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1. General information
The Group consists of a Parent Company, Phoenix Spree Deutschland Limited (\u2018the Company\u2019), incorporated in Jersey, Channel Islands and all its
subsidiaries (\u2018the Group\u2019) which are incorporated and domiciled in and operate out of Jersey and Germany. Phoenix Spree Deutschland Limited is
listed under the Closed-ended investment funds category of the London Stock Exchange.
The Group invests in residential and commercial property in Berlin, Germany.
The registered office is at IFC 5, St. Helier, Jersey, JE1 1ST, Channel Islands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Phoenix Spree Deutschland Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "The Group invests in residential and commercial property in Berlin, Germany. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "IFC 5, St. Helier, Jersey, JE1 1ST, Channel Island", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "value": "
2. Summary of material accounting policies
The principal accounting policies adopted are set out below.
2.1 Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB) and applicable law.
The consolidated financial statements are presented to the nearest \u20ac1,000.
The Group has adopted all of the new and revised standards and interpretations issued by the International Accounting Standards Board (\u2018IASB\u2019)
and the International Financial Reporting Interpretations Committee (\u2018IFRIC\u2019) of the IASB, as they have been adopted by the European Union, that
are relevant to its operations and effective for accounting periods beginning on 1 January 2025. There are no differences between the adopted
standards and International Accounting Standards as adopted by the United Kingdom.
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the
revaluation of investment property and financial assets and liabilities at fair value through profit or loss.
The preparation of the consolidated financial statements requires management to exercise its judgement in the process of applying accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the consolidated
financial statements are disclosed in note 4.
2.2 Going concern
The Directors have reviewed projections for the period up to 30 June 2028, using assumptions which the Directors consider to be appropriate
to the current financial position of the Group with regard to revenues, its cost base, the Group\u2019s investments, borrowing and debt repayment
plans. These projections show that the Group should be able to operate within the level of its current resources and expects to manage all debt
covenants for a period of at least 12 months from the date of approval of the financial statements. The Group\u2019s business activities together with the
factors likely to affect its future development and the Group\u2019s objectives, policies and processes from managing its capital and its risks are set out
in the Strategic Report.
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future,
and, therefore, continue to adopt the going concern basis in the preparation of these financial statements.
2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries).
The Company controls an entity when the Group is exposed to, or has rights to, variable returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Profit or loss and each component of other comprehensive income are attributable to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is attributable to the owners of the Company and to the non-controlling interests even
if this results in the non-controlling interests having a deficit balance.
Accounting policies of subsidiaries which differ from Group accounting policies are adjusted on consolidation. All intra-group transactions,
balances, income and expenses are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders
that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair
value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement
is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the
carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of
subsequent changes in equity.
Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of
the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference
between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly
in equity and attributed to the owners of the Company.
When the Group ceases to have control of a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when control is
lost, with the change in the carrying amount recognised in the Consolidated Statement of Comprehensive Income. All assets and liabilities of the
subsidiary are derecognised from the Consolidated Statement of Financial Position at their fair value at the date when control is lost. Any gain or
loss associated with the loss of control is recognised in the Consolidated Statement of Comprehensive Income. The aggregate amount of cash
and cash equivalents received as consideration for losing control of subsidiaries is reported in the Consolidated Statement of Cash Flows net of
cash and cash equivalents acquired or disposed as part of such transaction or event.
2.4 Revenue recognition
Revenue includes rental income, service charges and other amounts directly recoverable from tenants. Rental income and service charges from
operating leases are recognised as income on a straight-line basis over the lease term. When the Group provides incentives to its tenants, the cost
of incentives are recognised over the lease term, on a straight-line basis, as a reduction of rental income.
2.5 Foreign currencies
(a) Functional and presentation currency
The currency of the primary economic environment in which the Group operates (\u2018the functional currency\u2019) is the Euro (\u20ac). The presentational
currency of the consolidated financial statements is also the Euro (\u20ac).
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. At
each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date.
Foreign exchange gains and losses resulting from such transactions are recognised in the Consolidated Statement of Comprehensive Income.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair
value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
2.6 Segment reporting
The Group has identified two operating segments based on the nature of activities and the information reviewed by the Chief Operating
Decision Maker. These comprise investment property held for rental income and property disposal activity undertaken as part of the Group\u2019s
capital recycling strategy.
2.7 Operating profit/(loss)
Operating profit/(loss) is stated before the Group\u2019s net finance charges, gains/losses on derivative financial instruments and gains/losses on
disposal of subsidiaries, and after the revaluation gains or losses for the year in respect of investment properties and after gains or losses on
the disposal of investment properties.
2.8 Administrative and property expenses
All expenses are accounted for on an accruals basis and are charged to the Consolidated Statement of Comprehensive Income in the period
in which they are incurred. Service charge costs are accounted for on an accruals basis and included in property expenses.
2.9 Separately disclosed items
Certain items are disclosed separately in the consolidated financial statements where this provides further understanding of the financial
performance of the Group, due to their significance in terms of nature or amount.
2.10 Property Advisor fees
The element of Property Advisor fees for management services provided are accounted for on an accruals basis and are charged to the Consolidated
Statement of Comprehensive Income. These fees are detailed in note 7 and classified under \u2018Property advisors\u2019 fees and expenses\u2019.
2.11 Investment property
Property that is held for long-term rental yields or for capital appreciation, or both, which is not occupied by the Group, is classified as investment
property.
Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is carried at fair
value, based on market value.
The change in fair values is recognised in the Consolidated Statement of Comprehensive Income for the year.
A valuation exercise is undertaken by the Group\u2019s independent valuer, Jones Lang LaSalle GmbH (\u2018JLL\u2019), at each reporting date in accordance with
the methodology described in note 16 on a building-by-building basis. Such estimates are inherently subjective and actual values can only be
determined in a sales transaction. The valuations have been prepared by JLL on a consistent basis at each reporting date.
Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will
flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance costs are charged to the Consolidated Statement of
Comprehensive Income during the financial period in which they are incurred. Changes in fair values are recorded in the consolidated statement of
comprehensive income for the year.
Purchases and sales of investment properties are recognised on legal completion.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future
economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Statement of Comprehensive Income in the period
in which the property is derecognised.
2.12 Current assets held for sale \u2013 investment property
Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation.
Current assets (and disposal groups) are classified as held for sale when their carrying amount is expected to be recovered principally through a
sale transaction rather than through continuing use. This classification is applied only when the asset is available for immediate sale in its present
condition, subject only to terms that are usual and customary for such sales, and the sale is considered highly probable.
A sale is regarded as highly probable when management is committed to a plan to sell the asset, an active programme to locate a buyer has been
initiated, and completion of the sale is expected to occur within one year from the date of classification.
The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced and the
Board reasonably expects to sell the asset within the next twelve months.
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified
as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former
subsidiary after the sale.
If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if:
(a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer)
will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond
to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly probable
within one year;
(b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a
non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and timely
actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected;
(c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously
classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to
respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change
in circumstances, and the criteria above are met;
(d) otherwise it will be transferred back to investment property.
2.13 Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged so as to write off the costs of assets to their residual values over their estimated useful lives, on the following basis: Equipment \u2013 4.50% to 25% per annum, straight line. The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Consolidated Statement of Comprehensive Income. 2.14 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred. 2.15 Tenants deposits Tenants deposits are held off the Consolidated Statement of Financial Position in a separate bank account in accordance with German legal requirements, and the funds are not accessible to the Group. Accordingly, neither an asset nor a liability is recognised. 2.16 Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Trade and other receivables Trade receivables are amounts due from tenants for rents and service charges and are initially recognised at the amount of the consideration that is unconditional and subsequently carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. The Group applies the simplified approach which requires expected lifetime losses to be recognised from initial recognition of the receivable. Cash and cash equivalents Cash and cash equivalents are defined as cash and short term deposits, including any bank overdrafts, with an original maturity of three months or less, measured at amortised cost. Trade and other payables Trade payables are recognised and carried at their invoiced value inclusive of any VAT that may be applicable, and subsequently at amortised cost using the effective interest method. Borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. Treasury shares When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity at the weighted average cost of treasury shares up to the date of repurchase. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within retained earnings. Interest-rate swaps The Group uses interest-rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest-rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest-rate swaps are valued by an independent third party specialist. The market value calculation is based on the present value of the counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest. The fair value of the interest-rate swaps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity is greater than one year from the reporting date. Interest-rate caps The Group uses interest-rate caps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest-rate caps are recognised as Derivative financial instruments in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the caps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest-rate caps are valued by an independent third party specialist using generally accepted valuation techniques. The market value calculation is based on the present value of expected future payments. The valuation is based on forward interest rate curves, the contractual strike rate, implied interest rate volatility, the notional amounts and remaining term of the instruments, and appropriate discount factors. The fair value of the interest-rate caps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity is greater than one year from the reporting date. 2.17 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In that case, the tax is also recognised in other comprehensive income or directly in equity, respectively. (a) Current tax The current tax charge is based on taxable profit/(loss) for the year. Taxable profit/(loss) differs from net profit/(loss) reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the accounting date. (b) Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit/(loss). Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is charged or credited in the Consolidated Statement of Comprehensive Income except when it relates to items credited or charged directly in equity, in which case the deferred tax is also dealt with in equity. Deferred tax is calculated at the tax rates and laws that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the accounting date. The carrying amount of deferred tax assets is reviewed at each accounting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 2.18 New standards and interpretations The following relevant new standards, amendments to standards and interpretations have been issued, and are effective for the financial year beginning on 1 January 2025, as adopted by the European Union and United Kingdom:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes Accounting periods beginning on or after 1 January 2025
in Foreign Exchange Rates
The new standard and amendment listed above did not have a material impact on either the current or prior financial periods. New and revised IFRS Standards in issue but not yet effective and not early adopted The following standards have been issued by the IASB and adopted by the EU:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Amendments to the Classification and Measurement of Financial Instruments \u2013 Accounting periods beginning on or after 1 January 2026
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
Disclosures
Annual Improvements to IFRS Accounting Standards \u2013 Amendments to:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
Accounting periods beginning on or after 1 January 2026
IFRS 7 Financial Instruments: Disclosures and it\u2019s accompanying Guidance on
implementing IFRS 7;
Accounting periods beginning on or after 1 January 2026
IFRS 9 Financial Instruments;
Accounting periods beginning on or after 1 January 2026
IFRS 10 Consolidated Financial Statements; and
Accounting periods beginning on or after 1 January 2026
IAS 7 Statement of Cash flows
Accounting periods beginning on or after 1 January 2026
IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity
Accounting periods beginning on or after 1 January 2026
There are no anticipated material impacts to the Group from the above new and revised IFRS Standards.
Title
As issued by the IASB, mandatory for accounting periods starting on or after
IFRS 18 Presentation and Disclosure in Financial Statements
Accounting periods beginning on or after 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures Accounting periods beginning on or after 1 January 2027
(Not yet UKEB endorsed)
IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a
Hyperinflationary Presentation Currency (Amendments) (Not yet UK endorsed)
Accounting periods beginning on or after 1 January 2027
The focus of IFRS 18 is directed around financial performance and primarily the presentation of the profit and loss. The changes are likely to have an effect on the presentation of the financial statements and the impact of such changes will be considered and relevant amendments to the financial statements will be made prior to the IFRS coming into effect. There are no anticipated material impacts to the Group in respect of IFRS 19 and IAS 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "value": "2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and applicable law. The consolidated financial statements are presented to the nearest \u20ac1,000. The Group has adopted all of the new and revised standards and interpretations issued by the International Accounting Standards Board (\u2018IASB\u2019) and the International Financial Reporting Interpretations Committee (\u2018IFRIC\u2019) of the IASB, as they have been adopted by the European Union, that are relevant to its operations and effective for accounting periods beginning on 1 January 2025. There are no differences between the adopted standards and International Accounting Standards as adopted by the United Kingdom. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of investment property and financial assets and liabilities at fair value through profit or loss. The preparation of the consolidated financial statements requires management to exercise its judgement in the process of applying accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the consolidated financial statements are disclosed in note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and applicable law. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "value": "2.2 Going concern The Directors have reviewed projections for the period up to 30 June 2028, using assumptions which the Directors consider to be appropriate to the current financial position of the Group with regard to revenues, its cost base, the Group\u2019s investments, borrowing and debt repayment plans. These projections show that the Group should be able to operate within the level of its current resources and expects to manage all debt covenants for a period of at least 12 months from the date of approval of the financial statements. The Group\u2019s business activities together with the factors likely to affect its future development and the Group\u2019s objectives, policies and processes from managing its capital and its risks are set out in the Strategic Report. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and, therefore, continue to adopt the going concern basis in the preparation of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). The Company controls an entity when the Group is exposed to, or has rights to, variable returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Profit or loss and each component of other comprehensive income are attributable to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributable to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Accounting policies of subsidiaries which differ from Group accounting policies are adjusted on consolidation. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. When the Group ceases to have control of a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in the carrying amount recognised in the Consolidated Statement of Comprehensive Income. All assets and liabilities of the subsidiary are derecognised from the Consolidated Statement of Financial Position at their fair value at the date when control is lost. Any gain or loss associated with the loss of control is recognised in the Consolidated Statement of Comprehensive Income. The aggregate amount of cash and cash equivalents received as consideration for losing control of subsidiaries is reported in the Consolidated Statement of Cash Flows net of cash and cash equivalents acquired or disposed as part of such transaction or event. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-227": { "value": "2.4 Revenue recognition Revenue includes rental income, service charges and other amounts directly recoverable from tenants. Rental income and service charges from operating leases are recognised as income on a straight-line basis over the lease term. When the Group provides incentives to its tenants, the cost of incentives are recognised over the lease term, on a straight-line basis, as a reduction of rental income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-228": { "value": "2.5 Foreign currencies (a) Functional and presentation currency The currency of the primary economic environment in which the Group operates (\u2018the functional currency\u2019) is the Euro (\u20ac). The presentational currency of the consolidated financial statements is also the Euro (\u20ac). (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Foreign exchange gains and losses resulting from such transactions are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "(a) Functional and presentation currency The currency of the primary economic environment in which the Group operates (\u2018the functional currency\u2019) is the Euro (\u20ac). The presentational currency of the consolidated financial statements is also the Euro (\u20ac). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-229": { "value": "2.6 Segment reporting The Group has identified two operating segments based on the nature of activities and the information reviewed by the Chief Operating Decision Maker. These comprise investment property held for rental income and property disposal activity undertaken as part of the Group\u2019s capital recycling strategy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "value": "2.7 Operating profit/(loss) Operating profit/(loss) is stated before the Group\u2019s net finance charges, gains/losses on derivative financial instruments and gains/losses on disposal of subsidiaries, and after the revaluation gains or losses for the year in respect of investment properties and after gains or losses on the disposal of investment properties. ", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForOperatingProfit", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-231": { "value": "2.8 Administrative and property expenses All expenses are accounted for on an accruals basis and are charged to the Consolidated Statement of Comprehensive Income in the period in which they are incurred. Service charge costs are accounted for on an accruals basis and included in property expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-232": { "value": "2.9 Separately disclosed items Certain items are disclosed separately in the consolidated financial statements where this provides further understanding of the financial performance of the Group, due to their significance in terms of nature or amount. ", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-233": { "value": "2.10 Property Advisor fees The element of Property Advisor fees for management services provided are accounted for on an accruals basis and are charged to the Consolidated Statement of Comprehensive Income. These fees are detailed in note 7 and classified under \u2018Property advisors\u2019 fees and expenses\u2019. ", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForPropertyAdvisorFees", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "2.11 Investment property Property that is held for long-term rental yields or for capital appreciation, or both, which is not occupied by the Group, is classified as investment property. Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is carried at fair value, based on market value. The change in fair values is recognised in the Consolidated Statement of Comprehensive Income for the year. A valuation exercise is undertaken by the Group\u2019s independent valuer, Jones Lang LaSalle GmbH (\u2018JLL\u2019), at each reporting date in accordance with the methodology described in note 16 on a building-by-building basis. Such estimates are inherently subjective and actual values can only be determined in a sales transaction. The valuations have been prepared by JLL on a consistent basis at each reporting date. Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance costs are charged to the Consolidated Statement of Comprehensive Income during the financial period in which they are incurred. Changes in fair values are recorded in the consolidated statement of comprehensive income for the year. Purchases and sales of investment properties are recognised on legal completion. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Statement of Comprehensive Income in the period in which the property is derecognised. 2.12 Current assets held for sale \u2013 investment property Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation. Current assets (and disposal groups) are classified as held for sale when their carrying amount is expected to be recovered principally through a sale transaction rather than through continuing use. This classification is applied only when the asset is available for immediate sale in its present condition, subject only to terms that are usual and customary for such sales, and the sale is considered highly probable. A sale is regarded as highly probable when management is committed to a plan to sell the asset, an active programme to locate a buyer has been initiated, and completion of the sale is expected to occur within one year from the date of classification. The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced and the Board reasonably expects to sell the asset within the next twelve months. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if: (a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer) will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly probable within one year; (b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and timely actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected; (c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change in circumstances, and the criteria above are met; (d) otherwise it will be transferred back to investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "2.12 Current assets held for sale \u2013 investment property Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation. Current assets (and disposal groups) are classified as held for sale when their carrying amount is expected to be recovered principally through a sale transaction rather than through continuing use. This classification is applied only when the asset is available for immediate sale in its present condition, subject only to terms that are usual and customary for such sales, and the sale is considered highly probable. A sale is regarded as highly probable when management is committed to a plan to sell the asset, an active programme to locate a buyer has been initiated, and completion of the sale is expected to occur within one year from the date of classification. The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced and the Board reasonably expects to sell the asset within the next twelve months. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if: (a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer) will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly probable within one year; (b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and timely actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected; (c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change in circumstances, and the criteria above are met; (d) otherwise it will be transferred back to investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "2.12 Current assets held for sale \u2013 investment property Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation. Current assets (and disposal groups) are classified as held for sale when their carrying amount is expected to be recovered principally through a sale transaction rather than through continuing use. This classification is applied only when the asset is available for immediate sale in its present condition, subject only to terms that are usual and customary for such sales, and the sale is considered highly probable. A sale is regarded as highly probable when management is committed to a plan to sell the asset, an active programme to locate a buyer has been initiated, and completion of the sale is expected to occur within one year from the date of classification. The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced and the Board reasonably expects to sell the asset within the next twelve months. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if: (a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer) will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly probable within one year; (b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and timely actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected; (c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change in circumstances, and the criteria above are met; (d) otherwise it will be transferred back to investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "
2.13 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation.
Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.
Depreciation is charged so as to write off the costs of assets to their residual values over their estimated useful lives, on the following basis:
Equipment \u2013 4.50% to 25% per annum, straight line.
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the
asset and is recognised in the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "
2.14 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
All other borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred.
2.16 Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added
to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Trade and other receivables
Trade receivables are amounts due from tenants for rents and service charges and are initially recognised at the amount of the consideration that is
unconditional and subsequently carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants.
The Group applies the simplified approach which requires expected lifetime losses to be recognised from initial recognition of the receivable.
Cash and cash equivalents
Cash and cash equivalents are defined as cash and short term deposits, including any bank overdrafts, with an original maturity of three months or
less, measured at amortised cost.
Trade and other payables
Trade payables are recognised and carried at their invoiced value inclusive of any VAT that may be applicable, and subsequently at amortised cost
using the effective interest method.
Borrowings
All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing
loans and borrowings are subsequently measured at amortised cost, using the effective interest method.
Treasury shares
When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised
as a deduction from equity at the weighted average cost of treasury shares up to the date of repurchase. Repurchased shares are classified as
treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is
recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within retained earnings.
Interest-rate swaps
The Group uses interest-rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes.
The interest-rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain
or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12.
The interest-rate swaps are valued by an independent third party specialist. The market value calculation is based on the present value of the
counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest.
The fair value of the interest-rate swaps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity
is greater than one year from the reporting date.
Interest-rate caps
The Group uses interest-rate caps to manage its market risk. The Group does not hold or issue derivatives for trading purposes.
The interest-rate caps are recognised as Derivative financial instruments in the Consolidated Statement of Financial Position at fair value, based on
counterparty quotes. The gain or loss on the caps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12.
The interest-rate caps are valued by an independent third party specialist using generally accepted valuation techniques. The market value calculation
is based on the present value of expected future payments. The valuation is based on forward interest rate curves, the contractual strike rate, implied
interest rate volatility, the notional amounts and remaining term of the instruments, and appropriate discount factors.
The fair value of the interest-rate caps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity
is greater than one year from the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "2.14 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-237": { "value": "
2.15 Tenants deposits
Tenants deposits are held off the Consolidated Statement of Financial Position in a separate bank account in accordance with German legal
requirements, and the funds are not accessible to the Group. Accordingly, neither an asset nor a liability is recognised.
", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForTenantsDeposits", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "Trade and other receivables Trade receivables are amounts due from tenants for rents and service charges and are initially recognised at the amount of the consideration that is unconditional and subsequently carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. The Group applies the simplified approach which requires expected lifetime losses to be recognised from initial recognition of the receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Cash and cash equivalents Cash and cash equivalents are defined as cash and short term deposits, including any bank overdrafts, with an original maturity of three months or less, measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "Trade and other payables Trade payables are recognised and carried at their invoiced value inclusive of any VAT that may be applicable, and subsequently at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "Borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "Borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "Treasury shares When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity at the weighted average cost of treasury shares up to the date of repurchase. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "Interest-rate swaps The Group uses interest-rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest-rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest-rate swaps are valued by an independent third party specialist. The market value calculation is based on the present value of the counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest. The fair value of the interest-rate swaps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity is greater than one year from the reporting date. Interest-rate caps The Group uses interest-rate caps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest-rate caps are recognised as Derivative financial instruments in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the caps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest-rate caps are valued by an independent third party specialist using generally accepted valuation techniques. The market value calculation is based on the present value of expected future payments. The valuation is based on forward interest rate curves, the contractual strike rate, implied interest rate volatility, the notional amounts and remaining term of the instruments, and appropriate discount factors. The fair value of the interest-rate caps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity is greater than one year from the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "Interest-rate swaps The Group uses interest-rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest-rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest-rate swaps are valued by an independent third party specialist. The market value calculation is based on the present value of the counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest. The fair value of the interest-rate swaps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity is greater than one year from the reporting date. Interest-rate caps The Group uses interest-rate caps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest-rate caps are recognised as Derivative financial instruments in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the caps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest-rate caps are valued by an independent third party specialist using generally accepted valuation techniques. The market value calculation is based on the present value of expected future payments. The valuation is based on forward interest rate curves, the contractual strike rate, implied interest rate volatility, the notional amounts and remaining term of the instruments, and appropriate discount factors. The fair value of the interest-rate caps is presented on the Consolidated Statement of Financial Position as non-current when the time to maturity is greater than one year from the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "
2.17 Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income,
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In that case, the tax is also recognised
in other comprehensive income or directly in equity, respectively.
(a) Current tax
The current tax charge is based on taxable profit/(loss) for the year. Taxable profit/(loss) differs from net profit/(loss) reported in the Consolidated
Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the accounting date.
(b) Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit/(loss). Deferred tax assets are recognised to the extent that
it is probable that taxable profit will be available against which deductible temporary differences can be utilised.
Deferred tax is charged or credited in the Consolidated Statement of Comprehensive Income except when it relates to items credited or charged
directly in equity, in which case the deferred tax is also dealt with in equity.
Deferred tax is calculated at the tax rates and laws that are expected to apply to the period when the asset is realised or the liability is settled based
upon tax rates that have been enacted or substantively enacted by the accounting date.
The carrying amount of deferred tax assets is reviewed at each accounting date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "(b) Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit/(loss). Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is charged or credited in the Consolidated Statement of Comprehensive Income except when it relates to items credited or charged directly in equity, in which case the deferred tax is also dealt with in equity. Deferred tax is calculated at the tax rates and laws that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the accounting date. The carrying amount of deferred tax assets is reviewed at each accounting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "
2.18 New standards and interpretations
The following relevant new standards, amendments to standards and interpretations have been issued, and are effective for the financial year
beginning on 1 January 2025, as adopted by the European Union and United Kingdom:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes Accounting periods beginning on or after 1 January 2025
in Foreign Exchange Rates
The new standard and amendment listed above did not have a material impact on either the current or prior financial periods.
New and revised IFRS Standards in issue but not yet effective and not early adopted
The following standards have been issued by the IASB and adopted by the EU:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Amendments to the Classification and Measurement of Financial Instruments \u2013 Accounting periods beginning on or after 1 January 2026
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
Disclosures
Annual Improvements to IFRS Accounting Standards \u2013 Amendments to:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
Accounting periods beginning on or after 1 January 2026
IFRS 7 Financial Instruments: Disclosures and it\u2019s accompanying Guidance on
implementing IFRS 7;
Accounting periods beginning on or after 1 January 2026
IFRS 9 Financial Instruments;
Accounting periods beginning on or after 1 January 2026
IFRS 10 Consolidated Financial Statements; and
Accounting periods beginning on or after 1 January 2026
IAS 7 Statement of Cash flows
Accounting periods beginning on or after 1 January 2026
IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity
Accounting periods beginning on or after 1 January 2026
There are no anticipated material impacts to the Group from the above new and revised IFRS Standards.
Title
As issued by the IASB, mandatory for accounting periods starting on or after
IFRS 18 Presentation and Disclosure in Financial Statements
Accounting periods beginning on or after 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures Accounting periods beginning on or after 1 January 2027
(Not yet UKEB endorsed)
IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a
Hyperinflationary Presentation Currency (Amendments) (Not yet UK endorsed)
Accounting periods beginning on or after 1 January 2027
The focus of IFRS 18 is directed around financial performance and primarily the presentation of the profit and loss. The changes are likely to have
an effect on the presentation of the financial statements and the impact of such changes will be considered and relevant amendments to the
financial statements will be made prior to the IFRS coming into effect. There are no anticipated material impacts to the Group in respect of IFRS 19
and IAS 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "2.18 New standards and interpretations The following relevant new standards, amendments to standards and interpretations have been issued, and are effective for the financial year beginning on 1 January 2025, as adopted by the European Union and United Kingdom:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes Accounting periods beginning on or after 1 January 2025
in Foreign Exchange Rates
The new standard and amendment listed above did not have a material impact on either the current or prior financial periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "New and revised IFRS Standards in issue but not yet effective and not early adopted The following standards have been issued by the IASB and adopted by the EU:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Amendments to the Classification and Measurement of Financial Instruments \u2013 Accounting periods beginning on or after 1 January 2026
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
Disclosures
Annual Improvements to IFRS Accounting Standards \u2013 Amendments to:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
Accounting periods beginning on or after 1 January 2026
IFRS 7 Financial Instruments: Disclosures and it\u2019s accompanying Guidance on
implementing IFRS 7;
Accounting periods beginning on or after 1 January 2026
IFRS 9 Financial Instruments;
Accounting periods beginning on or after 1 January 2026
IFRS 10 Consolidated Financial Statements; and
Accounting periods beginning on or after 1 January 2026
IAS 7 Statement of Cash flows
Accounting periods beginning on or after 1 January 2026
IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity
Accounting periods beginning on or after 1 January 2026
There are no anticipated material impacts to the Group from the above new and revised IFRS Standards.
Title
As issued by the IASB, mandatory for accounting periods starting on or after
IFRS 18 Presentation and Disclosure in Financial Statements
Accounting periods beginning on or after 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures Accounting periods beginning on or after 1 January 2027
(Not yet UKEB endorsed)
IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a
Hyperinflationary Presentation Currency (Amendments) (Not yet UK endorsed)
Accounting periods beginning on or after 1 January 2027
The focus of IFRS 18 is directed around financial performance and primarily the presentation of the profit and loss. The changes are likely to have an effect on the presentation of the financial statements and the impact of such changes will be considered and relevant amendments to the financial statements will be made prior to the IFRS coming into effect. There are no anticipated material impacts to the Group in respect of IFRS 19 and IAS 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
3. Financial risk management
3.1 Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group\u2019s overall risk management programme
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.
Risk management is carried out by the Risk Committee under policies approved by the Board of Directors. The Board provides principles for
overall risk management, as well as policies covering specific areas, such as interest rate risk, credit risk and investment of excess liquidity.
3.2 Market risk
Market risk is the risk of loss that may arise from changes in market factors such as foreign exchange rates, interest rates and general property
market risk. The risks posed by potential changes to rental legislation in Berlin, as well as general market uncertainty due to the continued conflict
in Ukraine have been identified as material market risk and as such have been disclosed below.
(a) Foreign exchange risk
The Group operates in Germany and is exposed to foreign exchange risk arising from currency exposures, primarily with respect to Sterling against
the Euro arising from the costs which are incurred in Sterling. Foreign exchange risk arises from future commercial transactions, and recognised
monetary assets and liabilities denominated in currencies other than the Euro.
The Group\u2019s policy is not to enter into any currency hedging transactions, as the majority of transactions are in Euros, which is the primary
currency of the environment in which the Group operates. Therefore any currency fluctuations are minimal.
(b) Interest rate risk
The Group has exposure to interest rate risk. It has external borrowings at a number of different variable interest rates. The Group is also exposed to
interest rate risk on some of its financial assets, being its cash at bank balances. Details of actual interest rates paid or accrued during each period
can be found in note 22 to the consolidated financial statements.
The Group\u2019s policy is to manage its interest rate risk by entering into a suitable hedging arrangement, either caps or swaps, in order to limit
exposure to borrowings at variable rates.
(c) General property market risk
Through its investment in property, the Group is subject to other risks which can affect the value of property. The Group seeks to minimise the
impact of these risks by review of economic trends and property markets in order to anticipate major changes affecting property values.
(d) Market risk \u2013 Rent legislation
Through its policy of investing in Berlin, the Group is subject to the risk of changing rental legislation which could affect both the rental income,
and the value of property. The Group seeks to mitigate any effect of the changing legislations using strategies set out in the principal risks and
uncertainties on pages 40 to 45.
(e) Market risk \u2013 Geopolitical
The Board remains mindful of external uncertainties, including geopolitical instability, ongoing conflict in the Middle East and the Ukraine war,
macroeconomic conditions and the evolving regulatory environment for residential property in Germany. These factors may influence sentiment
or transaction timings in the short term. However, the structural supply constraints in Berlin residential markets, combined with a long dated, fully
financed capital structure, a declining capital expenditure profile and flexibility over sales pacing, provide resilience against volatility and allow
execution to be appropriately calibrated in response to market conditions. Potential impacts are being closely monitored by the Board and the
Property Advisor.
This flexibility is reinforced by on the ground execution capability and continuous market feedback through the sales platform, enabling the Board
to adjust execution pragmatically while maintaining oversight and control.
3.3 Credit risk
The risk of financial loss due to a counterparty\u2019s failure to honour their obligations arises principally in connection with property leases and the
investment of surplus cash.
The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. Tenant rent payments
are monitored regularly and appropriate action taken to recover monies owed, or if necessary, to terminate the lease.
Cash transactions are limited to financial institutions with a high credit rating.
3.4 Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans secured on the Group\u2019s
properties. The terms of the borrowings entitle the lender to require early repayment should the Group be in default with significant payments for
more than one month.
3.5 Capital management
The prime objective of the Group\u2019s capital management is to ensure that it maintains the financial flexibility needed to allow for value-creating
investments as well as healthy balance sheet ratios.
The capital structure of the Group consists of net debt (nominal borrowings after deducting cash and cash equivalents) and equity of the Group
(comprising stated capital (excluding treasury shares), reserves and retained earnings).
In order to manage the capital structure, the Group can adjust the amount of dividend paid to shareholders, issue or repurchase shares or sell
assets to reduce debt.
When reviewing the capital structure the Group considers the cost of capital and the risks associated with each class of capital. The Group reviews
the gearing ratio which is determined as the proportion of net debt to equity. In comparison with comparable companies operating within the
property sector the Board considers the gearing ratios to be reasonable.
The gearing ratios for the reporting periods are as follows:
As at As at
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Borrowings
(252,600)
(267,860)
Cash and cash equivalents
33,959
46,520
Net debt
(218,641)
(221,340)
Equity
271,082
277,536
Net debt to equity ratio
81%
80%
Financial risk management
The Group is exposed through its operations to the following financial risks:
\u2022 Interest rate risk
\u2022 Foreign exchange risk
\u2022 Credit risk
\u2022 Liquidity risk
The Group\u2019s policies for financial risk management are outlined below.
Interest rate risk
The Group\u2019s interest rate risk arises primarily from external borrowing. Borrowings issued at variable rates expose the Group to cash flow interest rate
risk. The Group is also exposed to interest rate risk on cash and cash equivalents.
The Group manages its exposure to interest rate risk through the use of interest rate caps. At the reporting date, 80% of variable-rate borrowings
were subject to an interest rate cap, which limits the Group\u2019s exposure to adverse movements in interest rates. The remaining unhedged exposure
amounted to approximately EUR 51m.
A sensitivity analysis has been performed showing the impact on profit or loss of a reasonably possible change in benchmark interest rates of 0.25%,
based on the interest rates prevailing at the reporting date and assuming the year end debt position remains constant. A 0.25% increase (decrease) in
benchmark interest rates would result in an increase (decrease) in annual interest expense of approximately EUR 0.13m.
Given the level of protection provided by these arrangements, management considers that a reasonably possible change in interest rates would not
have a material impact on profit.
The Group gives careful consideration to interest rates when considering its borrowing requirements and where to hold its excess cash. The Directors
believe that the interest rate risk is at an acceptable level.
Foreign exchange risk The Group is exposed to foreign exchange risk on sales, purchases, and translation of assets and liabilities that are in a currency other than the functional currency (Euros). The Group does not enter into any currency hedging transactions and the Directors believe that the foreign exchange rate risk is at an acceptable level. The carrying amount of the Group\u2019s foreign currency (non-Euro) denominated monetary assets and liabilities are shown below, all the amounts are for Sterling balances only:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial assets
Cash and cash equivalents
119
60
Financial liabilities
Trade and other payables
(90)
(457)
Net position
29
(397)
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Weakened by 10% Increase/(decrease) in post-tax profit/loss and impact on equity
3
(40)
Strengthened by 10% Increase/(decrease) in post-tax profit/loss and impact on equity
(3)
40
Credit risk management Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises principally from the Group\u2019s trade and other receivables and its cash balances. The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk. The Group has an established credit policy under which each new tenant is analysed for creditworthiness and each tenant is required to pay a two month deposit. At each reporting date the Group had no tenants with outstanding balances over 10% of the total trade receivables balance. The Group holds cash at the following banks: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse and Butterfield Bank (Guernsey) Limited. The split of cash held at each of the banks respectively at 31 December 2025 was 8%/92% (31 December 2024: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse and Hausbank the split was 80%/18%/1%/1% ). Barclays has a credit rating of A+, Deutsche Bank has a credit rating of A-. The Group holds no collateral as security against any financial asset. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk. Details of receivables from tenants in arrears at each reporting date can be found in note 20 as can details of the receivables that were impaired during each period. An allowance for impairment is made using an expected credit loss model based on previous experience. Management considers the above measures to be sufficient to control the credit risk exposure. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. Liquidity risk management Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or damage to the Group\u2019s reputation. The Directors manage liquidity risk by regularly reviewing cash requirements by reference to short term cash flow forecasts and medium term working capital projections prepared by management. The Group maintains good relationships with its banks, which have high credit ratings. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods. The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both current interest payable and principal cash flows. Maturity analysis for financial liabilities
Less than 1 Between 1 \u2013 2 Between 2 \u2013 5 More than
year years years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2025
Borrowings payable: current
11,816
\u2013
\u2013
\u2013
11,816
Borrowings payable: non-current
\u2013
10,824
286,582
\u2013
297,406
Trade and other payables
16,322
\u2013
\u2013
\u2013
16,322
28,138
10,824
266,582
\u2013
325,544
Less than 1 Between 1 \u2013 2 Between 2 \u2013 5 More than 5
year years years years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2024
Borrowings payable: current
8,967
\u2013
\u2013
\u2013
8,967
Borrowings payable: non-current
\u2013
275,085
\u2013
\u2013
275,085
Trade and other payables
11,656
\u2013
\u2013
\u2013
11,656
20,623
275,085
\u2013
\u2013
295,708
Loans are due to mature in November 2030 for the Natixis loan facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "3.2 Market risk Market risk is the risk of loss that may arise from changes in market factors such as foreign exchange rates, interest rates and general property market risk. The risks posed by potential changes to rental legislation in Berlin, as well as general market uncertainty due to the continued conflict in Ukraine have been identified as material market risk and as such have been disclosed below. (a) Foreign exchange risk The Group operates in Germany and is exposed to foreign exchange risk arising from currency exposures, primarily with respect to Sterling against the Euro arising from the costs which are incurred in Sterling. Foreign exchange risk arises from future commercial transactions, and recognised monetary assets and liabilities denominated in currencies other than the Euro. The Group\u2019s policy is not to enter into any currency hedging transactions, as the majority of transactions are in Euros, which is the primary currency of the environment in which the Group operates. Therefore any currency fluctuations are minimal. (b) Interest rate risk The Group has exposure to interest rate risk. It has external borrowings at a number of different variable interest rates. The Group is also exposed to interest rate risk on some of its financial assets, being its cash at bank balances. Details of actual interest rates paid or accrued during each period can be found in note 22 to the consolidated financial statements. The Group\u2019s policy is to manage its interest rate risk by entering into a suitable hedging arrangement, either caps or swaps, in order to limit exposure to borrowings at variable rates. (c) General property market risk Through its investment in property, the Group is subject to other risks which can affect the value of property. The Group seeks to minimise the impact of these risks by review of economic trends and property markets in order to anticipate major changes affecting property values. (d) Market risk \u2013 Rent legislation Through its policy of investing in Berlin, the Group is subject to the risk of changing rental legislation which could affect both the rental income, and the value of property. The Group seeks to mitigate any effect of the changing legislations using strategies set out in the principal risks and uncertainties on pages 40 to 45. (e) Market risk \u2013 Geopolitical The Board remains mindful of external uncertainties, including geopolitical instability, ongoing conflict in the Middle East and the Ukraine war, macroeconomic conditions and the evolving regulatory environment for residential property in Germany. These factors may influence sentiment or transaction timings in the short term. However, the structural supply constraints in Berlin residential markets, combined with a long dated, fully financed capital structure, a declining capital expenditure profile and flexibility over sales pacing, provide resilience against volatility and allow execution to be appropriately calibrated in response to market conditions. Potential impacts are being closely monitored by the Board and the Property Advisor. This flexibility is reinforced by on the ground execution capability and continuous market feedback through the sales platform, enabling the Board to adjust execution pragmatically while maintaining oversight and control. Interest rate risk The Group\u2019s interest rate risk arises primarily from external borrowing. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group is also exposed to interest rate risk on cash and cash equivalents. The Group manages its exposure to interest rate risk through the use of interest rate caps. At the reporting date, 80% of variable-rate borrowings were subject to an interest rate cap, which limits the Group\u2019s exposure to adverse movements in interest rates. The remaining unhedged exposure amounted to approximately EUR 51m. A sensitivity analysis has been performed showing the impact on profit or loss of a reasonably possible change in benchmark interest rates of 0.25%, based on the interest rates prevailing at the reporting date and assuming the year end debt position remains constant. A 0.25% increase (decrease) in benchmark interest rates would result in an increase (decrease) in annual interest expense of approximately EUR 0.13m. Given the level of protection provided by these arrangements, management considers that a reasonably possible change in interest rates would not have a material impact on profit. The Group gives careful consideration to interest rates when considering its borrowing requirements and where to hold its excess cash. The Directors believe that the interest rate risk is at an acceptable level. Foreign exchange risk The Group is exposed to foreign exchange risk on sales, purchases, and translation of assets and liabilities that are in a currency other than the functional currency (Euros). The Group does not enter into any currency hedging transactions and the Directors believe that the foreign exchange rate risk is at an acceptable level. The carrying amount of the Group\u2019s foreign currency (non-Euro) denominated monetary assets and liabilities are shown below, all the amounts are for Sterling balances only:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial assets
Cash and cash equivalents
119
60
Financial liabilities
Trade and other payables
(90)
(457)
Net position
29
(397)
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Weakened by 10% Increase/(decrease) in post-tax profit/loss and impact on equity
3
(40)
Strengthened by 10% Increase/(decrease) in post-tax profit/loss and impact on equity
(3)
40
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "3.3 Credit risk The risk of financial loss due to a counterparty\u2019s failure to honour their obligations arises principally in connection with property leases and the investment of surplus cash. The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. Tenant rent payments are monitored regularly and appropriate action taken to recover monies owed, or if necessary, to terminate the lease. Cash transactions are limited to financial institutions with a high credit rating. Credit risk management Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises principally from the Group\u2019s trade and other receivables and its cash balances. The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk. The Group has an established credit policy under which each new tenant is analysed for creditworthiness and each tenant is required to pay a two month deposit. At each reporting date the Group had no tenants with outstanding balances over 10% of the total trade receivables balance. The Group holds cash at the following banks: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse and Butterfield Bank (Guernsey) Limited. The split of cash held at each of the banks respectively at 31 December 2025 was 8%/92% (31 December 2024: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse and Hausbank the split was 80%/18%/1%/1% ). Barclays has a credit rating of A+, Deutsche Bank has a credit rating of A-. The Group holds no collateral as security against any financial asset. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk. Details of receivables from tenants in arrears at each reporting date can be found in note 20 as can details of the receivables that were impaired during each period. An allowance for impairment is made using an expected credit loss model based on previous experience. Management considers the above measures to be sufficient to control the credit risk exposure. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "3.4 Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans secured on the Group\u2019s properties. The terms of the borrowings entitle the lender to require early repayment should the Group be in default with significant payments for more than one month. Liquidity risk management Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or damage to the Group\u2019s reputation. The Directors manage liquidity risk by regularly reviewing cash requirements by reference to short term cash flow forecasts and medium term working capital projections prepared by management. The Group maintains good relationships with its banks, which have high credit ratings. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods. The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both current interest payable and principal cash flows. Maturity analysis for financial liabilities
Less than 1 Between 1 \u2013 2 Between 2 \u2013 5 More than
year years years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2025
Borrowings payable: current
11,816
\u2013
\u2013
\u2013
11,816
Borrowings payable: non-current
\u2013
10,824
286,582
\u2013
297,406
Trade and other payables
16,322
\u2013
\u2013
\u2013
16,322
28,138
10,824
266,582
\u2013
325,544
Less than 1 Between 1 \u2013 2 Between 2 \u2013 5 More than 5
year years years years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2024
Borrowings payable: current
8,967
\u2013
\u2013
\u2013
8,967
Borrowings payable: non-current
\u2013
275,085
\u2013
\u2013
275,085
Trade and other payables
11,656
\u2013
\u2013
\u2013
11,656
20,623
275,085
\u2013
\u2013
295,708
Loans are due to mature in November 2030 for the Natixis loan facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "3.5 Capital management The prime objective of the Group\u2019s capital management is to ensure that it maintains the financial flexibility needed to allow for value-creating investments as well as healthy balance sheet ratios. The capital structure of the Group consists of net debt (nominal borrowings after deducting cash and cash equivalents) and equity of the Group (comprising stated capital (excluding treasury shares), reserves and retained earnings). In order to manage the capital structure, the Group can adjust the amount of dividend paid to shareholders, issue or repurchase shares or sell assets to reduce debt. When reviewing the capital structure the Group considers the cost of capital and the risks associated with each class of capital. The Group reviews the gearing ratio which is determined as the proportion of net debt to equity. In comparison with comparable companies operating within the property sector the Board considers the gearing ratios to be reasonable. The gearing ratios for the reporting periods are as follows:
As at As at
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Borrowings
(252,600)
(267,860)
Cash and cash equivalents
33,959
46,520
Net debt
(218,641)
(221,340)
Equity
271,082
277,536
Net debt to equity ratio
81%
80%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "
4. Critical accounting estimates and judgements
The preparation of consolidated financial statements in conformity with IFRS requires the Group to make certain critical accounting estimates and
judgements. In the process of applying the Group\u2019s accounting policies, management has decided the following estimates and assumptions have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year:
(i) Estimate of fair value of investment properties (\u20ac540,090,000)
The valuation of the Group\u2019s property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location
and condition, and expected future rentals. The valuation as at 31 December 2025 is based on the rules, regulations and market as at that date. The fair
value estimates of investments properties are detailed in note 16.
The best evidence of fair value is current prices in an active market of investment properties with similar leases and other contracts. In the absence
of such information, the Group determines the amount within a range of reasonable fair value estimates. In making its estimate, the Group
considers information from a variety of sources, including:
a) Discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and other
contracts, and (where possible) from external evidence such as current market rents for similar properties in the same location and condition,
and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.
b) Current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts),
adjusted to reflect those differences.
c) Recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the date of the
transactions that occurred at those prices.
The Directors remain ultimately responsible for ensuring that the valuers are adequately qualified, competent and base their results on reasonable
and realistic assumptions. The Directors have appointed JLL as the real estate valuation experts who determine the fair value of investment properties
using recognised valuation techniques and the principles of IFRS 13. Further information on the valuation process can be found in note 16.
(ii) Estimate of fair value of derivative financial instruments (\u20ac3,931,000)
The valuation of the Group\u2019s derivative financial instruments are inherently linked to changes in EURIBOR rates. The estimation of fair value of such
instruments is complex and requires significant assumptions to be made.
Valuations are based upon commercially reasonable industry and market practices for valuing similar financial instruments. Certain inputs to the
credit valuation models may be based on assumptions and best estimates that are not readily observable in the marketplace.
In the calculation of the fair value of the derivative financial instruments, certain valuations may be provided by third parties. The information
provided is based on prevailing market data and derived from models based on well recognized financial principles and reasonable estimates
about relevant future market conditions at the time of the report being developed.
The fair value estimates of derivative financials instruments are detailed in note 24.
(iii) Judgement in relation to the recognition of assets held for sale
Management has made an assumption in respect of the likelihood of investment properties \u2013 held for sale, being sold within 12 months, in accordance
with the requirement of IFRS 5. Management considers that based on historical and current experience that it is highly probable that the properties will
be sold within 12 months.
Investment properties held for sale are all expected to be sold within 12 months of the reporting date based on management knowledge of
current and historic market conditions. While whole properties have been valued under a condominium scenario in note 16, only units expected
to be sold have been transferred to assets held for sale.
(iv) Judgement in relation to disposal activity
Investment property included within disposal activity are presented in accordance with IAS 40. The Group applies judgement in determining
whether investment properties undergoing development prior to disposal should continue to be classified as investment property or be
reclassified as inventory. In making this judgement, management considered:
\u2022 the Group\u2019s primary business model of long-term rental ownership;
\u2022 the absence of an intention to acquire properties for development and resale;
\u2022 the extended holding periods prior to disposal;
\u2022 the selective nature of disposals as part of a capital recycling strategy to release value and return capital to investors; and
\u2022 the limited, non-substantive nature of refurbishment works undertaken prior to sale.
Management concluded that these activities do not constitute development for sale in the ordinary course of business, and that the properties
continue to meet the definition of investment property under IAS 40. Where investment property included within the disposal activity meet the
definition as held for sale they are presented in accordance with IFRS 5.
(v) Estimate of deferred tax liability on revaluation of properties
The deferred tax liability arising on the revaluation of investment properties represents a significant accounting estimate, as it depends on
assumptions regarding both future tax rates and the timing of property disposals.
Deferred tax is measured by applying the German corporation tax rates expected to be in effect at the time the related temporary differences
are anticipated to reverse, including the solidarity surcharge. Under legislation enacted in Germany, the corporation tax base rate is scheduled to
reduce from 15% to 10% between 2028 and 2032, in decrements of 1% per annum. Including the solidarity surcharge, the effective corporation
tax rate applicable to expected disposal gains consequently ranges from approximately 15.8% for disposals anticipated in 2026 and 2027 to
approximately 12.7% for disposals expected from 2030 onwards.
At 31 December 2025, the deferred tax liability reflects these enacted rates applied to the Group\u2019s expected disposal timetable under its current
realisation strategy. This results in a blended effective tax rate of approximately 15.7% being applied to the revaluation surplus.
The deferred tax liability is inherently sensitive to assumptions regarding the timing of disposals. Properties sold earlier in the realisation
programme will crystallise tax at higher rates, whereas properties disposed of later will benefit from the scheduled reductions in corporation
tax rates. Accordingly, the deferred tax liability represents the Group\u2019s current best estimate based on the expected sequencing and timing of
disposals, rather than a fixed or certain obligation. The estimate is reviewed at each reporting date and revised where necessary to reflect changes
in tax legislation, market conditions or the Group\u2019s realisation strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "4. Critical accounting estimates and judgements The preparation of consolidated financial statements in conformity with IFRS requires the Group to make certain critical accounting estimates and judgements. In the process of applying the Group\u2019s accounting policies, management has decided the following estimates and assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year: (i) Estimate of fair value of investment properties (\u20ac540,090,000) The valuation of the Group\u2019s property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and condition, and expected future rentals. The valuation as at 31 December 2025 is based on the rules, regulations and market as at that date. The fair value estimates of investments properties are detailed in note 16. The best evidence of fair value is current prices in an active market of investment properties with similar leases and other contracts. In the absence of such information, the Group determines the amount within a range of reasonable fair value estimates. In making its estimate, the Group considers information from a variety of sources, including: a) Discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and other contracts, and (where possible) from external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows. b) Current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts), adjusted to reflect those differences. c) Recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices. The Directors remain ultimately responsible for ensuring that the valuers are adequately qualified, competent and base their results on reasonable and realistic assumptions. The Directors have appointed JLL as the real estate valuation experts who determine the fair value of investment properties using recognised valuation techniques and the principles of IFRS 13. Further information on the valuation process can be found in note 16. (ii) Estimate of fair value of derivative financial instruments (\u20ac3,931,000) The valuation of the Group\u2019s derivative financial instruments are inherently linked to changes in EURIBOR rates. The estimation of fair value of such instruments is complex and requires significant assumptions to be made. Valuations are based upon commercially reasonable industry and market practices for valuing similar financial instruments. Certain inputs to the credit valuation models may be based on assumptions and best estimates that are not readily observable in the marketplace. In the calculation of the fair value of the derivative financial instruments, certain valuations may be provided by third parties. The information provided is based on prevailing market data and derived from models based on well recognized financial principles and reasonable estimates about relevant future market conditions at the time of the report being developed. The fair value estimates of derivative financials instruments are detailed in note 24. (iii) Judgement in relation to the recognition of assets held for sale Management has made an assumption in respect of the likelihood of investment properties \u2013 held for sale, being sold within 12 months, in accordance with the requirement of IFRS 5. Management considers that based on historical and current experience that it is highly probable that the properties will be sold within 12 months. Investment properties held for sale are all expected to be sold within 12 months of the reporting date based on management knowledge of current and historic market conditions. While whole properties have been valued under a condominium scenario in note 16, only units expected to be sold have been transferred to assets held for sale. (iv) Judgement in relation to disposal activity Investment property included within disposal activity are presented in accordance with IAS 40. The Group applies judgement in determining whether investment properties undergoing development prior to disposal should continue to be classified as investment property or be reclassified as inventory. In making this judgement, management considered: \u2022 the Group\u2019s primary business model of long-term rental ownership; \u2022 the absence of an intention to acquire properties for development and resale; \u2022 the extended holding periods prior to disposal; \u2022 the selective nature of disposals as part of a capital recycling strategy to release value and return capital to investors; and \u2022 the limited, non-substantive nature of refurbishment works undertaken prior to sale. Management concluded that these activities do not constitute development for sale in the ordinary course of business, and that the properties continue to meet the definition of investment property under IAS 40. Where investment property included within the disposal activity meet the definition as held for sale they are presented in accordance with IFRS 5. (v) Estimate of deferred tax liability on revaluation of properties The deferred tax liability arising on the revaluation of investment properties represents a significant accounting estimate, as it depends on assumptions regarding both future tax rates and the timing of property disposals. Deferred tax is measured by applying the German corporation tax rates expected to be in effect at the time the related temporary differences are anticipated to reverse, including the solidarity surcharge. Under legislation enacted in Germany, the corporation tax base rate is scheduled to reduce from 15% to 10% between 2028 and 2032, in decrements of 1% per annum. Including the solidarity surcharge, the effective corporation tax rate applicable to expected disposal gains consequently ranges from approximately 15.8% for disposals anticipated in 2026 and 2027 to approximately 12.7% for disposals expected from 2030 onwards. At 31 December 2025, the deferred tax liability reflects these enacted rates applied to the Group\u2019s expected disposal timetable under its current realisation strategy. This results in a blended effective tax rate of approximately 15.7% being applied to the revaluation surplus. The deferred tax liability is inherently sensitive to assumptions regarding the timing of disposals. Properties sold earlier in the realisation programme will crystallise tax at higher rates, whereas properties disposed of later will benefit from the scheduled reductions in corporation tax rates. Accordingly, the deferred tax liability represents the Group\u2019s current best estimate based on the expected sequencing and timing of disposals, rather than a fixed or certain obligation. The estimate is reviewed at each reporting date and revised where necessary to reflect changes in tax legislation, market conditions or the Group\u2019s realisation strategy.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "
5. Operating segments
The Group has identified two operating segments based on the nature of activities and the information reviewed by the Chief Operating Decision
Maker (\u2018CODM\u2019). These comprise investment property held for rental income and property disposal activity undertaken as part of the Group\u2019s
capital recycling strategy.
During the year, a strategy was implemented to maximise value through a managed, multi-year realisation process, but with full flexibility as
to whether assets are ultimately sold as individual units, disposed of in bulk, or retained for rental over the medium term. Noting there is no
requirement or commitment to sell specific assets within a defined timeframe. This activity is monitored separately by management given its
differing risk and return profile, and as this activity has become material to the Group\u2019s financial performance it is therefore reported as a separate
operating segment classified as Investment property \u2013 Disposals.
In prior periods, property disposals were not managed as a distinct business activity and discrete financial information in respect of such activities
was not regularly reviewed by the Group\u2019s chief operating decision maker. Accordingly, comparative segment information has not been restated.
The Group does not operate a property development business. Development work is carried out to ensure assets are maintained in a condition
where they can be retained and continue to generate rental income, or sold, if and when market conditions are attractive. There is no substantial
transformation of the assets, no structural redevelopment, and no change in the underlying use of the properties. The assets continue to be
operated as income-generating private rented sector units throughout.
The Group expects capital recycling activity to increase in future periods. The classification of such properties will continue to be assessed based
on the Group\u2019s business model and intended use of the assets.
The Group\u2019s principal reportable segments under IFRS 8 were as follows:
Reportable segment
Operations
Investment property \u2013 Rental
The Investment property \u2013 Rental segment comprises properties held and operated for medium-term rental
purposes. These assets generate recurring rental income and are held for capital appreciation. Individual
disposal of units within these properties is not legally or technically possible, and the portfolio within this
segment is managed exclusively as medium-term rental.
Investment property \u2013 Disposals
The Investment property \u2013 Disposals segment comprises properties that are also held for long-term rental
income and capital appreciation, but where individual unit disposal is legally and technically possible. These
properties are managed under a flexible, multi-year value realisation strategy, which allows the Group to
optimise returns over time.
Central administrative costs and financing activities are managed on a group-wide basis and are not allocated to operating segments. These costs
are reported as Unallocated costs.
Rental Disposals Unallocated Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Revenue
12,825
9,864
\u2013
22,689
Property expenses
(9,563)
(5,785)
\u2013
(15,348)
Administrative expenses
\u2013
\u2013
(3,318)
(3,318)
Loss on disposal of investment properties (including investment property held
for sale)
\u2013
(2,882)
\u2013
(2,882)
Investment property revaluation loss
(3,416)
1,160
\u2013
(2,256)
Finance income (before (loss)/gain on derivatives)
\u2013
\u2013
4,508
4,508
Finance costs (before (loss)/gain on derivatives)
\u2013
\u2013
(14,862)
(14,862)
Loss on derivatives
\u2013
\u2013
(2,116)
(2,116)
Income tax expense
\u2013
\u2013
7,131
7,1 31
(154)
2,357
(8,657)
(6,454)
In accordance with IFRS 8, the Group discloses segment assets and liabilities only where such information is regularly provided to the CODM. The
CODM does not receive separate balance sheet information for each segment; only the allocation of properties between the Rental and Disposal
segments is reported. As a result, segment assets and segment liabilities are not disclosed.
Segment assets are measured consistently with the financial statements. Condominiums in privatisation are reported within the Disposal
segment. All other investment properties are reported within the Rental segment.
Rental Disposals Unallocated Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Investment properties
269,120
215,970
\u2013
485,090
Property, plant and equipment
\u2013
\u2013
101
101
Other financial assets at amortised cost
\u2013
\u2013
828
828
Derivative financial instruments
\u2013
\u2013
3,931
3,931
Trade and other receivables
\u2013
\u2013
7,598
7, 598
Cash and cash equivalents
\u2013
\u2013
33,959
33,959
Investment properties \u2013 held for sale
\u2013
55,000
\u2013
55,000
269,120
270,970
46,417
586,507
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "
6. Revenue
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Rental income
16,811
21,373
Service charge income
5,878
6,753
22,689
28,126
The total future annual minimum rentals receivable under non-cancellable operating leases are as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Within 1 year
1,516
1,436
1-2 years
952
972
2- 3 years
727
659
3-4 years
564
472
4-5 years
441
328
Later than 5 years
329
263
4,529
4,130
Revenue comprises rental income earned from residential and commercial property in Germany. There are no individual tenants that account for
greater than 10% of revenue during any of the reporting periods.
The leasing arrangements for residential property are with individual tenants, with three months notice from tenants to cancel the lease in most cases.
The commercial leases are non-cancellable, with an average lease period of 3 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "
7. Property expenses
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Property management expenses
1,043
1,306
Repairs and maintenance
1,411
1,957
Impairment charge \u2013 trade receivables
121
1,178
Direct property expenses
7,496
6,199
Property advisors\u2019 fees and expenses
4,276
4,315
Other property operating expenses
1,001
800
15,348
15,755
During the period, the vast majority of the Group\u2019s investment properties generated rental income. Property expenses are incurred across the
portfolio irrespective of short term vacancy or unit level disposal activity, and the Group\u2019s accounting records do not differentiate such costs based
on rental status.
Accordingly, property expenses have not been separately analysed between rent producing and non-rent producing properties, as management
considers that such a distinction would not be meaningful in the context of the Group\u2019s operations.
8. Administrative expenses
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Secretarial and administration fees
760
689
Legal and professional fees
1,926
2,044
Directors\u2019 fees
256
272
Bank charges
33
26
Profit/(loss) on foreign exchange
(9)
22
Depreciation
30
55
Other administrative expenses
413
797
Other income
(91)
(94)
3,318
3,811
Further details of the Directors\u2019 fees are set out in the Directors\u2019 Remuneration Report on pages 66 to 67.
9. Auditor\u2019s remuneration
An analysis of the fees charged by the auditor and its associates is as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fees payable to the Group\u2019s auditor and its associates for the audit of the consolidated financial statements
268
272
Fees payable to the Group\u2019s auditor and its associates for other services \u2013
Agreed upon procedures \u2013 half year report
38
38
306
310
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "8. Administrative expenses
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Secretarial and administration fees
760
689
Legal and professional fees
1,926
2,044
Directors\u2019 fees
256
272
Bank charges
33
26
Profit/(loss) on foreign exchange
(9)
22
Depreciation
30
55
Other administrative expenses
413
797
Other income
(91)
(94)
3,318
3,811
Further details of the Directors\u2019 fees are set out in the Directors\u2019 Remuneration Report on pages 66 to 67. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "8. Administrative expenses
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Secretarial and administration fees
760
689
Legal and professional fees
1,926
2,044
Directors\u2019 fees
256
272
Bank charges
33
26
Profit/(loss) on foreign exchange
(9)
22
Depreciation
30
55
Other administrative expenses
413
797
Other income
(91)
(94)
3,318
3,811
Further details of the Directors\u2019 fees are set out in the Directors\u2019 Remuneration Report on pages 66 to 67. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "9. Auditor\u2019s remuneration An analysis of the fees charged by the auditor and its associates is as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fees payable to the Group\u2019s auditor and its associates for the audit of the consolidated financial statements
268
272
Fees payable to the Group\u2019s auditor and its associates for other services \u2013
Agreed upon procedures \u2013 half year report
38
38
306
310
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "
10. Loss on disposal of investment property (including investment property held for sale)
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Disposal proceeds
22,656
18,768
Book value of disposals
(22,692)
(20,971)
Disposal costs
(2,846)
(991)
(2,882)
(3,194)
11. Investment property fair value loss
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Investment property fair value loss
(2,256)
(5,416)
Further information on investment properties is shown in note 16.
16. Investment properties
31 December 31 December
2025 2024
Fair value \u20ac\u2019000 \u20ac\u2019000
At 1 January
552,820
675,567
Capital expenditure
12,218
5,160
Disposals
(22,692)
(122,491)
Fair value loss
(2,256)
(5,416)
Investment properties at fair value
540,090
552,820
Assets classified as \u2018Held for Sale\u2019 (note 17)
(55,000)
(35,918)
At 31 December
485,090
516,902
The property portfolio was valued at 31 December 2025 by Jones Lang LaSalle GmbH (\u2018JLL\u2019), in accordance with the methodology described below.
The valuations were performed in accordance with the current Appraisal and Valuation Standards, 8th edition (the \u2018Red Book\u2019) published by the Royal
Institution of Chartered Surveyors (RICS).
The valuation is performed on a building-by-building basis from source information on the properties including current rent levels, void rates,
capital expenditure, maintenance costs and non-recoverable costs provided to JLL by the Property Advisors QSix Residential Limited. JLL use
their own assumptions with respect to rental growth (taking account of the complexity of German rent laws, capital investment levels and churn),
and adjustments to non-recoverable costs. JLL also uses data from comparable market transactions where these are available alongside their
own assumptions.
The valuation by JLL uses the discounted cash flow methodology. Such valuation estimates using this methodology, however, are inherently
subjective and values that would have been achieved in an actual sales transaction involving the individual property at the reporting date are likely
to differ from the estimated valuation.
All properties are valued as Level 3 measurements under the fair value hierarchy (see note 29) as the inputs to the discounted cash flow methodology
which have a significant effect on the recorded fair value are not observable. Additionally, JLL perform reference checks back to comparable market
transactions to confirm the valuation model.
The unrealised fair value loss in respect of investment property is disclosed in the Consolidated Statement of Comprehensive Income as \u2018Investment
property revaluation loss\u2019.
Valuations are undertaken using the discounted cash flow valuation technique as described below and with the inputs set out below.
Discounted cash flow methodology (\u2018DCF\u2019)
The fair value of investment properties is determined using the DCF methodology.
Under the DCF method, a property\u2019s fair value is estimated using explicit assumptions regarding the benefits and liabilities of ownership over
the asset\u2019s life including an exit or terminal value. The DCF valuation by JLL used ten-year projections of a series of cash flows of each property
interest. The cash flows used in the valuation reflect the known conditions existing at the reporting date.
To this projected cash flow series, an appropriate, market derived discount rate is applied to establish the present value of the cash flows associated
with each property. The discount rate of the individual properties is adjusted to provide an individual property value that is consistent with comparable
market transactions. For properties without a comparable market transaction JLL use the data from market transactions to adjust the discount rate to
reflect differences in the location of the property, its condition, its tenants and rent.
The duration of the cash flow and the specific timing of inflows and outflows are determined by events such as rent reviews, lease renewal and
related lease up periods, re-letting, redevelopment, or refurbishment.
Periodic cash flow includes cash flows relating to gross income less vacancy, non-recoverable expenses, collection losses, lease incentives,
maintenance costs, agent and commission costs and other operating and management expenses. The series of periodic net operating cash
flows, along with an estimate of the terminal value anticipated at the end of the ten-year projection period, is then discounted.
Where individual properties have already been legally subdivided into individual apartments (condominiums), or where legally binding permissions
for such subdivision were obtained prior to the introduction of statutory conversion restrictions, the additional value attributable to the sale of
individual condominium units is reflected in the valuation, principally through the application of a lower discount rate.
Following the introduction of statutory restrictions on the conversion of rented residential properties into individual condominium units under
German federal and local law, new conversions are, in most cases, no longer permitted in the relevant markets. Accordingly, the valuation does
not assume additional value from future condominium conversion where the necessary legal permissions are not already in place.
Information presenting portfolio composition and discount rates used in the valuation methodology are presented below:
Portfolio composition
PRS
Privatisation
Total portfolio
Number of properties
33
40
73
Market Value (\u20ac\u2019000)
269,120
270,970
540,090
% of total portfolio MV
49.80%
50.20%
100.00%
Ten-year DCF
Ten-year DCF with unit-level
with terminal condo sale Portfolio-
Valuation methodology value proceeds blended DCF
Discount rate
Weighted average (MV-weighted)
4.51%
4.28%
4.39%
Range \u2013 low
3.85%
3.40%
3.40%
Range \u2013 high
5.95%
5.15%
5.95%
Exit/Cap rate (rental capitalisation)
Weighted average (MV-weighted)
2.95%
0.00%
2.95%
Range \u2013 low
2.55%
\u2013
2.55%
Range \u2013 high
4.35%
\u2013
4.35%
Rent indexation (residential)
Weighted average
2.17%
2.26%
2.21%
Range \u2013 low
1.90%
2.10%
1.90%
Range \u2013 high
2.40%
2.40%
2.40%
Year ended Year ended
31 December 31 December
2025 2024
Range Range
Residential Properties
Market Rent
Rental Value (\u20ac per sq. p.m.)
9.8 \u2013 16.5
9.8 \u2013 16.3
Stabilised residency vacancy (% per year)
0 \u2013 59.2
0 \u2013 31.9
Tenancy vacancy fluctuation (% per year)
0 \u2013 7.5
0 \u2013 7.5
Commercial Properties
Market Rent
Rental Value (\u20ac per sq. p.m.)
4.6 \u2013 38.7
4.6 \u2013 37.7
Stabilised commercial vacancy (% per year)
0 \u2013 100.0
0 \u2013 100.0
Estimated Rental Value (\u2018ERV\u2019)
ERV per year per property (\u20ac\u2019000)
44 \u2013 2,813
61 \u2013 2,749
ERV (\u20ac per sq. p.m.)
9.85 \u2013 16.94
9.9 \u2013 16.86
Financial Rates \u2013 blended average
Discount rate (%)
4.4
4.4
Portfolio Gross yield (%)
3.1
3.3
Having reviewed the JLL report, the Directors are of the opinion that this represents a fair and reasonable valuation of the properties and have
consequently adopted this valuation in the preparation of the consolidated financial statements.
The valuations have been prepared by JLL on a consistent basis at each reporting date and the methodology is consistent and in accordance
with IFRS which requires that the \u2018highest and best use\u2019 value is taken into account where that use is physically possible, legally permissible and
financially feasible for the property concerned, and irrespective of the current or intended use.
Sensitivity
Changes in the key assumptions and inputs to the valuation models used would impact the valuations as follows:
Vacancy: A change in vacancy by 1% would not materially affect the investment property fair value assessment.
Discount rate: An increase of 0.25% in the discount rate would reduce the investment property fair value by \u20ac21.47m, and a decrease in the
discount rate of 0.25% would increase the investment property fair value by \u20ac22.05m.
There are, however, inter-relationships between unobservable inputs as they are determined by market conditions. The existence of an increase
of more than one unobservable input could amplify the impact on the valuation. Conversely, changes on unobservable inputs moving in opposite
directions could cancel each other out, or lessen the overall effect.
The Group values all investment properties in one of three ways;
Rental Scenario
Rental Scenario\u2019 properties have been valued under the Discounted Cashflow Methodology and are included in the Investment properties line in
the Non-current assets section of the Consolidated Statement of Financial Position. In general, the market participants are willing to pay higher
prices for properties where physical and legal requirements are fulfilled and it is financially feasible to sell units individually. In these cases, the
market values are still calculated on a rental basis but are adjusted to reflect the described potential increase in value. JLL calculates the market
value of these assets in what is referred to as a \u2018Privatisation potential\u2019, which includes a deduction to the rental scenario discount rate for each
completed step met when transitioning from the Rental Scenario to the Condominium Scenario. Properties expected to be sold in the coming
year from these assets are considered held for sale under IFRS 5 and can be seen in note 17.
Condominium Scenario
Where properties have the potential or the benefit of all relevant permissions required to sell apartments individually (condominiums), and have
been approved for sale by the Board, then we refer to this as a \u2018condominium scenario\u2019. Properties expected to be sold in the coming year from
these assets are considered held for sale under IFRS 5 and can be seen in note 17. The market value of the Privatisation potential of these assets is
reported under the Condominium Scenario.
Disposal Scenario
Where properties have been notarised for sale prior to the reporting date, but have not completed; they are held at their notarised disposal value.
These assets are considered held for sale under IFRS 5 and can be seen in note 17.
The table below sets out the assets valued using these 3 scenarios:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Rental scenario
269,120
274,790
Condominium scenario
256,075
276,497
Disposal scenario
14,895
1,533
Total
540,090
552,820
The movement in the fair value of investment properties is included in the Consolidated Statement of Comprehensive Income as \u2018investment
property revaluation loss\u2019 and comprises:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Investment properties
(3,416)
(8,480)
Investment properties held for sale (see note 17)
1,160
3,064
(2,256)
(5,416)
17. Investment properties \u2013 held for sale
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fair value \u2013 held for sale investment properties
At 1 January
35,918
60,594
Transferred from investment properties
49,942
32,667
Transferred (to) investment properties
(9,723
(39,675)
Capital expenditure
395
239
Properties sold
(22,692)
(20,971)
Valuation gain on properties held for sale
1,160
3,064
At 31 December
55,000
35,918
Investment properties are re-classified as current assets and described as \u2018held for sale\u2019 in three different situations: Properties notarised for sale
at the reporting date, Properties where at the reporting date the group has obtained and implemented all relevant permissions required to sell
individual apartment units, and efforts are being made to dispose of the assets (condominium); and Properties which are being marketed for sale
but have currently not been notarised.
Properties which no longer satisfy the criteria for recognition as held for sale are transferred back to investment properties at fair value.
Properties notarised for sale by the reporting date are valued at their disposal price (disposal scenario), and other properties are valued using the
rental and condominium scenarios (see note 16) as appropriate.
The investment properties held for sale have debt of \u20ac26.2m (2024: \u20ac18.6m) that is repayable upon sale of those investment properties. The properties
have not been sold at the year end, therefore the trigger to repay the debt has not been met. Therefore the debt balance is held as long term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "10. Loss on disposal of investment property (including investment property held for sale)
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Disposal proceeds
22,656
18,768
Book value of disposals
(22,692)
(20,971)
Disposal costs
(2,846)
(991)
(2,882)
(3,194)
17. Investment properties \u2013 held for sale
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fair value \u2013 held for sale investment properties
At 1 January
35,918
60,594
Transferred from investment properties
49,942
32,667
Transferred (to) investment properties
(9,723
(39,675)
Capital expenditure
395
239
Properties sold
(22,692)
(20,971)
Valuation gain on properties held for sale
1,160
3,064
At 31 December
55,000
35,918
Investment properties are re-classified as current assets and described as \u2018held for sale\u2019 in three different situations: Properties notarised for sale at the reporting date, Properties where at the reporting date the group has obtained and implemented all relevant permissions required to sell individual apartment units, and efforts are being made to dispose of the assets (condominium); and Properties which are being marketed for sale but have currently not been notarised. Properties which no longer satisfy the criteria for recognition as held for sale are transferred back to investment properties at fair value. Properties notarised for sale by the reporting date are valued at their disposal price (disposal scenario), and other properties are valued using the rental and condominium scenarios (see note 16) as appropriate. The investment properties held for sale have debt of \u20ac26.2m (2024: \u20ac18.6m) that is repayable upon sale of those investment properties. The properties have not been sold at the year end, therefore the trigger to repay the debt has not been met. Therefore the debt balance is held as long term.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "10. Loss on disposal of investment property (including investment property held for sale)
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Disposal proceeds
22,656
18,768
Book value of disposals
(22,692)
(20,971)
Disposal costs
(2,846)
(991)
(2,882)
(3,194)
17. Investment properties \u2013 held for sale
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fair value \u2013 held for sale investment properties
At 1 January
35,918
60,594
Transferred from investment properties
49,942
32,667
Transferred (to) investment properties
(9,723
(39,675)
Capital expenditure
395
239
Properties sold
(22,692)
(20,971)
Valuation gain on properties held for sale
1,160
3,064
At 31 December
55,000
35,918
Investment properties are re-classified as current assets and described as \u2018held for sale\u2019 in three different situations: Properties notarised for sale at the reporting date, Properties where at the reporting date the group has obtained and implemented all relevant permissions required to sell individual apartment units, and efforts are being made to dispose of the assets (condominium); and Properties which are being marketed for sale but have currently not been notarised. Properties which no longer satisfy the criteria for recognition as held for sale are transferred back to investment properties at fair value. Properties notarised for sale by the reporting date are valued at their disposal price (disposal scenario), and other properties are valued using the rental and condominium scenarios (see note 16) as appropriate. The investment properties held for sale have debt of \u20ac26.2m (2024: \u20ac18.6m) that is repayable upon sale of those investment properties. The properties have not been sold at the year end, therefore the trigger to repay the debt has not been met. Therefore the debt balance is held as long term.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "
12. Net finance charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest income
180
48
Swap cancellation income
\u2013
388
Interest income on swaps
4,328
9,655
Finance income
4,508
9,091
Interest expense on swaps
(2,222)
(2,775)
Interest expense on bank borrowings
(12,640)
(15,381)
Finance cost
(14,862)
(18,156)
Loss on interest rate swaps
(2,524)
(4,775)
Gain on interest rate caps
408
\u2013
Net finance cost
(12,470)
(13,840)
Interest expense on bank borrowings includes \u20ac1.8m in respect of the amortised loan arrangement fees, this includes an amount of \u20ac0.7m which
was recognised early due to the restructuring of the Natixis debt and would otherwise have been recognised in the following year (2024: \u20ac1.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "12. Net finance charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest income
180
48
Swap cancellation income
\u2013
388
Interest income on swaps
4,328
9,655
Finance income
4,508
9,091
Interest expense on swaps
(2,222)
(2,775)
Interest expense on bank borrowings
(12,640)
(15,381)
Finance cost
(14,862)
(18,156)
Loss on interest rate swaps
(2,524)
(4,775)
Gain on interest rate caps
408
\u2013
Net finance cost
(12,470)
(13,840)
Interest expense on bank borrowings includes \u20ac1.8m in respect of the amortised loan arrangement fees, this includes an amount of \u20ac0.7m which was recognised early due to the restructuring of the Natixis debt and would otherwise have been recognised in the following year (2024: \u20ac1.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "12. Net finance charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest income
180
48
Swap cancellation income
\u2013
388
Interest income on swaps
4,328
9,655
Finance income
4,508
9,091
Interest expense on swaps
(2,222)
(2,775)
Interest expense on bank borrowings
(12,640)
(15,381)
Finance cost
(14,862)
(18,156)
Loss on interest rate swaps
(2,524)
(4,775)
Gain on interest rate caps
408
\u2013
Net finance cost
(12,470)
(13,840)
Interest expense on bank borrowings includes \u20ac1.8m in respect of the amortised loan arrangement fees, this includes an amount of \u20ac0.7m which was recognised early due to the restructuring of the Natixis debt and would otherwise have been recognised in the following year (2024: \u20ac1.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "12. Net finance charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest income
180
48
Swap cancellation income
\u2013
388
Interest income on swaps
4,328
9,655
Finance income
4,508
9,091
Interest expense on swaps
(2,222)
(2,775)
Interest expense on bank borrowings
(12,640)
(15,381)
Finance cost
(14,862)
(18,156)
Loss on interest rate swaps
(2,524)
(4,775)
Gain on interest rate caps
408
\u2013
Net finance cost
(12,470)
(13,840)
Interest expense on bank borrowings includes \u20ac1.8m in respect of the amortised loan arrangement fees, this includes an amount of \u20ac0.7m which was recognised early due to the restructuring of the Natixis debt and would otherwise have been recognised in the following year (2024: \u20ac1.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "12. Net finance charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest income
180
48
Swap cancellation income
\u2013
388
Interest income on swaps
4,328
9,655
Finance income
4,508
9,091
Interest expense on swaps
(2,222)
(2,775)
Interest expense on bank borrowings
(12,640)
(15,381)
Finance cost
(14,862)
(18,156)
Loss on interest rate swaps
(2,524)
(4,775)
Gain on interest rate caps
408
\u2013
Net finance cost
(12,470)
(13,840)
Interest expense on bank borrowings includes \u20ac1.8m in respect of the amortised loan arrangement fees, this includes an amount of \u20ac0.7m which was recognised early due to the restructuring of the Natixis debt and would otherwise have been recognised in the following year (2024: \u20ac1.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "12. Net finance charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest income
180
48
Swap cancellation income
\u2013
388
Interest income on swaps
4,328
9,655
Finance income
4,508
9,091
Interest expense on swaps
(2,222)
(2,775)
Interest expense on bank borrowings
(12,640)
(15,381)
Finance cost
(14,862)
(18,156)
Loss on interest rate swaps
(2,524)
(4,775)
Gain on interest rate caps
408
\u2013
Net finance cost
(12,470)
(13,840)
Interest expense on bank borrowings includes \u20ac1.8m in respect of the amortised loan arrangement fees, this includes an amount of \u20ac0.7m which was recognised early due to the restructuring of the Natixis debt and would otherwise have been recognised in the following year (2024: \u20ac1.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "
13. Income tax charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
352
777
Deferred tax credit \u2013 origination and reversal of temporary differences
(7,483)
(170)
(7,1 31)
607
The tax charge for the year can be reconciled to the theoretical tax charge on the loss in the Consolidated Statement of Comprehensive Income
as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(13,585)
(39,491)
Tax at German income tax rate of 15.8% (2024: 15.8%)
(2,146)
(6,240)
Losses not subject to tax: Loss on property disposal
455
505
Effect of changes in tax rates applied to deferred tax balances
(6,834)
\u2013
Losses carried forward not recognised
1,394
6,342
Total tax credit for the year
( 7,131)
607
Reconciliation of current tax liabilities
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
1,589
856
Tax paid during the year
(1,821)
(44)
Current tax charge
352
777
Balance at end of year
120
1,589
Reconciliation of deferred tax
Reversal on
disposal of
Revaluation investment Tax loss
of properties properties Derivatives carry-forward Total
(Liabilities) (movement) (Liabilities) Asset (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
(65,842)
(1,382)
9,923
(57,31 1)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties (held)
4,106
4,106
Reversal on disposal of investment properties
3,275
3,275
Fair value movements \u2013 derivatives
756
756
Recognition/(utilisation) of tax losses
(4,692)
(4,692)
Balance at 31 December 2024
(58,461)
(636)
5,231
(53,866)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties
4,732
4,732
Reversal on disposal of investment properties
2,284
2,284
Fair value movements \u2013 derivatives
14
14
Recognition/(utilisation) of tax losses
453
453
Balance at 31 December 2025
(51,445)
(622)
5,684
(46,383)
Jersey income tax
The Group is liable to Jersey income tax at 0%.
German tax
As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (\u2018CIT\u2019) \u2013 the effective rate for Phoenix
Spree Deutschland Limited for 2025 was 15.8% (2024: 15.8%).
Factors affecting future tax charges
The Group has accumulated tax losses of approximately \u20ac77m (2024: \u20ac59m) in Germany, which will be available to set against suitable future
profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax.
A deferred tax asset is recognised in respect of these tax losses to the extent that it is probable that future taxable profits will be available against
which the losses can be utilised. For statement of financial position presentation purposes, deferred tax assets arising from tax loss carry-forwards
are offset against deferred tax liabilities relating to the same tax authority where the conditions for offset under IAS 12 are met.
Deferred tax liabilities relating to investment properties are measured based on the expected manner of recovery of the underlying assets, in
accordance with IAS 12 Income Taxes. The Group expects to recover the carrying value of its investment properties predominantly through
disposal as part of its portfolio realisation strategy.
In determining the deferred tax liability, the Group has applied tax rates that are expected to apply in the periods in which the temporary differences
are forecast to reverse. This assessment reflects enacted and substantively enacted changes to German corporate income tax rates. Management
has therefore adjusted the deferred tax calculation to incorporate lower tax rates expected to apply in future periods.
The timing of the reversal of temporary differences has been estimated using a disposal profile derived from the Group\u2019s portfolio realisation
strategy, which assumes disposals of approximately \u20ac55m per annum over the next four years, with the remainder of the portfolio disposed of
in the fifth year. These forecast disposals represent management\u2019s best estimate based on the Group\u2019s strategic plans and do not constitute
committed or contractual disposal arrangements.
Deferred tax has been calculated based on current fair values of the investment properties as at the reporting date. No allowance has been made
for future changes in property values, and no projected revaluations have been assumed in the calculation of deferred tax.
Actual disposal timings and realised gains may differ from the assumptions applied, which could result in differences between the deferred tax
recognised and the tax ultimately payable on disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "13. Income tax charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
352
777
Deferred tax credit \u2013 origination and reversal of temporary differences
(7,483)
(170)
(7,1 31)
607
The tax charge for the year can be reconciled to the theoretical tax charge on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(13,585)
(39,491)
Tax at German income tax rate of 15.8% (2024: 15.8%)
(2,146)
(6,240)
Losses not subject to tax: Loss on property disposal
455
505
Effect of changes in tax rates applied to deferred tax balances
(6,834)
\u2013
Losses carried forward not recognised
1,394
6,342
Total tax credit for the year
( 7,131)
607
Reconciliation of current tax liabilities
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
1,589
856
Tax paid during the year
(1,821)
(44)
Current tax charge
352
777
Balance at end of year
120
1,589
Reconciliation of deferred tax
Reversal on
disposal of
Revaluation investment Tax loss
of properties properties Derivatives carry-forward Total
(Liabilities) (movement) (Liabilities) Asset (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
(65,842)
(1,382)
9,923
(57,31 1)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties (held)
4,106
4,106
Reversal on disposal of investment properties
3,275
3,275
Fair value movements \u2013 derivatives
756
756
Recognition/(utilisation) of tax losses
(4,692)
(4,692)
Balance at 31 December 2024
(58,461)
(636)
5,231
(53,866)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties
4,732
4,732
Reversal on disposal of investment properties
2,284
2,284
Fair value movements \u2013 derivatives
14
14
Recognition/(utilisation) of tax losses
453
453
Balance at 31 December 2025
(51,445)
(622)
5,684
(46,383)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (\u2018CIT\u2019) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2025 was 15.8% (2024: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac77m (2024: \u20ac59m) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. A deferred tax asset is recognised in respect of these tax losses to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. For statement of financial position presentation purposes, deferred tax assets arising from tax loss carry-forwards are offset against deferred tax liabilities relating to the same tax authority where the conditions for offset under IAS 12 are met. Deferred tax liabilities relating to investment properties are measured based on the expected manner of recovery of the underlying assets, in accordance with IAS 12 Income Taxes. The Group expects to recover the carrying value of its investment properties predominantly through disposal as part of its portfolio realisation strategy. In determining the deferred tax liability, the Group has applied tax rates that are expected to apply in the periods in which the temporary differences are forecast to reverse. This assessment reflects enacted and substantively enacted changes to German corporate income tax rates. Management has therefore adjusted the deferred tax calculation to incorporate lower tax rates expected to apply in future periods. The timing of the reversal of temporary differences has been estimated using a disposal profile derived from the Group\u2019s portfolio realisation strategy, which assumes disposals of approximately \u20ac55m per annum over the next four years, with the remainder of the portfolio disposed of in the fifth year. These forecast disposals represent management\u2019s best estimate based on the Group\u2019s strategic plans and do not constitute committed or contractual disposal arrangements. Deferred tax has been calculated based on current fair values of the investment properties as at the reporting date. No allowance has been made for future changes in property values, and no projected revaluations have been assumed in the calculation of deferred tax. Actual disposal timings and realised gains may differ from the assumptions applied, which could result in differences between the deferred tax recognised and the tax ultimately payable on disposal. 23. Trade and other payables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade payables
4,800
3,985
Accrued liabilities
2,635
2,129
Service charges payable
5,420
5,478
Advanced payment received on account
3,467
64
16,322
11,656
Accrued liabilities include an amount of \u20ac656k relating to tenant claims arising from (\u2018Mietr\u00fcge\u2019) in respect of prior rental periods. The liability is recognised under IAS 37 and measured using an expected-value methodology based on historic claim settlement experience applied to open cases at the reporting date. Advanced payment received on account relates to disposal proceeds received prior to the statement of financial position date for units that proceeded to change ownership in the first quarter of the following financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "13. Income tax charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
352
777
Deferred tax credit \u2013 origination and reversal of temporary differences
(7,483)
(170)
(7,1 31)
607
The tax charge for the year can be reconciled to the theoretical tax charge on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(13,585)
(39,491)
Tax at German income tax rate of 15.8% (2024: 15.8%)
(2,146)
(6,240)
Losses not subject to tax: Loss on property disposal
455
505
Effect of changes in tax rates applied to deferred tax balances
(6,834)
\u2013
Losses carried forward not recognised
1,394
6,342
Total tax credit for the year
( 7,131)
607
Reconciliation of current tax liabilities
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
1,589
856
Tax paid during the year
(1,821)
(44)
Current tax charge
352
777
Balance at end of year
120
1,589
Reconciliation of deferred tax
Reversal on
disposal of
Revaluation investment Tax loss
of properties properties Derivatives carry-forward Total
(Liabilities) (movement) (Liabilities) Asset (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
(65,842)
(1,382)
9,923
(57,31 1)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties (held)
4,106
4,106
Reversal on disposal of investment properties
3,275
3,275
Fair value movements \u2013 derivatives
756
756
Recognition/(utilisation) of tax losses
(4,692)
(4,692)
Balance at 31 December 2024
(58,461)
(636)
5,231
(53,866)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties
4,732
4,732
Reversal on disposal of investment properties
2,284
2,284
Fair value movements \u2013 derivatives
14
14
Recognition/(utilisation) of tax losses
453
453
Balance at 31 December 2025
(51,445)
(622)
5,684
(46,383)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (\u2018CIT\u2019) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2025 was 15.8% (2024: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac77m (2024: \u20ac59m) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. A deferred tax asset is recognised in respect of these tax losses to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. For statement of financial position presentation purposes, deferred tax assets arising from tax loss carry-forwards are offset against deferred tax liabilities relating to the same tax authority where the conditions for offset under IAS 12 are met. Deferred tax liabilities relating to investment properties are measured based on the expected manner of recovery of the underlying assets, in accordance with IAS 12 Income Taxes. The Group expects to recover the carrying value of its investment properties predominantly through disposal as part of its portfolio realisation strategy. In determining the deferred tax liability, the Group has applied tax rates that are expected to apply in the periods in which the temporary differences are forecast to reverse. This assessment reflects enacted and substantively enacted changes to German corporate income tax rates. Management has therefore adjusted the deferred tax calculation to incorporate lower tax rates expected to apply in future periods. The timing of the reversal of temporary differences has been estimated using a disposal profile derived from the Group\u2019s portfolio realisation strategy, which assumes disposals of approximately \u20ac55m per annum over the next four years, with the remainder of the portfolio disposed of in the fifth year. These forecast disposals represent management\u2019s best estimate based on the Group\u2019s strategic plans and do not constitute committed or contractual disposal arrangements. Deferred tax has been calculated based on current fair values of the investment properties as at the reporting date. No allowance has been made for future changes in property values, and no projected revaluations have been assumed in the calculation of deferred tax. Actual disposal timings and realised gains may differ from the assumptions applied, which could result in differences between the deferred tax recognised and the tax ultimately payable on disposal.
19. Other financial assets at amortised cost
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Non-current
At 1 January
828
828
Repayments
(24)
(24)
Accrued interest
24
24
At 31 December
828
828
The Company entered into a loan agreement with the minority interest of Accentro Real Estate AG in relation to the acquisition of the assets as
share deals. This loan bears interest at 3% per annum.
These assets are considered to have low credit risk and any loss allowance would be immaterial.
20. Trade and other receivables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
Trade receivables
642
749
Service charges receivable
5,342
5,779
Less: impairment provision
(265)
(696)
Net receivables
5,719
5,832
Prepayments and accrued income
309
283
Other receivables
1,570
2,194
7,598
8,309
Other receivables include \u20ac185,000 due in respect of investment properties sold (2024: \u20ac1m). Ageing analysis of trade receivables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Up to 12 months
377
53
Between 1 year and 2 years
\u2013
\u2013
377
53
Impairment of trade and service charge receivables The Group calculates lifetime expected credit losses for trade and service charge receivables using a portfolio approach. Receivables are grouped based on the credit terms offered and the type of lease. The probability of default is determined at the year-end based on the aging of the receivables, and historical data about default rates. That data is adjusted if the Group determines that historical data is not reflective of expected future conditions due to changes in the nature of its tenants and how they are affected by external factors such as economic and market conditions. A loss allowance of 50% (2024: 50%) has been recognised for trade receivables that are more than 60 days past due. Any receivables where the tenant is no longer resident in the property are provided for in full. Movements in the impairment provision against trade receivables are as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at the beginning of the year
696
297
Impairment losses recognised
121
1,178
Amounts written off as uncollectable
(552)
(779)
Balance at the end of the year
265
696
All impairment losses relate to the receivables arising from tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "13. Income tax charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
352
777
Deferred tax credit \u2013 origination and reversal of temporary differences
(7,483)
(170)
(7,1 31)
607
The tax charge for the year can be reconciled to the theoretical tax charge on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(13,585)
(39,491)
Tax at German income tax rate of 15.8% (2024: 15.8%)
(2,146)
(6,240)
Losses not subject to tax: Loss on property disposal
455
505
Effect of changes in tax rates applied to deferred tax balances
(6,834)
\u2013
Losses carried forward not recognised
1,394
6,342
Total tax credit for the year
( 7,131)
607
Reconciliation of current tax liabilities
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
1,589
856
Tax paid during the year
(1,821)
(44)
Current tax charge
352
777
Balance at end of year
120
1,589
Reconciliation of deferred tax
Reversal on
disposal of
Revaluation investment Tax loss
of properties properties Derivatives carry-forward Total
(Liabilities) (movement) (Liabilities) Asset (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
(65,842)
(1,382)
9,923
(57,31 1)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties (held)
4,106
4,106
Reversal on disposal of investment properties
3,275
3,275
Fair value movements \u2013 derivatives
756
756
Recognition/(utilisation) of tax losses
(4,692)
(4,692)
Balance at 31 December 2024
(58,461)
(636)
5,231
(53,866)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties
4,732
4,732
Reversal on disposal of investment properties
2,284
2,284
Fair value movements \u2013 derivatives
14
14
Recognition/(utilisation) of tax losses
453
453
Balance at 31 December 2025
(51,445)
(622)
5,684
(46,383)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (\u2018CIT\u2019) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2025 was 15.8% (2024: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac77m (2024: \u20ac59m) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. A deferred tax asset is recognised in respect of these tax losses to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. For statement of financial position presentation purposes, deferred tax assets arising from tax loss carry-forwards are offset against deferred tax liabilities relating to the same tax authority where the conditions for offset under IAS 12 are met. Deferred tax liabilities relating to investment properties are measured based on the expected manner of recovery of the underlying assets, in accordance with IAS 12 Income Taxes. The Group expects to recover the carrying value of its investment properties predominantly through disposal as part of its portfolio realisation strategy. In determining the deferred tax liability, the Group has applied tax rates that are expected to apply in the periods in which the temporary differences are forecast to reverse. This assessment reflects enacted and substantively enacted changes to German corporate income tax rates. Management has therefore adjusted the deferred tax calculation to incorporate lower tax rates expected to apply in future periods. The timing of the reversal of temporary differences has been estimated using a disposal profile derived from the Group\u2019s portfolio realisation strategy, which assumes disposals of approximately \u20ac55m per annum over the next four years, with the remainder of the portfolio disposed of in the fifth year. These forecast disposals represent management\u2019s best estimate based on the Group\u2019s strategic plans and do not constitute committed or contractual disposal arrangements. Deferred tax has been calculated based on current fair values of the investment properties as at the reporting date. No allowance has been made for future changes in property values, and no projected revaluations have been assumed in the calculation of deferred tax. Actual disposal timings and realised gains may differ from the assumptions applied, which could result in differences between the deferred tax recognised and the tax ultimately payable on disposal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "13. Income tax charge
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
352
777
Deferred tax credit \u2013 origination and reversal of temporary differences
(7,483)
(170)
(7,1 31)
607
The tax charge for the year can be reconciled to the theoretical tax charge on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(13,585)
(39,491)
Tax at German income tax rate of 15.8% (2024: 15.8%)
(2,146)
(6,240)
Losses not subject to tax: Loss on property disposal
455
505
Effect of changes in tax rates applied to deferred tax balances
(6,834)
\u2013
Losses carried forward not recognised
1,394
6,342
Total tax credit for the year
( 7,131)
607
Reconciliation of current tax liabilities
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
1,589
856
Tax paid during the year
(1,821)
(44)
Current tax charge
352
777
Balance at end of year
120
1,589
Reconciliation of deferred tax
Reversal on
disposal of
Revaluation investment Tax loss
of properties properties Derivatives carry-forward Total
(Liabilities) (movement) (Liabilities) Asset (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
(65,842)
(1,382)
9,923
(57,31 1)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties (held)
4,106
4,106
Reversal on disposal of investment properties
3,275
3,275
Fair value movements \u2013 derivatives
756
756
Recognition/(utilisation) of tax losses
(4,692)
(4,692)
Balance at 31 December 2024
(58,461)
(636)
5,231
(53,866)
Credited/(charged) to the statement of comprehensive income:
Fair value movements \u2013 investment properties
4,732
4,732
Reversal on disposal of investment properties
2,284
2,284
Fair value movements \u2013 derivatives
14
14
Recognition/(utilisation) of tax losses
453
453
Balance at 31 December 2025
(51,445)
(622)
5,684
(46,383)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (\u2018CIT\u2019) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2025 was 15.8% (2024: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac77m (2024: \u20ac59m) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. A deferred tax asset is recognised in respect of these tax losses to the extent that it is probable that future taxable profits will be available against which the losses can be utilised. For statement of financial position presentation purposes, deferred tax assets arising from tax loss carry-forwards are offset against deferred tax liabilities relating to the same tax authority where the conditions for offset under IAS 12 are met. Deferred tax liabilities relating to investment properties are measured based on the expected manner of recovery of the underlying assets, in accordance with IAS 12 Income Taxes. The Group expects to recover the carrying value of its investment properties predominantly through disposal as part of its portfolio realisation strategy. In determining the deferred tax liability, the Group has applied tax rates that are expected to apply in the periods in which the temporary differences are forecast to reverse. This assessment reflects enacted and substantively enacted changes to German corporate income tax rates. Management has therefore adjusted the deferred tax calculation to incorporate lower tax rates expected to apply in future periods. The timing of the reversal of temporary differences has been estimated using a disposal profile derived from the Group\u2019s portfolio realisation strategy, which assumes disposals of approximately \u20ac55m per annum over the next four years, with the remainder of the portfolio disposed of in the fifth year. These forecast disposals represent management\u2019s best estimate based on the Group\u2019s strategic plans and do not constitute committed or contractual disposal arrangements. Deferred tax has been calculated based on current fair values of the investment properties as at the reporting date. No allowance has been made for future changes in property values, and no projected revaluations have been assumed in the calculation of deferred tax. Actual disposal timings and realised gains may differ from the assumptions applied, which could result in differences between the deferred tax recognised and the tax ultimately payable on disposal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "
14. Dividends
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Amounts recognised as distributions to equity holders in the period:
No interim dividend was paid for the year ended 31 December 2025 (2024: \u20acNil per share)
\u2013
\u2013
No final dividend was paid for the year ended 31 December 2024 (2024: \u20acNil per share for the year ended
31 December 2023)
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "
15. Subsidiaries
The Group consists of a Parent Company, Phoenix Spree Deutschland Limited, incorporated in Jersey, Channel Islands and a number of
subsidiaries held directly by Phoenix Spree Deutschland Limited, which are incorporated in and operated out of Jersey and Germany.
Further details are given below:
Country of incorporation
% holding
Nature of business
Phoenix Spree Deutschland I Limited
Jersey
100
Investment property
Phoenix Spree Deutschland VII Limited
Jersey
100
Investment property
Phoenix Spree Deutschland X Limited
Jersey
100
Finance vehicle
Phoenix Spree Deutschland XII Limited
Jersey
100
Investment property
Phoenix Property Holding GmbH & Co.KG
Germany
100
Holding Company
Phoenix Spree Mueller GmbH
Germany
94.9
Investment property
Phoenix Spree Gottlieb GmbH
Germany
94.9
Investment property
PSPF Holdings GmbH
Germany
100
Holding Company
J\u00fchnsdorfer Weg Immobilien GmbH
Germany
94.9
Investment property
Phoenix Spree Property Fund Ltd & Co. KG (PSPF)
Germany
100
Investment property
PSPF General Partner (Jersey) Limited
Jersey
100
Management of PSPF
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "15. Subsidiaries The Group consists of a Parent Company, Phoenix Spree Deutschland Limited, incorporated in Jersey, Channel Islands and a number of subsidiaries held directly by Phoenix Spree Deutschland Limited, which are incorporated in and operated out of Jersey and Germany. Further details are given below:
Country of incorporation
% holding
Nature of business
Phoenix Spree Deutschland I Limited
Jersey
100
Investment property
Phoenix Spree Deutschland VII Limited
Jersey
100
Investment property
Phoenix Spree Deutschland X Limited
Jersey
100
Finance vehicle
Phoenix Spree Deutschland XII Limited
Jersey
100
Investment property
Phoenix Property Holding GmbH & Co.KG
Germany
100
Holding Company
Phoenix Spree Mueller GmbH
Germany
94.9
Investment property
Phoenix Spree Gottlieb GmbH
Germany
94.9
Investment property
PSPF Holdings GmbH
Germany
100
Holding Company
J\u00fchnsdorfer Weg Immobilien GmbH
Germany
94.9
Investment property
Phoenix Spree Property Fund Ltd & Co. KG (PSPF)
Germany
100
Investment property
PSPF General Partner (Jersey) Limited
Jersey
100
Management of PSPF
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "15. Subsidiaries The Group consists of a Parent Company, Phoenix Spree Deutschland Limited, incorporated in Jersey, Channel Islands and a number of subsidiaries held directly by Phoenix Spree Deutschland Limited, which are incorporated in and operated out of Jersey and Germany. Further details are given below:
Country of incorporation
% holding
Nature of business
Phoenix Spree Deutschland I Limited
Jersey
100
Investment property
Phoenix Spree Deutschland VII Limited
Jersey
100
Investment property
Phoenix Spree Deutschland X Limited
Jersey
100
Finance vehicle
Phoenix Spree Deutschland XII Limited
Jersey
100
Investment property
Phoenix Property Holding GmbH & Co.KG
Germany
100
Holding Company
Phoenix Spree Mueller GmbH
Germany
94.9
Investment property
Phoenix Spree Gottlieb GmbH
Germany
94.9
Investment property
PSPF Holdings GmbH
Germany
100
Holding Company
J\u00fchnsdorfer Weg Immobilien GmbH
Germany
94.9
Investment property
Phoenix Spree Property Fund Ltd & Co. KG (PSPF)
Germany
100
Investment property
PSPF General Partner (Jersey) Limited
Jersey
100
Management of PSPF
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "
18. Property, plant and equipment
Equipment
\u20ac\u2019000
Cost or valuation
As at 1 January 2024
163
Additions
53
As at 31 December 2024
216
Additions
122
As at 31 December 2025
338
Accumulated depreciation and impairment
As at 1 January 2024
152
Charge for the year
55
As at 31 December 2024
207
Charge for the year
30
As at 31 December 2025
237
Carrying amount
As at 31 December 2024
9
As at 31 December 2025
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "
20. Trade and other receivables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
Trade receivables
642
749
Service charges receivable
5,342
5,779
Less: impairment provision
(265)
(696)
Net receivables
5,719
5,832
Prepayments and accrued income
309
283
Other receivables
1,570
2,194
7,598
8,309
Other receivables include \u20ac185,000 due in respect of investment properties sold (2024: \u20ac1m).
Ageing analysis of trade receivables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Up to 12 months
377
53
Between 1 year and 2 years
\u2013
\u2013
377
53
Impairment of trade and service charge receivables
The Group calculates lifetime expected credit losses for trade and service charge receivables using a portfolio approach. Receivables are grouped
based on the credit terms offered and the type of lease. The probability of default is determined at the year-end based on the aging of the receivables,
and historical data about default rates. That data is adjusted if the Group determines that historical data is not reflective of expected future conditions
due to changes in the nature of its tenants and how they are affected by external factors such as economic and market conditions.
A loss allowance of 50% (2024: 50%) has been recognised for trade receivables that are more than 60 days past due. Any receivables where the tenant
is no longer resident in the property are provided for in full.
Movements in the impairment provision against trade receivables are as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at the beginning of the year
696
297
Impairment losses recognised
121
1,178
Amounts written off as uncollectable
(552)
(779)
Balance at the end of the year
265
696
All impairment losses relate to the receivables arising from tenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "20. Trade and other receivables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
Trade receivables
642
749
Service charges receivable
5,342
5,779
Less: impairment provision
(265)
(696)
Net receivables
5,719
5,832
Prepayments and accrued income
309
283
Other receivables
1,570
2,194
7,598
8,309
Other receivables include \u20ac185,000 due in respect of investment properties sold (2024: \u20ac1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Impairment of trade and service charge receivables The Group calculates lifetime expected credit losses for trade and service charge receivables using a portfolio approach. Receivables are grouped based on the credit terms offered and the type of lease. The probability of default is determined at the year-end based on the aging of the receivables, and historical data about default rates. That data is adjusted if the Group determines that historical data is not reflective of expected future conditions due to changes in the nature of its tenants and how they are affected by external factors such as economic and market conditions. A loss allowance of 50% (2024: 50%) has been recognised for trade receivables that are more than 60 days past due. Any receivables where the tenant is no longer resident in the property are provided for in full. Movements in the impairment provision against trade receivables are as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance at the beginning of the year
696
297
Impairment losses recognised
121
1,178
Amounts written off as uncollectable
(552)
(779)
Balance at the end of the year
265
696
All impairment losses relate to the receivables arising from tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
21. Cash and cash equivalents
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cash at banks
32,235
45,042
Cash at agents
1,724
1,478
Cash and cash equivalents
33,959
46,520
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "21. Cash and cash equivalents
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cash at banks
32,235
45,042
Cash at agents
1,724
1,478
Cash and cash equivalents
33,959
46,520
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "
22. Borrowings
31 December 2025
31 December 2024
Nominal value Book value Nominal value Book value
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Current liabilities
Accrued interest \u2013 NATIXIS Pfandbriefbank AG
992
302
1,109
106
Bank loans \u2013 Berliner Sparkasse
\u2013
\u2013
301
301
Non-current liabilities
992
302
1,410
407
Bank loans \u2013 NATIXIS Pfandbriefbank AG
255,000
252,298
249,333
248,635
Bank loans \u2013 Berliner Sparkasse
\u2013
\u2013
18,818
18,818
255,000
252,298
268,151
267,453
255,992
252,600
269,561
267,860
The fair value of borrowings approximated their book value at the date of the Consolidated Statement of Financial Position.
The difference between book values and nominal values in the table above relates to unamortised transaction cost.
Financial covenants and related obligations as required by the Natixis Pfandbriefbank AG facility agreement dated 26 November 2025 are stated below:
Interest Cover Ratio (ICR) of at least 1.20 times at all times. Breach if less than 1.20 times (subject to cure within 5 business days).
Loan to value (LTV) trigger if LTV exceeds 65% in year one, 60% in year two, or 55% thereafter. Surplus cash is trapped (blocked) until LTV is cured).
Debt yield trigger if debt yield falls below 5% (first 3 years), 6.5% (year 3-4), or 7% (year 4 onwards). Surplus cash is trapped until cured.
The Group has complied with the financial covenants of its borrowing facilities during the 2025 reporting period.
Interest Cover
Ratio
Loan to value
Debt yield
Required as reporting date
1.20x
65.0%
5.0%
Reported value as at 26 November 2025
1.29x
49.3%
5.6%
Reported value as at 26 November 2025
1.23x
49.1%
5.5%
The Natixis Pfandbriefbank AG loan facility matures on 28 November 2030. All outstanding loan principal is due in full 5 years from utilisation
(Termination date). Interest is payable quarterly.
Voluntary prepayment rights. The Group have the right to prepay the loan at their discretion, subject to notice and minimum amounts. They may
prepay in whole or in part, by giving at least 10 Business Days\u2019 notice to the agent. Partial prepayments must be at least \u20ac1m in size. Prepayments
are allowed only after the drawdown period has ended.
Mandatory prepayment on asset disposals. The facility tightly governs disposals of secured assets. If the Group sell any properties or equity
interests in a property holding borrower, mandatory prepayment of part of the loan is required using the sale proceeds.
Minimum prepayment amount. The loan agreement specifies that upon a permitted sale, the Group must prepay an amount such that the remaining
loan-to-value is preserved at 52%. In practice, 115% of the sold asset\u2019s allocated loan amount or 52% of net sale proceeds, whichever is higher, must be
applied to prepay the loans. This ensures the loan is paid down in proportion to assets disposed.
The net disposal proceeds (after reasonable costs) from any sale must either be prepaid immediately or paid into a restricted deposit account
awaiting application to prepayment.
All borrowings are secured against the investment properties of the Group. As at 31 December 2025, the Group had no undrawn debt facilities
(2024: \u20acNil).
Hedging requirement. The Group are required to maintain interest rate hedging on at least 80% of the loan principal for the full term \u2013 specifically
via interest rate cap(s) with a strike \u22642.00%.
Interest rate risk concentration
Hedged
Fixed Fixed Floating against
Interest Interest Interest Total floating
Interest rate basis % % % loans rate loans
1-2% 2-3% Euribor
Interest rate range \u20ac\u2019000 \u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
NATIXIS Pfandbriefbank AG
\u2013
\u2013
255,000
255,000
204,000
Total
\u2013
\u2013
255,000
255,000
204,000
24. Derivative financial instruments
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate swaps \u2013 carried at fair value through profit or loss
Balance at 1 January
4,021
8,796
Fair value movement through profit or loss
(2,524)
(4,775)
Termination payment received
(1,497)
\u2013
Balance at 31 December
\u2013
4,021
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate caps \u2013 carried at fair value through profit or loss
Balance at 1 January
\u2013
\u2013
Premium paid
3,523
Fair value movement through profit or loss
408
\u2013
Balance at 31 December
3,931
\u2013
The notional principal amount of the outstanding interest rate cap contract at 31 December 2025 was \u20ac204,000,000 (2024: \u20acNil). The base rate of the contract is based on 3 Months EURIBOR and interest is capped at 2%. The interest rate cap matures on 28 November 2030. Interest rate caps do not give rise to future contractual cash outflows and are therefore excluded from the liquidity risk maturity analysis.
29. Financial instruments
The Group is exposed to the risks that arise from its use of financial instruments. This note describes the objectives, policies and processes of the
Group for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented
throughout the consolidated financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
\u2022 Cash and cash equivalents
\u2022 Trade and other receivables
\u2022 Other financial assets
\u2022 Trade and other payables
\u2022 Borrowings
\u2022 Derivative financial instruments
The Group held the following financial assets at each reporting date:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Amortised cost
Trade and other receivables \u2013 current
7,289
8,026
Cash and cash equivalents
33,959
46,520
Other financial assets at amortised cost
828
828
42,076
55,374
Fair value through profit or loss
Derivative financial assets
3,931
4,021
3,931
4,021
46,007
59,395
The Group held the following financial liabilities at each reporting date:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
At amortised cost
Borrowings payable: current
302
407
Borrowings payable: non-current
252,298
267,453
Trade and other payables
16,322
11,656
268,922
279,516
Fair value of financial instruments The fair values of the financial assets and liabilities are not materially different to their carrying values due to the short term nature of the current assets and liabilities. Due to the commercial variable rates applied to the long term liabilities, and the relatively short term nature, the fair value of these positions are not considered to be materially different from their carrying value. The interest rate cap became effective on 28 November 2025. Given the short period between inception and the reporting date, and in the absence of evidence of significant changes in interest rate curves or volatility, management has concluded that the premium paid of EUR 3.5m represents a reasonable approximation of the instrument\u2019s fair value at 31 December 2025. The interest rate cap is expected to mature on 28 November 2030. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. During each of the reporting periods, there were no transfers between valuation levels. Group fair values
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial assets/(liabilities)
Interest rate swaps \u2013 Level 2 \u2013 current
\u2013
\u2013
Interest rate swaps \u2013 Level 2 \u2013 non-current
3,931
\u2013
3,931
\u2013
Financial risk management The Group is exposed through its operations to the following financial risks: \u2022 Interest rate risk \u2022 Foreign exchange risk \u2022 Credit risk \u2022 Liquidity risk The Group\u2019s policies for financial risk management are outlined below. Interest rate risk The Group\u2019s interest rate risk arises primarily from external borrowing. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group is also exposed to interest rate risk on cash and cash equivalents. The Group manages its exposure to interest rate risk through the use of interest rate caps. At the reporting date, 80% of variable-rate borrowings were subject to an interest rate cap, which limits the Group\u2019s exposure to adverse movements in interest rates. The remaining unhedged exposure amounted to approximately EUR 51m. A sensitivity analysis has been performed showing the impact on profit or loss of a reasonably possible change in benchmark interest rates of 0.25%, based on the interest rates prevailing at the reporting date and assuming the year end debt position remains constant. A 0.25% increase (decrease) in benchmark interest rates would result in an increase (decrease) in annual interest expense of approximately EUR 0.13m. Given the level of protection provided by these arrangements, management considers that a reasonably possible change in interest rates would not have a material impact on profit. The Group gives careful consideration to interest rates when considering its borrowing requirements and where to hold its excess cash. The Directors believe that the interest rate risk is at an acceptable level.
Foreign exchange risk
The Group is exposed to foreign exchange risk on sales, purchases, and translation of assets and liabilities that are in a currency other than the
functional currency (Euros).
The Group does not enter into any currency hedging transactions and the Directors believe that the foreign exchange rate risk is at an acceptable level.
The carrying amount of the Group\u2019s foreign currency (non-Euro) denominated monetary assets and liabilities are shown below, all the amounts are
for Sterling balances only:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial assets
Cash and cash equivalents
119
60
Financial liabilities
Trade and other payables
(90)
(457)
Net position
29
(397)
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Weakened by 10% Increase/(decrease) in post-tax profit/loss and impact on equity
3
(40)
Strengthened by 10% Increase/(decrease) in post-tax profit/loss and impact on equity
(3)
40
Credit risk management
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises
principally from the Group\u2019s trade and other receivables and its cash balances. The Group gives careful consideration to which organisations it uses
for its banking services in order to minimise credit risk. The Group has an established credit policy under which each new tenant is analysed for
creditworthiness and each tenant is required to pay a two month deposit.
At each reporting date the Group had no tenants with outstanding balances over 10% of the total trade receivables balance.
The Group holds cash at the following banks: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse and Butterfield
Bank (Guernsey) Limited. The split of cash held at each of the banks respectively at 31 December 2025 was 8%/92% (31 December 2024: Barclays
Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse and Hausbank the split was 80%/18%/1%/1% ). Barclays has a credit
rating of A+, Deutsche Bank has a credit rating of A-.
The Group holds no collateral as security against any financial asset. The carrying amount of financial assets recorded in the financial statements,
net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk.
Details of receivables from tenants in arrears at each reporting date can be found in note 20 as can details of the receivables that were impaired
during each period.
An allowance for impairment is made using an expected credit loss model based on previous experience. Management considers the above
measures to be sufficient to control the credit risk exposure.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned
by international credit-rating agencies.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum
exposure to credit risk as no collateral or other credit enhancements are held.
Liquidity risk management
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity
risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or damage to the Group\u2019s reputation.
The Directors manage liquidity risk by regularly reviewing cash requirements by reference to short term cash flow forecasts and medium term
working capital projections prepared by management.
The Group maintains good relationships with its banks, which have high credit ratings.
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods. The
table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be
required to pay. The tables include both current interest payable and principal cash flows.
Maturity analysis for financial liabilities
Less than 1 Between 1 \u2013 2 Between 2 \u2013 5 More than
year years years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2025
Borrowings payable: current
11,816
\u2013
\u2013
\u2013
11,816
Borrowings payable: non-current
\u2013
10,824
286,582
\u2013
297,406
Trade and other payables
16,322
\u2013
\u2013
\u2013
16,322
28,138
10,824
266,582
\u2013
325,544
Less than 1 Between 1 \u2013 2 Between 2 \u2013 5 More than 5
year years years years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2024
Borrowings payable: current
8,967
\u2013
\u2013
\u2013
8,967
Borrowings payable: non-current
\u2013
275,085
\u2013
\u2013
275,085
Trade and other payables
11,656
\u2013
\u2013
\u2013
11,656
20,623
275,085
\u2013
\u2013
295,708
Loans are due to mature in November 2030 for the Natixis loan facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "22. Borrowings
31 December 2025
31 December 2024
Nominal value Book value Nominal value Book value
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Current liabilities
Accrued interest \u2013 NATIXIS Pfandbriefbank AG
992
302
1,109
106
Bank loans \u2013 Berliner Sparkasse
\u2013
\u2013
301
301
Non-current liabilities
992
302
1,410
407
Bank loans \u2013 NATIXIS Pfandbriefbank AG
255,000
252,298
249,333
248,635
Bank loans \u2013 Berliner Sparkasse
\u2013
\u2013
18,818
18,818
255,000
252,298
268,151
267,453
255,992
252,600
269,561
267,860
The fair value of borrowings approximated their book value at the date of the Consolidated Statement of Financial Position. The difference between book values and nominal values in the table above relates to unamortised transaction cost. Financial covenants and related obligations as required by the Natixis Pfandbriefbank AG facility agreement dated 26 November 2025 are stated below: Interest Cover Ratio (ICR) of at least 1.20 times at all times. Breach if less than 1.20 times (subject to cure within 5 business days). Loan to value (LTV) trigger if LTV exceeds 65% in year one, 60% in year two, or 55% thereafter. Surplus cash is trapped (blocked) until LTV is cured). Debt yield trigger if debt yield falls below 5% (first 3 years), 6.5% (year 3-4), or 7% (year 4 onwards). Surplus cash is trapped until cured. The Group has complied with the financial covenants of its borrowing facilities during the 2025 reporting period.
Interest Cover
Ratio
Loan to value
Debt yield
Required as reporting date
1.20x
65.0%
5.0%
Reported value as at 26 November 2025
1.29x
49.3%
5.6%
Reported value as at 26 November 2025
1.23x
49.1%
5.5%
The Natixis Pfandbriefbank AG loan facility matures on 28 November 2030. All outstanding loan principal is due in full 5 years from utilisation (Termination date). Interest is payable quarterly. Voluntary prepayment rights. The Group have the right to prepay the loan at their discretion, subject to notice and minimum amounts. They may prepay in whole or in part, by giving at least 10 Business Days\u2019 notice to the agent. Partial prepayments must be at least \u20ac1m in size. Prepayments are allowed only after the drawdown period has ended. Mandatory prepayment on asset disposals. The facility tightly governs disposals of secured assets. If the Group sell any properties or equity interests in a property holding borrower, mandatory prepayment of part of the loan is required using the sale proceeds. Minimum prepayment amount. The loan agreement specifies that upon a permitted sale, the Group must prepay an amount such that the remaining loan-to-value is preserved at 52%. In practice, 115% of the sold asset\u2019s allocated loan amount or 52% of net sale proceeds, whichever is higher, must be applied to prepay the loans. This ensures the loan is paid down in proportion to assets disposed. The net disposal proceeds (after reasonable costs) from any sale must either be prepaid immediately or paid into a restricted deposit account awaiting application to prepayment. All borrowings are secured against the investment properties of the Group. As at 31 December 2025, the Group had no undrawn debt facilities (2024: \u20acNil). Hedging requirement. The Group are required to maintain interest rate hedging on at least 80% of the loan principal for the full term \u2013 specifically via interest rate cap(s) with a strike \u22642.00%. Interest rate risk concentration
Hedged
Fixed Fixed Floating against
Interest Interest Interest Total floating
Interest rate basis % % % loans rate loans
1-2% 2-3% Euribor
Interest rate range \u20ac\u2019000 \u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
NATIXIS Pfandbriefbank AG
\u2013
\u2013
255,000
255,000
204,000
Total
\u2013
\u2013
255,000
255,000
204,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "
23. Trade and other payables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade payables
4,800
3,985
Accrued liabilities
2,635
2,129
Service charges payable
5,420
5,478
Advanced payment received on account
3,467
64
16,322
11,656
Accrued liabilities include an amount of \u20ac656k relating to tenant claims arising from (\u2018Mietr\u00fcge\u2019) in respect of prior rental periods. The liability is
recognised under IAS 37 and measured using an expected-value methodology based on historic claim settlement experience applied to open
cases at the reporting date.
Advanced payment received on account relates to disposal proceeds received prior to the statement of financial position date for units that
proceeded to change ownership in the first quarter of the following financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "23. Trade and other payables
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade payables
4,800
3,985
Accrued liabilities
2,635
2,129
Service charges payable
5,420
5,478
Advanced payment received on account
3,467
64
16,322
11,656
Accrued liabilities include an amount of \u20ac656k relating to tenant claims arising from (\u2018Mietr\u00fcge\u2019) in respect of prior rental periods. The liability is recognised under IAS 37 and measured using an expected-value methodology based on historic claim settlement experience applied to open cases at the reporting date. Advanced payment received on account relates to disposal proceeds received prior to the statement of financial position date for units that proceeded to change ownership in the first quarter of the following financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
24. Derivative financial instruments
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate swaps \u2013 carried at fair value through profit or loss
Balance at 1 January
4,021
8,796
Fair value movement through profit or loss
(2,524)
(4,775)
Termination payment received
(1,497)
\u2013
Balance at 31 December
\u2013
4,021
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate caps \u2013 carried at fair value through profit or loss
Balance at 1 January
\u2013
\u2013
Premium paid
3,523
Fair value movement through profit or loss
408
\u2013
Balance at 31 December
3,931
\u2013
The notional principal amount of the outstanding interest rate cap contract at 31 December 2025 was \u20ac204,000,000 (2024: \u20acNil). The base rate of
the contract is based on 3 Months EURIBOR and interest is capped at 2%. The interest rate cap matures on 28 November 2030.
Interest rate caps do not give rise to future contractual cash outflows and are therefore excluded from the liquidity risk maturity analysis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "
25. Stated capital
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Issued and fully paid:
At 1 January
196,578
196,578
At 31 December
196,578
196,578
The number of redeemable ordinary shares in issue at 31 December 2025 was 100,751,410 (31 December 2024: Nil). The number of non-redeemable
ordinary shares in issue at 31 December 2025 was 1 (31 December 2024: Nil).
On 18 June 2025 the Company issued one ordinary share at a subscription price of \u00a31. The share was immediately converted into and redesignated
as a non-redeemable ordinary share of no par value. The Company\u2019s remaining 100,751,410 issued ordinary shares of no par value were converted
and redesignated as redeemable ordinary shares of no par value.
At general meetings of the Company, redeemable ordinary shareholders are entitled to one vote on a show of hands or on a poll, to one vote for
every redeemable ordinary share held.
Treasury shares
The reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. At 31 December 2025, the Group
held 8,924,047 of the Company\u2019s shares (2024: 8,924,047). During the year no further shares were purchased in the market.
On 21 April 2026 the Board of the Company announces that it has resolved with immediate effect to cancel all of its 8,924,047 ordinary shares
held in treasury.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "25. Stated capital
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Issued and fully paid:
At 1 January
196,578
196,578
At 31 December
196,578
196,578
The number of redeemable ordinary shares in issue at 31 December 2025 was 100,751,410 (31 December 2024: Nil). The number of non-redeemable ordinary shares in issue at 31 December 2025 was 1 (31 December 2024: Nil). On 18 June 2025 the Company issued one ordinary share at a subscription price of \u00a31. The share was immediately converted into and redesignated as a non-redeemable ordinary share of no par value. The Company\u2019s remaining 100,751,410 issued ordinary shares of no par value were converted and redesignated as redeemable ordinary shares of no par value. At general meetings of the Company, redeemable ordinary shareholders are entitled to one vote on a show of hands or on a poll, to one vote for every redeemable ordinary share held. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "Treasury shares The reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. At 31 December 2025, the Group held 8,924,047 of the Company\u2019s shares (2024: 8,924,047). During the year no further shares were purchased in the market. On 21 April 2026 the Board of the Company announces that it has resolved with immediate effect to cancel all of its 8,924,047 ordinary shares held in treasury.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
26. Non-controlling interests
Non-controlling 31 December 31 December
interest 2025 2024
% \u20ac\u2019000 \u20ac\u2019000
Phoenix Spree Mueller GmbH
5.1%
787
771
Phoenix Spree Gottlieb GmbH
5.1%
1,134
1,108
J\u00fchnsdorfer Weg Immobilien GmbH
5.1%
(595)
(515)
1,326
1,364
The following is summarised financial information for the subsidiaries which have material NCI, prepared in accordance with IFRS. The information
is before inter-company eliminations with other companies in the Group.
Phoenix Spree Phoenix Spree J\u00fchnsdorfer
Mueller Gottlieb Weg Immobilien 31 December
GmbH GmbH GmbH 2025
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Revenue
1,372
1,284
2,092
4,748
Loss
298
504
(1,559)
(757)
Gain/(Loss) attributable to NCI
15
26
(79)
(38)
Non-current assets
29,900
27,800
37,800
95,500
Current assets
8,206
8,202
2,146
18,554
Non-current liabilities
(22,077)
(13,199)
(50,457)
(85,733)
Current liabilities
(604)
(562)
(1,148)
(2,314)
Net assets
15,425
22,241
(11,659)
26,007
Net assets/(liabilities) attributable to NCI
787
1,134
(595)
1,326
Cashflows from operating activities
199
29
(200)
28
Cashflows from investing activities
(1)
(3)
\u2013
(4)
Cashflows from financing activities
(321)
7
347
33
Net increase/(decrease) in cash and cash equivalents
(123)
33
147
57
Phoenix Spree Phoenix Spree J\u00fchnsdorfer
Mueller Gottlieb Weg Immobilien 31 December
GmbH GmbH GmbH 2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Revenue
1,368
1,232
2,534
5,134
Loss
(11,531)
(691)
(11,873)
(24,095)
Loss attributable to NCI
(588)
(35)
(580)
(1,203)
Non-current assets
29,500
27, 500
37,700
94,700
Current assets
5,289
7,81 2
1,709
14,810
Non-current liabilities
(19,107)
(13,066)
(48,072)
(80,245)
Current liabilities
(554)
(509)
(1,438)
(2,501)
Net assets
15,128
21,737
(10,101)
26,764
Net assets attributable to NCI
771
1,108
(515)
1,364
Cashflows from operating activities
46
118
880
1,044
Cashflows from investing activities
(2)
(4)
310
304
Cashflows from financing activities
(12)
(132)
(1,371)
(1,515)
Net increase/(decrease) in cash and cash equivalents
32
(18)
(181)
(167)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
27. Earnings per share and EPRA earnings per share
31 December 31 December
2025 2024
Earnings per share
Earnings for the purposes of basic earnings per share being net profit attributable to owners of the parent (\u20ac\u2019000)
(6,416)
(38,895)
Weighted average number of ordinary shares for the purposes of basic earnings per share (Number)
91 ,827, 363
91,827, 363
Effect of dilutive potential ordinary shares (Number)
\u2013
\u2013
Weighted average number of ordinary shares for the purposes of diluted earnings per share (Number)
91 ,827, 363
91,827, 363
Earnings per share (\u20ac)
(0.07)
(0.42)
Diluted earnings per share (\u20ac)
(0.07)
(0.42)
31 December 31 December
2025 2024
EPRA earnings per share
Earnings for the purposes of basic earnings per share being net profit attributable to owners of the parent (\u20ac\u2019000)
(6,416)
(38,895)
Changes in value of investment properties
2,256
5,416
Loss on disposal on investment properties
2,882
3,194
Changes in fair value of financial instruments
2,524
4,775
Loss on disposal of subsidiary
\u2013
25,601
Deferred tax adjustments
(7,483)
(170)
Change in Non-controlling interest
34
(537)
EPRA Earnings
(6,203)
(616)
Weighted average number of ordinary shares for the purposes of basic earnings per share (Number)
91 ,827, 363
91,827, 363
EPRA Earnings per Share (\u20ac)
(0.07)
(0.01)
Diluted EPRA Earnings per Share (\u20ac)
(0.07)
(0.01)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
28. Net asset value per share and EPRA net asset value
31 December 31 December
2025 2024
Net assets (\u20ac\u2019000)
269,756
276,172
Number of participating ordinary shares
91 ,827,363
91 ,827,363
Net asset value per share (\u20ac)
2.94
3.01
The Group presents EPRA Net Asset Value (NRV), EPRA Net Tangible Assets (NTA) and EPRA Net Disposal Value (NDV) as alternative performance
measures to supplement IFRS equity.
These measures are prepared in accordance with the European Public Real Estate Association (EPRA) Best Practices Recommendations and are
widely used by investors and analysts to assess the performance and value of listed real estate companies on a consistent basis.
The Directors consider these measures provide additional insight into the Group\u2019s underlying net asset position under different assumptions,
including long-term asset ownership, active portfolio management and orderly disposal scenarios, which are not directly provided for under IFRS.
The EPRA measures should not be considered as a substitute for IFRS measures and are presented alongside, and reconciled to, the Group\u2019s
IFRS equity.
EPRA NRV (Net Reinstatement Value) \u2013 this includes transfer duties of the property assets.
EPRA NTA (Net Tangible Assets) \u2013 the Company buys and sells assets leading to taking account of certain liabilities.
EPRA NDV (Net Disposal Value) \u2013 the value for the shareholder in the event of a liquidation.
The net asset value calculation is based on the Group\u2019s shareholders\u2019 equity which includes the fair value of investment properties, properties held
for sale as well as financial instruments.
The number of diluted shares does not include treasury shares.
EPRA NRV EPRA NTA EPRA NDV
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2025
IFRS Equity attributable to shareholders
276,172
276,172
276,172
Diluted NAV
276,172
276,172
276,172
Diluted NAV at Fair Value
276,172
276,172
276,172
Exclude*:
Deferred tax in relation to revaluation gains/losses of Investment Property and derivatives
53,866
53,866
Fair value of financial instruments
(4,021)
(4,021)
Include*:
Fair value of fixed interest rate debt
587
Real estate transfer tax
23,471
\u2013
NAV
349,488
326,017
276,759
Fully diluted number of shares
91 ,827, 363
91 ,827,363
91 ,827,363
NAV per share (\u20ac)
3.81
3.55
3.01
EPRA NRV EPRA NTA EPRA NDV
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2024
IFRS Equity attributable to shareholders
276,172
276,172
276,172
Diluted NAV
276,172
276,172
276,172
Diluted NAV at fair value
276,172
276,172
276,172
Exclude:
Deferred tax in relation to revaluation gains/losses of Investment Property and derivatives
53,866
53,866
Fair value of financial instruments
(4,021)
(4,021)
Include:
Fair value of fixed interest rate debt
587
Real estate transfer tax
23,471
\u2013
NAV
349,488
326,017
276,759
Fully diluted number of shares
91,827, 363
91,827, 363
91,827, 363
NAV per share (\u20ac)
3.81
3.55
3.01
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
Fair value of financial instruments
The fair values of the financial assets and liabilities are not materially different to their carrying values due to the short term nature of the current
assets and liabilities. Due to the commercial variable rates applied to the long term liabilities, and the relatively short term nature, the fair value of
these positions are not considered to be materially different from their carrying value.
The interest rate cap became effective on 28 November 2025. Given the short period between inception and the reporting date, and in the absence
of evidence of significant changes in interest rate curves or volatility, management has concluded that the premium paid of EUR 3.5m represents a
reasonable approximation of the instrument\u2019s fair value at 31 December 2025.
The interest rate cap is expected to mature on 28 November 2030.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly;
and
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
During each of the reporting periods, there were no transfers between valuation levels.
Group fair values
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial assets/(liabilities)
Interest rate swaps \u2013 Level 2 \u2013 current
\u2013
\u2013
Interest rate swaps \u2013 Level 2 \u2013 non-current
3,931
\u2013
3,931
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "Fair value of financial instruments The fair values of the financial assets and liabilities are not materially different to their carrying values due to the short term nature of the current assets and liabilities. Due to the commercial variable rates applied to the long term liabilities, and the relatively short term nature, the fair value of these positions are not considered to be materially different from their carrying value. The interest rate cap became effective on 28 November 2025. Given the short period between inception and the reporting date, and in the absence of evidence of significant changes in interest rate curves or volatility, management has concluded that the premium paid of EUR 3.5m represents a reasonable approximation of the instrument\u2019s fair value at 31 December 2025. The interest rate cap is expected to mature on 28 November 2030. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. During each of the reporting periods, there were no transfers between valuation levels. Group fair values
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial assets/(liabilities)
Interest rate swaps \u2013 Level 2 \u2013 current
\u2013
\u2013
Interest rate swaps \u2013 Level 2 \u2013 non-current
3,931
\u2013
3,931
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "
30. Capital commitments
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Contracted capital commitments at the end of the year
1,505
\u2013
Capital commitments include contracted obligations in respect of the acquisition, enhancement, construction, development and repair of the
Group\u2019s properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "30. Capital commitments
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Contracted capital commitments at the end of the year
1,505
\u2013
Capital commitments include contracted obligations in respect of the acquisition, enhancement, construction, development and repair of the Group\u2019s properties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
31. Related party transactions
Related party transactions not disclosed elsewhere are as follows:
QSix Residential Limited is the Group\u2019s property advisor and also holds an equity interest in the Company. As the property advisor provides services
that are considered to constitute key management personnel services, and given its shareholding, QSix Residential Limited is regarded as a related
party in accordance with IAS 24. Fees paid to QSix Residential Limited during the period are disclosed as related party transactions.
Property Advisor Fees
Under the Property Advisory Agreement for providing property advisory services, the Property Advisor is entitled to a Portfolio and Asset
Management Fee as follows:
(i) 1.2% of the EPRA NTA of the Group where EPRA NTA of the Group is equal to or less than \u20ac500m; and
(ii) 1% of the EPRA NTA of the Group greater than \u20ac500m.
The Property Advisor is entitled to receive a finance fee equal to:
(i) 0.1% of the value of any borrowing arrangement which the Property Advisor has negotiated and/or supervised; and
(ii) a fixed fee of \u00a31,000 in respect of any borrowing arrangement which the Property Advisor has renegotiated or varied.
The management fee will be reduced by the aggregate amount of any transaction fees and finance fees payable to the Property Advisor in respect
of that calendar year.
The Property Advisor is entitled to a capex monitoring fee equal to 7% of any capital expenditure incurred by any Subsidiary which the Property
Advisor is responsible for managing.
The Property Advisor is entitled to receive a transaction fee fixed at \u00a31,000 in respect of any acquisition or disposal of property by any Subsidiary.
The Property Advisor shall be entitled to a fee for Investor Relations Services at the annual rate of \u00a375,000 payable quarterly in arrears.
Effective from 1 July 2023 for a period of 12 months, the Property Advisor fee was amended as follows:
(i) For a period of 12 months from the 1 July 2023, the amount payable to the Property Advisor in respect of the Portfolio and Asset Management
Fee, the Capex Fee, the Finance Fees, the Transaction Fees, the Letting Fees and the Investor Relations Fees, in each case, inclusive of VAT shall
be subject to a cap of \u20ac5.0m.
(ii) The Property Advisor shall be entitled to a disposal fee equal to 1% of the Gross Value of Assets Sold over the period of 12 months commencing
on 1 July 2023
Effective 1 July 2024, the 12 month Property Advisor fee changes which were effective from 1 July 2023 were revised as follows:
1. 1. &The amount payable to the Property Advisor in respect of the Portfolio and Asset Management Fee, the Capex Fee, the Finance Fees,
the Transaction Fees, the Letting Fees and the Investor Relations Fees, in each case, exclusive of VAT shall be subject to a cap of \u20ac4.3m.
2. &The Property Advisor shall be entitled to a disposal fee equal to 1% of the Gross Value of Assets sold.
QSix Residential Limited is the Group\u2019s appointed Property Advisor. The Property Advisor has committed to use post-tax proceeds arising from
the disposal fee to acquire shares in PSD. The Property Advisor acquired 299,917 shares in 2024 and a further 142,384 shares in February 2025.
The shareholders of the Property Advisor also retain shares in the Group. During the year ended 31 December 2025, an amount of \u20ac4,275,890
(\u20ac4,275,890 Management Fees) (2024: \u20ac4,296,112 (\u20ac4,293,070 Management Fees and \u20ac3,042 Other expenses and fees)) was payable to QSix
Residential Limited. At 31 December 2025 \u20ac1,513,753 (2024: \u20ac1,113,429) was outstanding. Fees payable to the Property Advisor in relation to
overseeing capital expenditure during the year of \u20ac768,404 (2024: \u20ac180,774) have been capitalised.
Apex Financial Services (Alternative Funds) Limited, the Company\u2019s administrator provided administration and company secretarial services.
During the period, fees of \u20ac759,832 were charged (2024: \u20ac688,502) with \u20acNil (2024: \u20acNil) outstanding.
Fees payable to Directors during the year amounted to \u20ac256,000 (2024: \u20ac272,000).
Dividends paid to directors in their capacity as a shareholder amounted to \u20acNil (2024: \u20acNil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "31. Related party transactions Related party transactions not disclosed elsewhere are as follows: QSix Residential Limited is the Group\u2019s property advisor and also holds an equity interest in the Company. As the property advisor provides services that are considered to constitute key management personnel services, and given its shareholding, QSix Residential Limited is regarded as a related party in accordance with IAS 24. Fees paid to QSix Residential Limited during the period are disclosed as related party transactions. Property Advisor Fees Under the Property Advisory Agreement for providing property advisory services, the Property Advisor is entitled to a Portfolio and Asset Management Fee as follows: (i) 1.2% of the EPRA NTA of the Group where EPRA NTA of the Group is equal to or less than \u20ac500m; and (ii) 1% of the EPRA NTA of the Group greater than \u20ac500m. The Property Advisor is entitled to receive a finance fee equal to: (i) 0.1% of the value of any borrowing arrangement which the Property Advisor has negotiated and/or supervised; and (ii) a fixed fee of \u00a31,000 in respect of any borrowing arrangement which the Property Advisor has renegotiated or varied. The management fee will be reduced by the aggregate amount of any transaction fees and finance fees payable to the Property Advisor in respect of that calendar year. The Property Advisor is entitled to a capex monitoring fee equal to 7% of any capital expenditure incurred by any Subsidiary which the Property Advisor is responsible for managing. The Property Advisor is entitled to receive a transaction fee fixed at \u00a31,000 in respect of any acquisition or disposal of property by any Subsidiary. The Property Advisor shall be entitled to a fee for Investor Relations Services at the annual rate of \u00a375,000 payable quarterly in arrears. Effective from 1 July 2023 for a period of 12 months, the Property Advisor fee was amended as follows: (i) For a period of 12 months from the 1 July 2023, the amount payable to the Property Advisor in respect of the Portfolio and Asset Management Fee, the Capex Fee, the Finance Fees, the Transaction Fees, the Letting Fees and the Investor Relations Fees, in each case, inclusive of VAT shall be subject to a cap of \u20ac5.0m. (ii) The Property Advisor shall be entitled to a disposal fee equal to 1% of the Gross Value of Assets Sold over the period of 12 months commencing on 1 July 2023 Effective 1 July 2024, the 12 month Property Advisor fee changes which were effective from 1 July 2023 were revised as follows: 1. 1. &The amount payable to the Property Advisor in respect of the Portfolio and Asset Management Fee, the Capex Fee, the Finance Fees, the Transaction Fees, the Letting Fees and the Investor Relations Fees, in each case, exclusive of VAT shall be subject to a cap of \u20ac4.3m. 2. &The Property Advisor shall be entitled to a disposal fee equal to 1% of the Gross Value of Assets sold. QSix Residential Limited is the Group\u2019s appointed Property Advisor. The Property Advisor has committed to use post-tax proceeds arising from the disposal fee to acquire shares in PSD. The Property Advisor acquired 299,917 shares in 2024 and a further 142,384 shares in February 2025. The shareholders of the Property Advisor also retain shares in the Group. During the year ended 31 December 2025, an amount of \u20ac4,275,890 (\u20ac4,275,890 Management Fees) (2024: \u20ac4,296,112 (\u20ac4,293,070 Management Fees and \u20ac3,042 Other expenses and fees)) was payable to QSix Residential Limited. At 31 December 2025 \u20ac1,513,753 (2024: \u20ac1,113,429) was outstanding. Fees payable to the Property Advisor in relation to overseeing capital expenditure during the year of \u20ac768,404 (2024: \u20ac180,774) have been capitalised. Apex Financial Services (Alternative Funds) Limited, the Company\u2019s administrator provided administration and company secretarial services. During the period, fees of \u20ac759,832 were charged (2024: \u20ac688,502) with \u20acNil (2024: \u20acNil) outstanding. Fees payable to Directors during the year amounted to \u20ac256,000 (2024: \u20ac272,000). Dividends paid to directors in their capacity as a shareholder amounted to \u20acNil (2024: \u20acNil).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "
32. Events after the reporting date
Since the reporting date, the Company has notarised 56 condominium units for aggregate proceeds of \u20ac16.5m, at an average of \u20ac4,431 per sqm. Of
these, 24 units were vacant, generating \u20ac8.3m at an average of \u20ac4,594 per sqm, and 32 were occupied, generating \u20ac8.3m at an average of \u20ac4,278
per sqm. 37 units that were notarised prior to the balance sheet date completed after the year end, realising \u20ac11.7m at an average of \u20ac4,336 per sqm.
On 21 April 2026, the Board resolved to cancel all 8,924,047 treasury shares held by the Company. Following cancellation, the Company\u2019s total
issued share capital comprises 91,827,363 redeemable ordinary shares and 1 non-redeemable ordinary share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }