.2)
Non-taxable items
(39.3)
(62.3)
Residual losses
7.1
1.3
Total tax charge
\u2014
0.3
Non-taxable items include income and gains that are derived from the property rental business and are therefore exempt from UK corporation
tax in accordance with Part 12 of CTA 2010.
REIT exempt income includes property rental income that is exempt from UK corporation tax in accordance with Part 12 of CTA 2010.
The current-year tax asset of \u00a32.0 million (2024: \u00a32.0 million) reflects tax overpayments made on expected non-property rental profits
for the year.
A deferred tax liability is recognised for appropriation tax charges of \u00a32.0 million (2024: \u00a31.9 million) in relation to the business combination
which occurred in 2019.
A deferred tax asset is not recognised for UK revenue losses or capital losses where their future utilisation is uncertain. At 31 December 2025,
the total of such losses was \u00a347.9 million (2024: \u00a352.5 million) and the potential tax effect of these was \u00a312.0 million (2024: \u00a313.1 million)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "
15. Earnings per share
Earnings per share \u201cEPS\u201d are calculated by dividing profit for the period attributable to ordinary equity holders of the Company by the
weighted average number of Ordinary Shares in issue during the period.
The calculation of basic and diluted earnings per share is based on the following:
Net profit
attributable to Weighted average
Ordinary number of Earnings
Shareholders
Ordinary Shares
1
per share
For the year ended 31 December 2025 \u00a3m \u2019000 pence
Basic EPS
363.3
2,523,753
14.39p
Dilutive shares in respect of the deferred consideration to be issued in relation to the
acquisition of the logistics portfolio from Blackstone
1,705
Diluted EPS
363.3
2,525,458
14.38p
Adjustments to remove:
Changes in fair value of investment property
(198.6)
Changes in fair value of interest rate derivatives
7.3
Share of profit from joint ventures
(0.1)
Gain on disposal of investment properties
11.5
Amortisation of other property assets
0.9
Changes in fair value of financial asset
1.5
Gain on early redemption of bond
(2.2)
Impairment of intangible contract and other property assets
29.1
Basic EPRA EPS
1
212.7
2,523,753
8.43p
Dilutive shares in respect of the deferred consideration to be issued in relation to the
acquisition of the logistics portfolio from Blackstone
1,705
Diluted EPRA EPS
212.7
2,525,458
8.42p
Adjustments to include:
Fixed rental uplift adjustments
(2.6)
Amortisation of loan arrangement fees and intangibles
4.3
Unwinding of discount on fixed rate debt and deferred consideration
6.5
Exceptional items
2.1
Rent guarantees
0.8
Basic Adjusted EPS
1
223.8
2,523,753
8.87p
Dilutive shares in respect of the deferred consideration to be issued in relation to the
acquisition of the logistics portfolio from Blackstone
1,705
Diluted Adjusted EPS
223.8
2,525,458
8.86p
1. Based on the weighted average number of Ordinary Shares in issue throughout the year.
Net profit
attributable to Weighted average
Ordinary number of Earnings
Shareholders
Ordinary Shares
1
per share
For the year ended 31 December 2024 \u00a3m \u2019000 pence
EPS \u2013 basic and diluted
445.5
2,264,719
19.67p
Adjustments to remove:
Changes in fair value of investment property
(243.7)
Changes in fair value of interest rate derivatives
5.3
Share of profit from joint ventures
(0.1)
Gain on disposal of investment properties
(8.4)
Amortisation of other property assets
0.60
Changes in fair value of financial asset
(0.9)
Impairment of intangible contract and other property assets
4.00
EPRA EPS
1
\u2013 basic and diluted
202.3
2,264,719
8.93p
Adjustments to include:
Fixed rental uplift adjustments
(8.9)
Amortisation of loan arrangement fees and intangibles
4.1
Unwinding of discount on fixed rate debt and deferred consideration
4.2
Adjusted EPS
1
\u2013 basic and diluted
201.7
2,264,719
8.91p
1. Based on the weighted average number of Ordinary Shares in issue throughout the year.
Adjusted earnings is a performance measure used by the Board to assess the Group\u2019s dividend payments. The metric reduces EPRA earnings
by other non-cash items credited or charged to the Group Statement of Comprehensive Income, such as fixed rental uplift adjustments and
amortisation of loan arrangement fees.
Fixed rental uplift adjustments relate to adjustments to net rental income on leases with fixed or minimum uplifts embedded within their review
profiles. The total minimum income recognised over the lease term is recognised on a straight-line basis and therefore not fully supported by
cash flows during the early term of the lease, but this reverses towards the end of the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "
16. Dividends paid
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Fourth interim dividend in respect of period ended 31 December 2024 at 2.185 pence per Ordinary Share
(fourth interim for 31 December 2023 at 2.050 pence per Ordinary Share)
54.2
39.0
First interim dividend in respect of year ended 31 December 2025 at 1.915 pence per Ordinary Share
(31\ue01fDecember 2024: 1.825 pence)
47.5
45.3
Second interim dividend in respect of year ended 31 December 2025 at 1.915 pence per Ordinary Share
(31\ue01fDecember 2024: 1.825 pence)
47.5
45.3
Third interim dividend in respect of year ended 31 December 2025 at 1.915 pence per Ordinary Share
(31\ue01fDecember 2024: 1.825 pence)
51.7
45.3
Total dividends paid
200.9
174.9
Total dividends paid for the year (pence per share)
5.745
5.475
Total dividends unpaid but declared for the year (pence per share)
2.255
2.185
Total dividends declared for the year (pence per share)
8.000
7.660
On 26 February 2026, the Company approved the fourth interim dividend for declaration in respect of the year ended 31 December 2025 of 2.255
pence per share payable on 27 March 2026. The total dividends declared for the year of 8.00 pence are all property income distribution (\u201cPID\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "0.02255", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-12": { "value": "0.02185", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-11": { "value": "0.08", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-9": { "value": "0.0766", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-344": { "value": "
17. Investment property
In accordance with IAS 40, investment property is stated at fair value as at 31 December 2025. The investment property has been
independently valued by CBRE Limited (\u201cCBRE\u201d), Jones Lang LaSalle Limited (\u201cJLL\u201d) and Colliers International Valuation UK LLP (\u201cColliers\u201d),
who are accredited independent valuers with recognised and relevant professional qualifications and with recent experience in the locations
and categories of the investment properties being valued. CBRE and JLL value all investment property with leases attached or assets under
construction. Colliers values all land holdings and land options. The valuations have been prepared in accordance with the RICS Valuation \u2013
Global Standards January 2025 (the \u201cRed Book\u201d) and incorporate the recommendations of the International Valuation Standards and the RICS
Valuation \u2013 Professional Standards UK January 2024, which are consistent with the principles set out in IFRS 13.
The valuers, in forming their opinion, make a series of assumptions, which are market related, such as Net Initial Yields and expected rental
values, and are based on the valuer\u2019s professional judgement. The valuers have sufficient current local and national knowledge of the
particular property markets involved and have the skills and understanding to undertake the valuations competently. There have been no
changes to the assumptions made in the year as a result of a range of factors, including the macroeconomic environment, availability of debt
finance, and physical and transition risks relating to climate change.
The valuers of the Group\u2019s property portfolio have a working knowledge of the various ways that sustainability and environmental, social and
governance factors can impact value and have considered these, and how market participants are reflecting these in their pricing, in arriving at
their Opinion of Value and resulting valuations as at the date of the Statement of Financial Position. Currently, assets with the highest
standards of ESG are commanding higher rental levels, have lower future capital expenditure requirements and are transacting at lower yields.
The valuations are the ultimate responsibility of the Directors. Accordingly, the Board reviews and challenges the independent valuer\u2019s
methodologies, assumptions and conclusions before approving the final valuations.
All corporate acquisitions during the year and prior year have been treated as asset purchases rather than business combinations because
they are considered to be acquisitions of properties rather than businesses.
Investment Investment Investment
property property property under
freehold long leasehold construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2025
5,001.5
662.1
265.8
5,929.4
Property additions
1
897.0
167.5
446.2
1,510.7
Fixed rental uplift and tenant lease incentives
2
18.0
0.9
\u2014
18.9
Disposals
(39.0)
\u2014
(21.3)
(60.3)
Transfer of completed property to investment property
195.5
\u2014
(195.5)
\u2014
Transfer from land options
\u2014
\u2014
4.7
4.7
Transfer to assets held for sale
(234.5)
(5.0)
\u2014
(239.5)
Change in fair value during the year
64.3
10.9
132.0
207.2
As at 31 December 2025
5,902.8
836.4
631.9
7,371.1
Investment Investment Investment
property property property under
freehold long leasehold construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
4,004.3
580.9
258.4
4,843.6
Property additions
3
1,090.5
93.8
210.7
1,395.0
Fixed rental uplift and tenant lease incentives
2
20.5
1.9
\u2014
22.4
Disposals
(134.6)
\u2014
(22.2)
(156.8)
Transfer of completed property to investment property
188.4
\u2014
(188.4)
\u2014
Transfer from land options
\u2014
\u2014
21.9
21.9
Transfer to assets held for sale
(326.1)
(34.0)
(80.3)
(440.4)
Change in fair value during the year
158.5
19.5
65.7
243.7
As at 31 December 2024
5,001.5
662.1
265.8
5,929.4
1. Acquisitions include the logistics portfolio acquired from Blackstone at a valuation of \u00a31,000.9 million less a price discount on acquisition of \u00a311.0 million and
other asset acquisitions \u00a375 million.
2. Included within the carrying value of Investment property is \u00a3132.6 million (31 December 2024: \u00a3114.0 million) in respect of accrued contracted rental uplift
income. This balance arises as a result of the IFRS treatment of leases with fixed or minimum rental uplifts and rent-free periods, which requires the recognition
of rental income on a straight-line basis over the lease term. The difference between this and cash receipts changes the carrying value of the property against
which revaluations are measured.
3. Acquisitions include UKCM assets at a valuation of \u00a31,216.9 million less a price discount on acquisition of \u00a367.8 million and other acquisitions of \u00a3245.9 million.
31 December 31 December
2025 2024
\u00a3m \u00a3m
Investment property at fair value per Group Statement of Financial Position
7,371.1
5,929.4
Assets held for sale
350.9
440.4
Total investment property valuation
7,722.0
6,369.8
The total fair value movement for the year amounted to \u00a3198.6 million, comprising a gain of \u00a3207.2 million on investment property and a loss of
\u00a38.6 million on assets classified as held for sale (note 20).
31 December 31 December
2025 2024
\u00a3m \u00a3m
Total investment property valuation
7,722.0
6,369.8
Rental guarantee
20.0
\u2014
Total external valuation of investment properties
7,742.0
6,369.8
The Group has other capital commitments which represent financial commitments made in respect of direct construction, asset management
initiatives and development land. The Group had also completed on the purchase of an investment asset at year end (refer to note 34).
Fees payable under the DMA totalling \u00a33.4 million (2024: \u00a32.5 million) have been capitalised in the year, being directly attributable to completed
development projects during the year.
Fair value hierarchy
The Group considers that all of its investment properties fall within Level 3 of the fair value hierarchy as defined by IFRS 13. There have been no transfers
between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2 and Level 3 during any of the periods.
The valuations have been prepared on the basis of market value (\u201cMV\u201d), which is defined in the RICS Valuation Standards, as:
\u201cThe estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm\u2019s-length
transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.\u201d
Market value as defined in the RICS Valuation Standards is the equivalent of fair value under IFRS.
The following descriptions and definitions relating to valuation techniques and key unobservable inputs made in determining fair values are as follows:
Valuation techniques
The yield methodology approach is used when valuing the Group\u2019s properties which uses market rental values capitalised with a market
capitalisation rate. This is sense-checked against the market comparable method (or market comparable approach) where a property\u2019s fair
value is estimated based on comparable transactions in the market.
For investment property under construction and the land held for development, the properties are valued using both the residual method
approach and comparable method approach. Under the residual approach, the valuer initially assesses the investment value (using the above
methodology for completed properties). Then, the total estimated costs to complete (including notional finance costs and developer\u2019s profit)
are deducted from the value to take into account the hypothetical purchaser\u2019s management of the remaining development process and their
perception of risk with regard to construction and the property market (such as the potential cost overruns and letting risks).
Under the comparable approach, the value of the land is considered in the context of market transactions and what a hypothetical purchaser
may pay for the land, typically on a per acre basis. It is common for the valuer to consider both approaches when formulating their opinion of
value, where appropriate. Land values are sense-checked against the rate per acre derived from actual market transactions.
The key unobservable inputs made in determining fair values are as follows:
Unobservable input: estimated rental value (\u201cERV\u201d)
The rent per square foot at which space could be let in the market conditions prevailing at the date of valuation.
Passing rents are dependent upon a number of variables in relation to the Group\u2019s property. These include: size, location, tenant covenant
strength and terms of the lease.
Unobservable input: Net Initial Yield
The Net Initial Yield is defined as the initial gross income as a percentage of the market value (or purchase price as appropriate) plus standard
costs of purchase.
Unobservable Inputs
Net Initial Net Initial
31 December 2025 ERV range ERV average Yield range Yield average
Industrials \u00a3 psf \u00a3 psf % %
South East
6.50 \u2013 23.36
12.53
3.75 \u2013 5.75
4.54
South West
8.00 \u2013 13.99
9.36
3.83 \u2013 5.16
4.82
East Midlands
3.18 \u2013 9.76
8.18
3.53 \u2013 6.06
4.83
West Midlands
7.25 \u2013 12.00
9.14
3.70 \u2013 6.61
4.90
North East
4.90 \u2013 9.76
6.65
4.28 \u2013 5.50
4.90
North West
5.75 \u2013 12.11
9.20
3.90 \u2013 5.56
4.98
Scotland
6.50 \u2013 6.50
6.50
5.50 \u2013 5.95
5.71
Unobservable Inputs
Net Initial Net Initial
31 December 2025 ERV range ERV average Yield range Yield average
Non-strategic \u00a3 psf \u00a3 psf % %
Office
25.00 \u2013 38.95
31.60
6.16 \u2013 20.79
9.38
Alternative
14.55 \u2013 44.20
25.95
5.35 \u2013 12.10
7.62
Unobservable Inputs
Net Initial Net Initial
31 December 2024 ERV range ERV average Yield range Yield average
Industrials \u00a3 psf \u00a3 psf % %
South East
6.25 \u2013 19.00
11.52
3.99 \u2013 5.94
4.51
South West
7.00 \u2013 12.07
8.34
3.99 \u2013 4.92
4.57
East Midlands
3.18 \u2013 9.00
7.80
3.55 \u2013 5.46
4.55
West Midlands
7.32 \u2013 10.74
8.80
3.87 \u2013 6.44
4.78
North East
4.90 \u2013 8.00
6.42
4.39 \u2013 5.74
4.93
North West
5.01 \u2013 11.50
8.73
4.10 \u2013 5.72
4.95
Scotland
5.03 \u2013 7.15
6.14
5.50 \u2013 7.53
6.10
Unobservable Inputs
Net Initial Net Initial
31 December 2024 ERV range ERV average Yield range Yield average
Non-strategic \u00a3 psf \u00a3 psf % %
Office
22.31 \u2013 39.19
30.13
6.72 \u2013 12.85
8.86
Retail
16.59 \u2013 30.88
23.69
5.69 \u2013 7.40
6.51
Alternative
13.63 \u2013 44.20
23.96
4.88 \u2013 14.40
6.66
Sensitivities of measurement of significant unobservable inputs
As set out within significant accounting estimates and judgements above, the Group\u2019s property portfolio valuation is open to judgements and
is inherently subjective by nature.
As a result, the following sensitivity analysis has been prepared:
-5% in +5% in +0.25% Net -0.25% Net
passing rent passing rent Initial Yield Initial Yield
\u00a3m \u00a3m \u00a3m \u00a3m
(Decrease)/increase in the fair value of investment properties
as at 31 December 2025
(337.0)
337.0
(346.7)
386.4
(Decrease)/increase in the fair value of investment properties as at
31 December 2024
(283.2)
283.2
(282.6)
313.9
The above includes data from the standing portfolio and does not include data from investment properties under construction. No reasonable
change in unobservable inputs in relation to investment properties under construction would have a material impact on the carrying value of
investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "
18. Investment in land options
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Opening balance
148.8
157.4
Costs capitalised in the year
8.6
16.9
Transferred to investment property
(4.7)
(21.9)
Impairment
1
(28.5)
(3.6)
Closing balance
124.2
148.8
1. An impairment has been recognised in relation to a single site held under a land option, where the Group\u2019s expectation on the possible likelihood and timing of
achieving planning consent changed in the period. Given the site\u2019s national significance, including its potential as a lower-carbon rail freight connected logistics
hub, planning consent was being progressed through a Development Consent Order \u201cDCO\u201d with the ultimate decision made by the Secretary of State. In
March 2025, the Secretary of State did not grant planning consent to the scheme in our proposed form. The impairment represents approximately half of the
overall value of the option and associated costs. The development team is revising its plans for the site on the basis of feedback from the DCO process to seek
alternative routes to its potential development. This impairment has been presented within the Statement of Comprehensive Income within \u2018impairment of
intangible and other property assets\u2019.
The average maturity date across land options held is approximately 6.3 years (2024: 7.4 years) term remaining.
Fees payable under the DMA totalling \u00a31.3 million (2024: \u00a32.2 million) have been capitalised in the year, being directly attributable to the
ongoing development projects.
", "dimensions": { "concept": "tritaxbigboxreitplc:DisclosureOfInvestmentsInLandOptions", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
19. Investment in joint ventures
As at 31 December 2025, the Group has three joint ventures which have been equity accounted for.
The Group has the following joint ventures as at 31 December 2025:
Country of
Principal activity
incorporation
Ownership
Joint venture partner
HBB (J16) LLP
Property development
UK
50%
HB Midway Limited
Magnitude Land LLP
Property investment
UK
50%
Pochin Midpoint Limited
Juniper Energy Limited
Power provider
UK
50%
EDF
The registered office for HBB (J16) LLP and Magnitude Land LLP is: Unit B, Grange Park Court, Roman Way, Northampton NN4 5EA,
England. The registered office for Juniper Energy Limited is 72 Broadwick Street, London, W1F 9QZ, England.
31 December 2025
31 December 2024
Total 100% Group\u2019s share Total 100% Group\u2019s share
Net investment \u00a3m \u00a3m \u00a3m \u00a3m
At beginning of year
48.8
24.4
49.6
24.8
Total comprehensive income
0.2
0.1
0.2
0.1
Impairment of JV asset
(0.6)
(0.3)
(0.2)
(0.1)
Capital repaid
(1.0)
(0.5)
(0.8)
(0.4)
Cash contributed
3.0
1.5
\u2014
\u2014
As at 31 December 2025
50.4
25.2
48.8
24.4
The joint ventures have a 31 December year end. The aggregate amounts recognised in the Group Statement of Financial Position and Statement of Comprehensive Income are as follows: Comprehensive Income Statement
31 December 2025
31 December 2024
Total 100% Group\u2019s share Total 100% Group\u2019s share
Year ended 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Net income
0.2
0.1
0.6
0.3
Administrative expenses
\u2014
\u2014
\u2014
\u2014
Profit before taxation
0.2
0.1
0.6
0.3
Taxation
\u2014
\u2014
\u2014
\u2014
Total comprehensive Profit
0.2
0.1
0.6
0.3
Statement of Financial Position
31 December 2025
31 December 2024
Total 100% Group\u2019s share Total 100% Group\u2019s share
As at 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Investment property
5.8
2.9
5.4
2.7
Options to acquire land
43.2
21.6
43.2
21.6
Non-current assets
49.0
24.5
48.6
24.3
Other receivables
0.4
0.2
\u2014
\u2014
Cash
2.8
1.4
0.6
0.3
Current assets
3.2
1.6
0.6
0.3
Trade and other payables
(1.8)
(0.9)
(0.4)
(0.2)
Current liabilities
(1.8)
(0.9)
(0.4)
(0.2)
Net Assets
50.4
25.2
48.8
24.4
21. Investments
The Group comprises a number of Special Purpose Vehicle \u201cSPV\u201d subsidiaries. All SPV subsidiaries that form these financial statements are
noted within the Company financial statements in note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "19. Investment in joint ventures As at 31 December 2025, the Group has three joint ventures which have been equity accounted for. The Group has the following joint ventures as at 31 December 2025:
Country of
Principal activity
incorporation
Ownership
Joint venture partner
HBB (J16) LLP
Property development
UK
50%
HB Midway Limited
Magnitude Land LLP
Property investment
UK
50%
Pochin Midpoint Limited
Juniper Energy Limited
Power provider
UK
50%
EDF
The registered office for HBB (J16) LLP and Magnitude Land LLP is: Unit B, Grange Park Court, Roman Way, Northampton NN4 5EA, England. The registered office for Juniper Energy Limited is 72 Broadwick Street, London, W1F 9QZ, England.
31 December 2025
31 December 2024
Total 100% Group\u2019s share Total 100% Group\u2019s share
Net investment \u00a3m \u00a3m \u00a3m \u00a3m
At beginning of year
48.8
24.4
49.6
24.8
Total comprehensive income
0.2
0.1
0.2
0.1
Impairment of JV asset
(0.6)
(0.3)
(0.2)
(0.1)
Capital repaid
(1.0)
(0.5)
(0.8)
(0.4)
Cash contributed
3.0
1.5
\u2014
\u2014
As at 31 December 2025
50.4
25.2
48.8
24.4
The joint ventures have a 31 December year end. The aggregate amounts recognised in the Group Statement of Financial Position and
Statement of Comprehensive Income are as follows:
Comprehensive Income Statement
31 December 2025
31 December 2024
Total 100% Group\u2019s share Total 100% Group\u2019s share
Year ended 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Net income
0.2
0.1
0.6
0.3
Administrative expenses
\u2014
\u2014
\u2014
\u2014
Profit before taxation
0.2
0.1
0.6
0.3
Taxation
\u2014
\u2014
\u2014
\u2014
Total comprehensive Profit
0.2
0.1
0.6
0.3
Statement of Financial Position
31 December 2025
31 December 2024
Total 100% Group\u2019s share Total 100% Group\u2019s share
As at 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Investment property
5.8
2.9
5.4
2.7
Options to acquire land
43.2
21.6
43.2
21.6
Non-current assets
49.0
24.5
48.6
24.3
Other receivables
0.4
0.2
\u2014
\u2014
Cash
2.8
1.4
0.6
0.3
Current assets
3.2
1.6
0.6
0.3
Trade and other payables
(1.8)
(0.9)
(0.4)
(0.2)
Current liabilities
(1.8)
(0.9)
(0.4)
(0.2)
Net Assets
50.4
25.2
48.8
24.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
20. Assets held for sale
Industrial Land Non-strategic Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2025
79.0
29.4
332.0
440.4
Disposals
(79.0)
(29.4)
(217.8)
(326.2)
Assets held for sale additions
\u2014
\u2014
5.8
5.8
Transferred from investment property
201.1
\u2014
38.4
239.5
FV adjustment
\u2014
\u2014
(8.6)
(8.6)
As at 31 December 2025
201.1
\u2014
149.8
350.9
Industrial Land Non-strategic Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
\u2014
\u2014
\u2014
\u2014
Transferred from investment property
79.0
29.4
332.0
440.4
As at 31 December 2024
79.0
29.4
332.0
440.4
As shown above, assets held for sale relate to four strategic assets and six non-strategic assets acquired as part of the UKCM acquisition
which management has committed to a disposal plan, with disposal expected to occur within a 12 month period.
Please refer to note 17 details into the inputs and assumptions used in determining the fair value of these assets as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "20. Assets held for sale
Industrial Land Non-strategic Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2025
79.0
29.4
332.0
440.4
Disposals
(79.0)
(29.4)
(217.8)
(326.2)
Assets held for sale additions
\u2014
\u2014
5.8
5.8
Transferred from investment property
201.1
\u2014
38.4
239.5
FV adjustment
\u2014
\u2014
(8.6)
(8.6)
As at 31 December 2025
201.1
\u2014
149.8
350.9
Industrial Land Non-strategic Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
\u2014
\u2014
\u2014
\u2014
Transferred from investment property
79.0
29.4
332.0
440.4
As at 31 December 2024
79.0
29.4
332.0
440.4
As shown above, assets held for sale relate to four strategic assets and six non-strategic assets acquired as part of the UKCM acquisition which management has committed to a disposal plan, with disposal expected to occur within a 12 month period. Please refer to note 17 details into the inputs and assumptions used in determining the fair value of these assets as at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
22. Trade and other receivables
Year ended Year ended
31 December 31 December
2025 2024
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
7.5
3.9
The cash in public institutions is a deposit of \u00a37.5 million paid by certain tenants to the Company, as part of their lease agreements.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade receivables
18.1
26.5
Prepayments, accrued income and other receivables
9.8
29.5
Total trade and other receivables
27.9
56.0
The carrying value of trade and other receivables classified at amortised cost approximates fair value. The decrease in trade receivables in the
period was due to an decrease in receivables relating to DMA projects which are now all complete as at 31 December 2025.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade
receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing.
The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the year end. The
historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s clients. The
expected credit loss provision as at 31 December 2025 was \u00a35.0 million (31 December 2024: \u00a33.0 million (restated)). No reasonably possible
changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "22. Trade and other receivables
Year ended Year ended
31 December 31 December
2025 2024
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
7.5
3.9
The cash in public institutions is a deposit of \u00a37.5 million paid by certain tenants to the Company, as part of their lease agreements.
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade receivables
18.1
26.5
Prepayments, accrued income and other receivables
9.8
29.5
Total trade and other receivables
27.9
56.0
The carrying value of trade and other receivables classified at amortised cost approximates fair value. The decrease in trade receivables in the period was due to an decrease in receivables relating to DMA projects which are now all complete as at 31 December 2025. The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the year end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s clients. The expected credit loss provision as at 31 December 2025 was \u00a35.0 million (31 December 2024: \u00a33.0 million (restated)). No reasonably possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "22. Trade and other receivables
Year ended Year ended
31 December 31 December
2025 2024
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
7.5
3.9
The cash in public institutions is a deposit of \u00a37.5 million paid by certain tenants to the Company, as part of their lease agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade receivables
18.1
26.5
Prepayments, accrued income and other receivables
9.8
29.5
Total trade and other receivables
27.9
56.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
23. Cash and cash equivalents
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
109.5
80.6
Restricted cash
21.1
\u2014
Total cash held at bank
130.6
80.6
Restricted cash is cash where there is a legal restriction to specify its type of use, i.e. cash received from the sale of a secured asset.
Cash and cash equivalents reported in the Consolidated Statement of Cash Flows totalled \u00a3109.5 million (2024: \u00a380.6 million) as at the year
end, which excludes long-term restricted and ring-fenced cash deposits totalling \u00a321.1 million (2024: \u00a3nil million). Total cash held at bank as
reported in the Group Statement of Financial Position is \u00a3130.6 million (2024: \u00a380.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
24. Trade and other payables
Year ended Year ended
31 December 31 December
2025 2024
Non-current trade and other payables \u00a3m \u00a3m
Other payables
7.5
3.9
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade and other payables
94.2
72.5
Bank loan interest payable
18.7
12.1
Deferred consideration
16.9
4.3
VAT
13.1
5.2
Accruals
28.8
18.4
Total trade and other payables
171.7
112.5
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "24. Trade and other payables
Year ended Year ended
31 December 31 December
2025 2024
Non-current trade and other payables \u00a3m \u00a3m
Other payables
7.5
3.9
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade and other payables
94.2
72.5
Bank loan interest payable
18.7
12.1
Deferred consideration
16.9
4.3
VAT
13.1
5.2
Accruals
28.8
18.4
Total trade and other payables
171.7
112.5
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "24. Trade and other payables
Year ended Year ended
31 December 31 December
2025 2024
Non-current trade and other payables \u00a3m \u00a3m
Other payables
7.5
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
Year ended Year ended
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade and other payables
94.2
72.5
Bank loan interest payable
18.7
12.1
Deferred consideration
16.9
4.3
VAT
13.1
5.2
Accruals
28.8
18.4
Total trade and other payables
171.7
112.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
25. Borrowings
The Group had a \u00a3300 million and \u00a3500 million unsecured revolving credit facility \u201cRCF\u201d which provides the Group with a significant level of
operational flexibility. Both facilities are provided by a syndicate of relationship lenders formed of large multi-national banks.
During the period, the Group extinguished its \u00a3300 million RCF on 18 June 2025, and the Group entered into a new \u00a3400 million RCF
agreement on the same date. The loan matures on 18 June 2030, although the facility benefits from two one-year extension periods.
The Group also extinguished its \u00a3150 million RCF, which included a fixed element of \u00a375 million, drawn at inception, with the remaining \u00a375
million being variable on 18 June 2025. The Group entered into a new fixed amount \u00a3150 million agreement on the same date. The loan
matures on 18 October 2027, although the facility benefits from three one-year extension periods and one two-year extension periods.
As part of the acquisition of the logistics portfolio from Blackstone, the Group entered into a \u00a3650 million bridge facility with Santander. This
facility expires on 15 October 2026; however, the Group benefits from three six-month extension options, at the sole discretion of the
Company thus effectively making the expiry date 15 April 2028.
The Group also issued a new \u00a3300 million 7 year bond, at a rate of 4.75%, which will mature on 12 November 2032. At the same time of
issuing this bond, the Group offered an early redemption option on the 2026 bonds of which \u00a3184.4 million of the \u00a3250 million was redeemed,
and thus the remaining \u00a365.6 million will mature on 14 December 2026.
As of 31 December 2025, 55% (December 2024: 63%) of the Group\u2019s drawn debt is fixed term, with 45% floating term (December 2024: 37%).
Including interest rate hedging, the Group has fixed term or hedged facilities totalling 72.7% of drawn debt as of 31 December 2025
(December 2024: 93.4%).
The weighted average cost of debt was 3.58% as of 31 December 2025 (December 2024: 3.05%). On the same date, the Group had undrawn
debt commitments of \u00a3577.0 million (31 December 2024: \u00a3519.0 million).
To remain compliant with its tightest financial covenants, the Group must maintain an interest cover above 1.5x, a loan-to-value ratio below
60%, and a gearing ratio below 150%. As at 31 December 2025, the Group had an interest cover of 4.1x, a loan-to-value ratio of 33.2%, and a
gearing ratio of 54.1%. Consequently, the Group has adhered to all these covenants throughout the year and is also expected to comfortably
meet these targets over the next twelve-months.
A large part of the Group\u2019s borrowings are unsecured financing arrangements. Below is a summary of the drawn and undrawn bank
borrowings for the period:
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2025
843.9
519.0
1,362.9
Bank borrowings drawn in the year under existing facilities
480.0
(480.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(383.0)
383.0
\u2014
Cancellation of bank borrowing facility on refinancing
(263.0)
(112.0)
(375.0)
New bank borrowing facility
830.0
267.0
1,097.0
As at 31 December 2025
1,507.9
577.0
2,084.9
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2024
481.9
531.0
1,012.9
Bank borrowings drawn in the year under existing facilities
265.0
(265.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(178.0)
178.0
\u2014
Book value of UKCM borrowings
200.0
\u2014
200.0
New bank borrowing facility
75.0
75.0
150.0
As at 31 December 2024
843.9
519.0
1,362.9
31 December 31 December
2025 2024
\u00a3m \u00a3m
Bank borrowings drawn: due in more than one year
1,507.9
843.9
Less: unamortised costs on bank borrowings
(8.3)
(6.7)
Fair value gain on UKCM borrowings on acquisition
(19.5)
(25.5)
Total net drawn bank borrowings
1,480.1
811.7
31 December 31 December
2025 2024
Current bonds \u00a3m \u00a3m
2.625% Bonds 2026
65.6
\u2014
Total net current bonds
65.6
\u2014
31 December 31 December
2025 2024
Non-current bonds \u00a3m \u00a3m
2.625% Bonds 2026
\u2014
249.8
3.125% Bonds 2031
248.5
248.3
4.750% Bonds 2032
297.1
\u2014
1.500% Green Bonds 2033
247.7
247.4
2.860% USPP 2028
250.0
250.0
2.980% USPP 2030
150.0
150.0
Less: unamortised costs on loan notes
(5.1)
(3.7)
Total net non-current bonds
1,188.2
1,141.8
The weighted average term to maturity of the Group\u2019s debt as at the year end is 4.3 years (31 December 2024: 4.7 years).
Maturity of borrowings
31 December 31 December
2025 2024
\u00a3m \u00a3m
Repayable less than one year
65.6
\u2014
Repayable between one and two years
340.0
424.0
Repayable between two and five years
1,467.9
819.9
Repayable in over five years
900.0
750.0
Total borrowings repayable
2,773.5
1,993.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "25. Borrowings The Group had a \u00a3300 million and \u00a3500 million unsecured revolving credit facility \u201cRCF\u201d which provides the Group with a significant level of operational flexibility. Both facilities are provided by a syndicate of relationship lenders formed of large multi-national banks. During the period, the Group extinguished its \u00a3300 million RCF on 18 June 2025, and the Group entered into a new \u00a3400 million RCF agreement on the same date. The loan matures on 18 June 2030, although the facility benefits from two one-year extension periods. The Group also extinguished its \u00a3150 million RCF, which included a fixed element of \u00a375 million, drawn at inception, with the remaining \u00a375 million being variable on 18 June 2025. The Group entered into a new fixed amount \u00a3150 million agreement on the same date. The loan matures on 18 October 2027, although the facility benefits from three one-year extension periods and one two-year extension periods. As part of the acquisition of the logistics portfolio from Blackstone, the Group entered into a \u00a3650 million bridge facility with Santander. This facility expires on 15 October 2026; however, the Group benefits from three six-month extension options, at the sole discretion of the Company thus effectively making the expiry date 15 April 2028. The Group also issued a new \u00a3300 million 7 year bond, at a rate of 4.75%, which will mature on 12 November 2032. At the same time of issuing this bond, the Group offered an early redemption option on the 2026 bonds of which \u00a3184.4 million of the \u00a3250 million was redeemed, and thus the remaining \u00a365.6 million will mature on 14 December 2026. As of 31 December 2025, 55% (December 2024: 63%) of the Group\u2019s drawn debt is fixed term, with 45% floating term (December 2024: 37%). Including interest rate hedging, the Group has fixed term or hedged facilities totalling 72.7% of drawn debt as of 31 December 2025 (December 2024: 93.4%). The weighted average cost of debt was 3.58% as of 31 December 2025 (December 2024: 3.05%). On the same date, the Group had undrawn debt commitments of \u00a3577.0 million (31 December 2024: \u00a3519.0 million). To remain compliant with its tightest financial covenants, the Group must maintain an interest cover above 1.5x, a loan-to-value ratio below 60%, and a gearing ratio below 150%. As at 31 December 2025, the Group had an interest cover of 4.1x, a loan-to-value ratio of 33.2%, and a gearing ratio of 54.1%. Consequently, the Group has adhered to all these covenants throughout the year and is also expected to comfortably meet these targets over the next twelve-months. A large part of the Group\u2019s borrowings are unsecured financing arrangements. Below is a summary of the drawn and undrawn bank borrowings for the period:
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2025
843.9
519.0
1,362.9
Bank borrowings drawn in the year under existing facilities
480.0
(480.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(383.0)
383.0
\u2014
Cancellation of bank borrowing facility on refinancing
(263.0)
(112.0)
(375.0)
New bank borrowing facility
830.0
267.0
1,097.0
As at 31 December 2025
1,507.9
577.0
2,084.9
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2024
481.9
531.0
1,012.9
Bank borrowings drawn in the year under existing facilities
265.0
(265.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(178.0)
178.0
\u2014
Book value of UKCM borrowings
200.0
\u2014
200.0
New bank borrowing facility
75.0
75.0
150.0
As at 31 December 2024
843.9
519.0
1,362.9
31 December 31 December
2025 2024
\u00a3m \u00a3m
Bank borrowings drawn: due in more than one year
1,507.9
843.9
Less: unamortised costs on bank borrowings
(8.3)
(6.7)
Fair value gain on UKCM borrowings on acquisition
(19.5)
(25.5)
Total net drawn bank borrowings
1,480.1
811.7
31 December 31 December
2025 2024
Current bonds \u00a3m \u00a3m
2.625% Bonds 2026
65.6
\u2014
Total net current bonds
65.6
\u2014
31 December 31 December
2025 2024
Non-current bonds \u00a3m \u00a3m
2.625% Bonds 2026
\u2014
249.8
3.125% Bonds 2031
248.5
248.3
4.750% Bonds 2032
297.1
\u2014
1.500% Green Bonds 2033
247.7
247.4
2.860% USPP 2028
250.0
250.0
2.980% USPP 2030
150.0
150.0
Less: unamortised costs on loan notes
(5.1)
(3.7)
Total net non-current bonds
1,188.2
1,141.8
The weighted average term to maturity of the Group\u2019s debt as at the year end is 4.3 years (31 December 2024: 4.7 years). Maturity of borrowings
31 December 31 December
2025 2024
\u00a3m \u00a3m
Repayable less than one year
65.6
\u2014
Repayable between one and two years
340.0
424.0
Repayable between two and five years
1,467.9
819.9
Repayable in over five years
900.0
750.0
Total borrowings repayable
2,773.5
1,993.9
26. Interest rate derivatives To manage the interest rate risk from variable rate loans, the Group has entered into several interest rate derivatives. These include interest rate caps and one interest rate swap, which fix or cap the rate to which compounded SONIA can rise. These derivatives match the initial term of the respective loans. As of the year end, the weighted average capped rate, excluding any margin payable, was 2.71% (2024: 2.59%). This effectively caps the level to which SONIA can rise on \u00a3389.3 million (2024: \u00a3349.3 million) of notional hedged debt, limiting the impact of an interest rate rise on this amount. The interest rate derivatives ensure that 72.7% of the Group\u2019s drawn borrowings at the year end have a fixed or hedged interest rate. The Group\u2019s average cost of debt at year end was 3.58% (2024: 3.05%). The total premium paid during the year to secure the interest rate caps was \u00a31.8 million (2024: \u00a31.8 million). The Group aims to hedge at least 90% of its total drawn debt portfolio using interest rate derivatives or fixed-rate loan arrangements. As the new Santander facility has an initial term of only 12 months and the Groups intention is to refinance this facility, we have chosen not to hedge it. As a result, the Group had either fixed or capped rates on 72.7% of its drawn debt at the year end (31 December 2024: 93.4%). Excluding the Santander facility, 93.7% of drawn debt is at fixed or capped rates.
31 December 31 December
2025 2024
\u00a3m \u00a3m
Non-current assets: interest rate derivatives
2.8
7.6
The interest rate derivatives are valued by the relevant counterparty banks on a quarterly basis in accordance with IFRS 9. Any movement in the mark-to-market values of the derivatives are taken to the Group Statement of Comprehensive Income
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest rate derivative valuation brought forward
7.6
11.1
Premium paid
2.5
1.8
Changes in fair value of interest rate derivatives
(7.3)
(5.3)
Total interest rate derivatives
2.8
7.6
31 December 31 December
2025 2024
Drawn Drawn
\u00a3m \u00a3m
Total borrowings drawn (note 27)
2,773.5
1,993.9
Notional value of effective interest rate derivatives and fixed-rate loans
2,016.4
1,862.3
Proportion of hedged debt
72.7%
93.4%
Fair value hierarchy The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years. 27. Financial risk management Financial instruments The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and other payables and cash held at bank. The Group\u2019s other principal financial assets and liabilities are bank borrowings and interest rate derivatives. The main purpose of bank borrowings and derivatives is to finance the acquisition and development of the Group\u2019s investment property portfolio and hedge against the interest rate risk arising. Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements:
Book value Fair value Book value Fair value
31 December 31 December 31 December 31 December
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Interest rate derivatives
2.8
2.8
7.6
7.6
Trade and other receivables
1
18.1
18.1
26.5
26.5
Cash held at bank
130.6
130.6
80.6
80.6
Financial liabilities
Trade and other payables
2
158.6
158.6
107.3
107.3
Borrowings
2,766.8
2,626.7
1,989.4
1,797.0
1. Excludes certain VAT, prepayments and other debtors. 2. Excludes tax and VAT liabilities. Financial assets, interest rate derivatives are the only financial instruments measured at fair value through profit and loss. All other financial assets and all financial liabilities are measured at amortised cost. All financial instruments were designated in their current categories upon initial recognition. The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a difference between book value and fair value.
Quoted prices in Significant Significant
active markets observable inputs unobservable
Total (Level 1) (Level 2) inputs (Level 3)
Date of valuation \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
31 December 2025
1,480.9
1,148.9
332.0
\u2014
Borrowings
31 December 2024
1,315.1
992.5
322.6
\u2014
The Group has four fixed-rate loans totalling \u00a3362.0 million, provided by PGIM (\u00a390.0 million), Canada Life (\u00a372.0 million) and Barings (\u00a3200.0 million). The fair value is determined by discounting the delta between contractual and market cash flows at a weighted average cost of capital discount rate. Market cash flows were built using the 12-year UK Gilt of 4.77% with an implied margin of 1.74% for the 2027 loan and 1.65% for the 2031 loan. The loans are considered to be a Level 2 fair value measurement. For all other bank loans there is considered no other difference between fair value and carrying value. The fair value of financial liabilities traded on active liquid markets, including the 2.625% Bonds 2026, 3.125% Bonds 2031, 4.75% Bonds 2032, 1.5% Bonds 2033, 2.860% USPP 2028 and 2.980% USPP 2030, is determined with reference to the quoted market prices. These financial liabilities are considered to be a Level 1 fair value measure. The fair value of the financial liabilities at Level 1 fair value measure were \u00a31,148.9 million (2024: \u00a3992.5 million) and the financial liabilities at Level 2 fair value measure were \u00a3332.0 million (2024: \u00a3322.6 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "26. Interest rate derivatives To manage the interest rate risk from variable rate loans, the Group has entered into several interest rate derivatives. These include interest rate caps and one interest rate swap, which fix or cap the rate to which compounded SONIA can rise. These derivatives match the initial term of the respective loans. As of the year end, the weighted average capped rate, excluding any margin payable, was 2.71% (2024: 2.59%). This effectively caps the level to which SONIA can rise on \u00a3389.3 million (2024: \u00a3349.3 million) of notional hedged debt, limiting the impact of an interest rate rise on this amount. The interest rate derivatives ensure that 72.7% of the Group\u2019s drawn borrowings at the year end have a fixed or hedged interest rate. The Group\u2019s average cost of debt at year end was 3.58% (2024: 3.05%). The total premium paid during the year to secure the interest rate caps was \u00a31.8 million (2024: \u00a31.8 million). The Group aims to hedge at least 90% of its total drawn debt portfolio using interest rate derivatives or fixed-rate loan arrangements. As the new Santander facility has an initial term of only 12 months and the Groups intention is to refinance this facility, we have chosen not to hedge it. As a result, the Group had either fixed or capped rates on 72.7% of its drawn debt at the year end (31 December 2024: 93.4%). Excluding the Santander facility, 93.7% of drawn debt is at fixed or capped rates.
31 December 31 December
2025 2024
\u00a3m \u00a3m
Non-current assets: interest rate derivatives
2.8
7.6
The interest rate derivatives are valued by the relevant counterparty banks on a quarterly basis in accordance with IFRS 9. Any movement in the mark-to-market values of the derivatives are taken to the Group Statement of Comprehensive Income
31 December 31 December
2025 2024
\u00a3m \u00a3m
Interest rate derivative valuation brought forward
7.6
11.1
Premium paid
2.5
1.8
Changes in fair value of interest rate derivatives
(7.3)
(5.3)
Total interest rate derivatives
2.8
7.6
31 December 31 December
2025 2024
Drawn Drawn
\u00a3m \u00a3m
Total borrowings drawn (note 27)
2,773.5
1,993.9
Notional value of effective interest rate derivatives and fixed-rate loans
2,016.4
1,862.3
Proportion of hedged debt
72.7%
93.4%
Fair value hierarchy
The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an
expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end.
This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1
and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Fair value hierarchy The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "Fair value hierarchy The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
27. Financial risk management
Financial instruments
The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and
other payables and cash held at bank. The Group\u2019s other principal financial assets and liabilities are bank borrowings and interest rate
derivatives. The main purpose of bank borrowings and derivatives is to finance the acquisition and development of the Group\u2019s investment
property portfolio and hedge against the interest rate risk arising.
Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the
financial statements:
Book value Fair value Book value Fair value
31 December 31 December 31 December 31 December
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Interest rate derivatives
2.8
2.8
7.6
7.6
Trade and other receivables
1
18.1
18.1
26.5
26.5
Cash held at bank
130.6
130.6
80.6
80.6
Financial liabilities
Trade and other payables
2
158.6
158.6
107.3
107.3
Borrowings
2,766.8
2,626.7
1,989.4
1,797.0
1. Excludes certain VAT, prepayments and other debtors.
2. Excludes tax and VAT liabilities.
Financial assets, interest rate derivatives are the only financial instruments measured at fair value through profit and loss. All other financial
assets and all financial liabilities are measured at amortised cost. All financial instruments were designated in their current categories upon
initial recognition.
The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a difference between book
value and fair value.
Quoted prices in Significant Significant
active markets observable inputs unobservable
Total (Level 1) (Level 2) inputs (Level 3)
Date of valuation \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
31 December 2025
1,480.9
1,148.9
332.0
\u2014
Borrowings
31 December 2024
1,315.1
992.5
322.6
\u2014
The Group has four fixed-rate loans totalling \u00a3362.0 million, provided by PGIM (\u00a390.0 million), Canada Life (\u00a372.0 million) and Barings (\u00a3200.0
million). The fair value is determined by discounting the delta between contractual and market cash flows at a weighted average cost of capital
discount rate. Market cash flows were built using the 12-year UK Gilt of 4.77% with an implied margin of 1.74% for the 2027 loan and 1.65% for
the 2031 loan. The loans are considered to be a Level 2 fair value measurement. For all other bank loans there is considered no other
difference between fair value and carrying value.
The fair value of financial liabilities traded on active liquid markets, including the 2.625% Bonds 2026, 3.125% Bonds 2031, 4.75% Bonds 2032,
1.5% Bonds 2033, 2.860% USPP 2028 and 2.980% USPP 2030, is determined with reference to the quoted market prices. These financial
liabilities are considered to be a Level 1 fair value measure.
The fair value of the financial liabilities at Level 1 fair value measure were \u00a31,148.9 million (2024: \u00a3992.5 million) and the financial liabilities at
Level 2 fair value measure were \u00a3332.0 million (2024: \u00a3322.6 million).
Risk management
The Group is exposed to market risk (including interest rate risk), credit risk and liquidity risk. The Board oversees the management of these
risks. The Board of Directors reviews and agrees policies for managing each of these risks that are summarised below.
Market risk
Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments
held by the Group that are affected by market risk are principally the Group\u2019s cash balances and bank borrowings along with a number of
interest rate derivatives entered into to mitigate interest rate risk.
The Group monitors its interest rate exposure on a regular basis. A sensitivity analysis performed to ascertain the impact on the Group
Statement of Comprehensive Income and net assets of a 100 basis point shift in interest rates would result in an increase of \u00a311.5 million
(2024: \u00a34.8 million) or a decrease of \u00a311.5 million (2024: \u00a34.8 million).
Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. Credit risk is mitigated by tenants being required to pay rentals in advance under their lease obligations. The credit quality of the tenant is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement. Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. We conduct ongoing covenant analysis of our clients and strengthened our team to support this work during the period. The analysis combines publicly available financial and trading information with our own observations and customer conversations as well as the opinions of third-party professionals to form a view over the credit risk of counter-parties under our leases. Trade receivables Trade receivables, primarily tenant rentals, are presented in the Group Statement of Financial Position net of allowances for doubtful receivables and are monitored on a case-by-case basis. Credit risk is primarily managed by requiring tenants to pay rentals in advance and performing tests around strength of covenant prior to acquisition and on an ongoing annual basis. Credit risk related to financial instruments and cash deposits One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit risk on short-term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders to the Group, with high credit ratings assigned by international credit-rating agencies. Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital, the finance charges, principal repayments on its borrowings and its commitments under development arrangements. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due, as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s objective is to ensure it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous monitoring of forecast and actual cash flows by management, ensuring it has appropriate levels of cash and available drawings to meet liabilities as they fall due. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:
Less than Between Between More than
1 Year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2025
Borrowings
168.8
436.0
1,609.5
945.4
3,159.7
Trade and other payables
171.7
\u2014
\u2014
7.5
179.2
340.5
436.0
1,609.5
952.9
3,338.9
31 December 2024
Borrowings
67.9
486.6
937.9
783.7
2,276.1
Trade and other payables
112.5
\u2014
\u2014
3.9
116.4
180.4
486.6
937.9
787.6
2,392.5
Included within the contracted payments is \u00a3386.2 million (2024: \u00a3282.3 million) of loan interest payable up to the point of maturity across the facilities. 28. Capital management The Board, with the assistance of the Investment Manager, monitors and reviews the Group\u2019s capital so as to promote the long-term success of the business, facilitate expansion and to maintain sustainable returns for Shareholders. The Group considers proceeds from share issuances, bank borrowings and retained earnings as capital. The Group\u2019s policy on borrowings is as set out below: The level of borrowing will be on a prudent basis for the asset class, and will seek to achieve a low cost of funds, while maintaining flexibility in the underlying security requirements, and the structure of both the portfolio and the REIT Group. The Directors intend that the Group will maintain a conservative level of aggregate borrowings with a medium-term target of 30%\u201335% of the Group\u2019s gross assets. The Group has complied with all covenants on its borrowings up to the date of this report (see note 25). All of the targets mentioned above sit comfortably within the Group\u2019s covenant levels, which include loan to value (\u201cLTV\u201d), interest cover ratio and loan to projected project cost ratio. The Group LTV at the year end was 33.2% (2024: 28.8%) and there is substantial headroom within existing covenants. Debt is drawn at the asset and corporate level, subject to the assessment of the optimal financing structure for the Group and having consideration to key metrics including lender diversity, debt type and maturity profiles.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the Group\u2019s cash balances and bank borrowings along with a number of interest rate derivatives entered into to mitigate interest rate risk. The Group monitors its interest rate exposure on a regular basis. A sensitivity analysis performed to ascertain the impact on the Group Statement of Comprehensive Income and net assets of a 100 basis point shift in interest rates would result in an increase of \u00a311.5 million (2024: \u00a34.8 million) or a decrease of \u00a311.5 million (2024: \u00a34.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial
institutions. Credit risk is mitigated by tenants being required to pay rentals in advance under their lease obligations. The credit quality of the
tenant is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement.
Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of each
class of financial asset. We conduct ongoing covenant analysis of our clients and strengthened our team to support this work during the
period. The analysis combines publicly available financial and trading information with our own observations and customer conversations as
well as the opinions of third-party professionals to form a view over the credit risk of counter-parties under our leases.
Trade receivables
Trade receivables, primarily tenant rentals, are presented in the Group Statement of Financial Position net of allowances for doubtful
receivables and are monitored on a case-by-case basis. Credit risk is primarily managed by requiring tenants to pay rentals in advance and
performing tests around strength of covenant prior to acquisition and on an ongoing annual basis.
Credit risk related to financial instruments and cash deposits
One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit risk
on short-term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders to the
Group, with high credit ratings assigned by international credit-rating agencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital, the finance charges, principal repayments on its borrowings and its
commitments under development arrangements. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they
fall due, as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s objective is to
ensure it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous monitoring of
forecast and actual cash flows by management, ensuring it has appropriate levels of cash and available drawings to meet liabilities as
they fall due.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:
Less than Between Between More than
1 Year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2025
Borrowings
168.8
436.0
1,609.5
945.4
3,159.7
Trade and other payables
171.7
\u2014
\u2014
7.5
179.2
340.5
436.0
1,609.5
952.9
3,338.9
31 December 2024
Borrowings
67.9
486.6
937.9
783.7
2,276.1
Trade and other payables
112.5
\u2014
\u2014
3.9
116.4
180.4
486.6
937.9
787.6
2,392.5
Included within the contracted payments is \u00a3386.2 million (2024: \u00a3282.3 million) of loan interest payable up to the point of maturity across
the facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "
28. Capital management
The Board, with the assistance of the Investment Manager, monitors and reviews the Group\u2019s capital so as to promote the long-term success
of the business, facilitate expansion and to maintain sustainable returns for Shareholders. The Group considers proceeds from share
issuances, bank borrowings and retained earnings as capital. The Group\u2019s policy on borrowings is as set out below:
The level of borrowing will be on a prudent basis for the asset class, and will seek to achieve a low cost of funds, while maintaining flexibility
in the underlying security requirements, and the structure of both the portfolio and the REIT Group.
The Directors intend that the Group will maintain a conservative level of aggregate borrowings with a medium-term target of 30%\u201335% of the
Group\u2019s gross assets.
The Group has complied with all covenants on its borrowings up to the date of this report (see note 25). All of the targets mentioned above sit
comfortably within the Group\u2019s covenant levels, which include loan to value (\u201cLTV\u201d), interest cover ratio and loan to projected project cost ratio.
The Group LTV at the year end was 33.2% (2024: 28.8%) and there is substantial headroom within existing covenants.
Debt is drawn at the asset and corporate level, subject to the assessment of the optimal financing structure for the Group and having
consideration to key metrics including lender diversity, debt type and maturity profiles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
29. Equity reserves
Share capital
The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2025 2025 2024 2024
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
2,480,677,459
24.8
1,903,738,325
19
Share issued from acquisitions
221,444,706
2.2
576,939,134
5.8
Balance at end of year
2,702,122,165
27.0
2,480,677,459
24.8
On 22 October 2025, the Company issued 221.4 million Ordinary Shares at a fair value of 148.6p per share (1p nominal value and a premium
of 147.6p). These shares were issued as part of the consideration for acquiring 100% interest in a logistics portfolio from Blackstone.
On 17 May 2024, the Company issued 576.9 million Ordinary Shares at a fair value of 166.9p per share (1p nominal value and a premium of
165.9p). These shares were issued as consideration for acquiring 100% of the issued share capital of UK Commercial Property REIT.
Shareholders of UK Commercial Property REIT were entitled to receive 0.444 shares for each UK Commercial Property REIT share they held.
Share premium
The share premium relates to amounts subscribed for share capital in excess of its nominal value.
Merger reserve
Movements in the current year relate to the shares issued in relation to the acquisition of the logistics portfolio from Blackstone, as described
above (refer to note 17).
Movements in the prior year relate to the shares issued in relation the UKCM merger, as described above (refer to note 17).
Capital reduction reserve
In 2015, 2018 and 2023, the Company by way of Special Resolution cancelled the then value of its share premium account, by an Order of the
High Court of Justice, Chancery Division. As a result of these cancellations, \u00a3422.6 million, \u00a3932.4 million and \u00a3764.4 million respectively were
transferred from the share premium account into the capital reduction reserve account. The capital reduction reserve account is classed as a
distributable reserve. Movements in the current year relate to dividends paid.
Retained earnings
Retained earnings relates to all net gains and losses not recognised elsewhere.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "29. Equity reserves Share capital The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2025 2025 2024 2024
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
2,480,677,459
24.8
1,903,738,325
19
Share issued from acquisitions
221,444,706
2.2
576,939,134
5.8
Balance at end of year
2,702,122,165
27.0
2,480,677,459
24.8
On 22 October 2025, the Company issued 221.4 million Ordinary Shares at a fair value of 148.6p per share (1p nominal value and a premium of 147.6p). These shares were issued as part of the consideration for acquiring 100% interest in a logistics portfolio from Blackstone. On 17 May 2024, the Company issued 576.9 million Ordinary Shares at a fair value of 166.9p per share (1p nominal value and a premium of 165.9p). These shares were issued as consideration for acquiring 100% of the issued share capital of UK Commercial Property REIT. Shareholders of UK Commercial Property REIT were entitled to receive 0.444 shares for each UK Commercial Property REIT share they held. Share premium The share premium relates to amounts subscribed for share capital in excess of its nominal value. Merger reserve Movements in the current year relate to the shares issued in relation to the acquisition of the logistics portfolio from Blackstone, as described above (refer to note 17). Movements in the prior year relate to the shares issued in relation the UKCM merger, as described above (refer to note 17). Capital reduction reserve In 2015, 2018 and 2023, the Company by way of Special Resolution cancelled the then value of its share premium account, by an Order of the High Court of Justice, Chancery Division. As a result of these cancellations, \u00a3422.6 million, \u00a3932.4 million and \u00a3764.4 million respectively were transferred from the share premium account into the capital reduction reserve account. The capital reduction reserve account is classed as a distributable reserve. Movements in the current year relate to dividends paid. Retained earnings Retained earnings relates to all net gains and losses not recognised elsewhere.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Share capital The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2025 2025 2024 2024
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
2,480,677,459
24.8
1,903,738,325
19
Share issued from acquisitions
221,444,706
2.2
576,939,134
5.8
Balance at end of year
2,702,122,165
27.0
2,480,677,459
24.8
On 22 October 2025, the Company issued 221.4 million Ordinary Shares at a fair value of 148.6p per share (1p nominal value and a premium of 147.6p). These shares were issued as part of the consideration for acquiring 100% interest in a logistics portfolio from Blackstone. On 17 May 2024, the Company issued 576.9 million Ordinary Shares at a fair value of 166.9p per share (1p nominal value and a premium of 165.9p). These shares were issued as consideration for acquiring 100% of the issued share capital of UK Commercial Property REIT. Shareholders of UK Commercial Property REIT were entitled to receive 0.444 shares for each UK Commercial Property REIT share they held. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
30. Net asset value (\u201cNAV\u201d) per share
Basic NAV per share is calculated by dividing net assets in the Group Statement of Financial Position attributable to ordinary equity holders of
the Parent by the number of Ordinary Shares outstanding at the end of the year. As there are dilutive instruments outstanding, both basic and
diluted NAV per share are shown below.
31 December 31 December
2025 2024
\u00a3m \u00a3m
Net assets per Group Statement of Financial Position
5,058.9
4,567.4
EPRA NTA
5,073.4
4,603.2
Ordinary Shares:
Issued share capital (number)
2,702,122,164
2,480,677,459
Net asset value per share
187.22p
184.12p
Dilutive shares in issue (number)
8,766,896
\u2014
Net asset value per share \u2013 dilutive
187.09p
184.12p
31 December 2025
31 December 2024
EPRA NTA EPRA NRV EPRA NDV EPRA NTA EPRA NRV EPRA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NAV attributable to shareholders
5,058.9
5,058.9
5,058.9
4,567.4
4,567.4
4,567.4
Revaluation of land options
17.7
17.7
17.7
18.0
18.0
18.0
Mark-to-market adjustments of
derivatives
(2.8)
(2.8)
\u2014
18.5
18.5
\u2014
Intangibles
(0.4)
\u2014
\u2014
(0.7)
\u2014
\u2014
Fair value of debt
\u2014
\u2014
140.1
\u2014
\u2014
192.4
Real estate transfer tax
\u2014
534.6
\u2014
\u2014
444.6
\u2014
NAV
5,073.4
5,608.4
5,216.7
4,603.2
5,048.5
4,777.8
NAV per share
187.76p
207.56p
193.06p
185.56p
203.51p
192.60p
Dilutive NAV per share
187.63p
207.37p
192.91p
185.56p
203.51p
192.60p
See notes to the EPRA NAV calculations for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
31. Operating leases
The future minimum lease payments under non-cancellable operating leases receivable by the Group are as follows:
Less than Between Between Between Between More than
1 year 1 and 2 years 2 and 3 years 3 and 4 years 4 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2025
329.1
325.5
322.4
315.9
303.5
2,347.1
3,943.5
31 December 2024
295.3
284.1
274.8
247.4
232.8
1,952.1
3,286.5
The majority of the Group\u2019s investment properties are leased to single tenants, some of which have guarantees attached, under the terms of a
commercial property lease. Each has upward-only rent reviews that are linked to either RPI/CPI, open market or with fixed uplifts. The
weighted average unexpired lease term is 9.6 years (2024: 10.3 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
32. Transactions with related parties
For the year ended 31 December 2025, all Directors and some of the Members of the Manager are considered key management personnel.
The terms and conditions of the Investment Management Agreement are described in the Management Engagement Committee Report.
Details of the amount paid for services provided by Tritax Management LLP (\u201cthe Manager\u201d) are provided in note 11.
The total amount payable in the period relating to the Investment Management Agreement was \u00a327.2 million (31 December 2024: \u00a324.6
million), with the total amount outstanding at the period end was \u00a37.1 million (31 December 2024: \u00a36.6 million).
The Manager receives a net fee relating to asset management services provided to three properties which are 4% owned by the Group,
amounting to \u00a30.05 million for the period ended 31 December 2025 (31 December 2024: \u00a30.05 million).
The total expense recognised in the Group Statement of Comprehensive Income relating to share-based payments under the Investment
Management Agreement was \u00a35.5 million (2024: \u00a35.0 million), of which \u00a32.8 million (2024: \u00a32.7 million) was outstanding at the year end.
Details of amounts paid to Directors for their services can be found within the Directors\u2019 Remuneration Report.
During the year the six Members of the Manager included Colin Godfrey, James Dunlop, Henry Franklin, Petrina Austin, Bjorn Hobart and
Frankie Whitehead.
During the year, the Directors who served during the year received the following dividends Aubrey Adams: \u00a323,790 (2024: \u00a321,345), Alastair
Hughes: \u00a36,089 (2024: \u00a35,157), Richard Laing: \u00a36,234 (2024: \u00a35,329), Karen Whitworth \u00a34,797 (2024: \u00a33,942) Wu Gang \u00a3682 (2024: \u00a3524) and
Elizabeth Brown \u00a31,616 (2024: \u00a31,534) . See note 11 and Directors\u2019 Remuneration Report for further details.
During the year the Members of the Manager received the following dividends: Colin Godfrey: \u00a3216,066 (2024: \u00a3225,247), James Dunlop:
\u00a3251,826 (2024: \u00a3220,554), Henry Franklin: \u00a3182,534 (2024: \u00a3163,645), Petrina Austin: \u00a334,545 (2024: \u00a329,564), Bjorn Hobart: \u00a338,874 (2024:
\u00a333,672) and Frankie Whitehead \u00a322,048 (2024: \u00a317,174).
With regards to Tritax Management\u2019s part originating the data centre opportunity for the Group:
\u2022 In the current year it has received \u00a36.1 million in consideration for its 50% ownership of the JV, including a first right of refusal for the
Company on the Manager\u2019s data centre pipeline;
\u2022 It will receive a development management fee, in line with market terms, of up to 5% of the development cost of the scheme, contingent
upon receiving planning consent; and
\u2022 It will receive a profit share of 17.5% of the total Phase 1 development profits, contingent upon full delivery of a practically completed and let
data centre, of which 50% will be applied to the subscription or acquisition of shares in the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "32. Transactions with related parties For the year ended 31 December 2025, all Directors and some of the Members of the Manager are considered key management personnel. The terms and conditions of the Investment Management Agreement are described in the Management Engagement Committee Report. Details of the amount paid for services provided by Tritax Management LLP (\u201cthe Manager\u201d) are provided in note 11. The total amount payable in the period relating to the Investment Management Agreement was \u00a327.2 million (31 December 2024: \u00a324.6 million), with the total amount outstanding at the period end was \u00a37.1 million (31 December 2024: \u00a36.6 million). The Manager receives a net fee relating to asset management services provided to three properties which are 4% owned by the Group, amounting to \u00a30.05 million for the period ended 31 December 2025 (31 December 2024: \u00a30.05 million). The total expense recognised in the Group Statement of Comprehensive Income relating to share-based payments under the Investment Management Agreement was \u00a35.5 million (2024: \u00a35.0 million), of which \u00a32.8 million (2024: \u00a32.7 million) was outstanding at the year end. Details of amounts paid to Directors for their services can be found within the Directors\u2019 Remuneration Report. During the year the six Members of the Manager included Colin Godfrey, James Dunlop, Henry Franklin, Petrina Austin, Bjorn Hobart and Frankie Whitehead. During the year, the Directors who served during the year received the following dividends Aubrey Adams: \u00a323,790 (2024: \u00a321,345), Alastair Hughes: \u00a36,089 (2024: \u00a35,157), Richard Laing: \u00a36,234 (2024: \u00a35,329), Karen Whitworth \u00a34,797 (2024: \u00a33,942) Wu Gang \u00a3682 (2024: \u00a3524) and Elizabeth Brown \u00a31,616 (2024: \u00a31,534) . See note 11 and Directors\u2019 Remuneration Report for further details. During the year the Members of the Manager received the following dividends: Colin Godfrey: \u00a3216,066 (2024: \u00a3225,247), James Dunlop: \u00a3251,826 (2024: \u00a3220,554), Henry Franklin: \u00a3182,534 (2024: \u00a3163,645), Petrina Austin: \u00a334,545 (2024: \u00a329,564), Bjorn Hobart: \u00a338,874 (2024: \u00a333,672) and Frankie Whitehead \u00a322,048 (2024: \u00a317,174). With regards to Tritax Management\u2019s part originating the data centre opportunity for the Group: \u2022 In the current year it has received \u00a36.1 million in consideration for its 50% ownership of the JV, including a first right of refusal for the Company on the Manager\u2019s data centre pipeline; \u2022 It will receive a development management fee, in line with market terms, of up to 5% of the development cost of the scheme, contingent upon receiving planning consent; and \u2022 It will receive a profit share of 17.5% of the total Phase 1 development profits, contingent upon full delivery of a practically completed and let data centre, of which 50% will be applied to the subscription or acquisition of shares in the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
33. Reconciliation of liabilities to cash flows from financing activities
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2025
811.6
(7.5)
1,141.8
1,945.9
Cash flows from financing activities:
Bank borrowings advanced
1,310.0
\u2014
\u2014
1,310.0
Bank borrowings repaid
(646.0)
\u2014
\u2014
(646.0)
Issue of loan notes
\u2014
297.0
297.0
Early redemption of loan notes
\u2014
\u2014
(181.9)
(181.9)
Interest rate cap premium paid
\u2014
(2.5)
\u2014
(2.5)
Loan arrangement fees paid
(3.7)
\u2014
(4.7)
(8.4)
Non-cash movements:
Amortisation of loan arrangement fees
2.1
\u2014
1.5
3.6
Fair value movement
6.1
7.3
\u2014
13.4
Balance on 31 December 2025
1,480.1
(2.7)
1,253.7
2,731.1
In addition to the above cash flow movements in borrowings, interest was also paid of \u00a360.2 million (2024: \u00a360.6 million); this is included in the
movement in accruals.
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2024
474.7
(11.1)
1,140.5
1,604.1
Cash flows from financing activities:
Bank borrowings advanced
340.0
\u2014
\u2014
340.0
Bank borrowings repaid
(178.0)
\u2014
\u2014
(178.0)
Interest rate cap premium paid
\u2014
(1.8)
\u2014
(1.8)
Loan arrangement fees paid
(1.0)
\u2014
(0.2)
(1.2)
Non-cash movements:
Change in creditors for loan arrangement fees payable
174.5
\u2014
\u2014
174.5
Amortisation of loan arrangement fees
1.4
\u2014
1.5
2.9
Fair value movement
\u2014
5.4
\u2014
5.4
Balance on 31 December 2024
811.6
(7.5)
1,141.8
1,945.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "33. Reconciliation of liabilities to cash flows from financing activities
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2025
811.6
(7.5)
1,141.8
1,945.9
Cash flows from financing activities:
Bank borrowings advanced
1,310.0
\u2014
\u2014
1,310.0
Bank borrowings repaid
(646.0)
\u2014
\u2014
(646.0)
Issue of loan notes
\u2014
297.0
297.0
Early redemption of loan notes
\u2014
\u2014
(181.9)
(181.9)
Interest rate cap premium paid
\u2014
(2.5)
\u2014
(2.5)
Loan arrangement fees paid
(3.7)
\u2014
(4.7)
(8.4)
Non-cash movements:
Amortisation of loan arrangement fees
2.1
\u2014
1.5
3.6
Fair value movement
6.1
7.3
\u2014
13.4
Balance on 31 December 2025
1,480.1
(2.7)
1,253.7
2,731.1
In addition to the above cash flow movements in borrowings, interest was also paid of \u00a360.2 million (2024: \u00a360.6 million); this is included in the movement in accruals.
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2024
474.7
(11.1)
1,140.5
1,604.1
Cash flows from financing activities:
Bank borrowings advanced
340.0
\u2014
\u2014
340.0
Bank borrowings repaid
(178.0)
\u2014
\u2014
(178.0)
Interest rate cap premium paid
\u2014
(1.8)
\u2014
(1.8)
Loan arrangement fees paid
(1.0)
\u2014
(0.2)
(1.2)
Non-cash movements:
Change in creditors for loan arrangement fees payable
174.5
\u2014
\u2014
174.5
Amortisation of loan arrangement fees
1.4
\u2014
1.5
2.9
Fair value movement
\u2014
5.4
\u2014
5.4
Balance on 31 December 2024
811.6
(7.5)
1,141.8
1,945.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "
34. Capital commitments
The Group had capital commitments of \u00a346.8 million in relation to its development activity, asset management initiatives and commitments
under development land, outstanding as at 31 December 2025 (31 December 2024: \u00a3128.1 million). All commitments fall due within one year
from the date of this report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "34. Capital commitments The Group had capital commitments of \u00a346.8 million in relation to its development activity, asset management initiatives and commitments under development land, outstanding as at 31 December 2025 (31 December 2024: \u00a3128.1 million). All commitments fall due within one year from the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "
35. Subsequent events
In January and February 2026, the Company sold \u00a313.3 million of non-strategic assets and exchanged \u00a311.4 million of logistics
investment assets.
There were no other significant events occurring after the reporting period, but before the financial statements were authorised for issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "
36. Asset acquisition
The Group acquired all the shares of a logistics portfolio from Blackstone. The shares issued in consideration for the acquisition qualify for
merger relief and as a result no share premium has been recognised and merger reserve has been established. The target operations were
solely the ownership of investment properties complete with extant tenant operating leases along with related cash, other associated assets
and working capital balances.
The consideration paid partly in shares of the company and in cash which has been allocated across the net assets acquired by fair valuing
working capital acquired (given the short term nature of the amounts these values have been taken to represent cost), fair valuing cash
acquired (being the principal amount) with the remaining consideration being allocated across the investment properties acquired (refer
to note 17).
22 October
2025
Assets and liabilities acquired: \u00a3m
Investment property fair value
1,000.9
Discount to cost on acquisition
(11.0)
Investment property recognised at cost
989.9
Cash
23.4
Other net assets
(21.6)
Acquisition costs
(17.4)
Total consideration paid
974.3
Consideration paid \u2013 shares
329.1
Deferred consideration
13.0
Consideration paid \u2013 Cash
632.2
", "dimensions": { "concept": "tritaxbigboxreitplc:DisclousreOfAssetAcquisition", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "72 Broadwick Street London W1F 9QZ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }