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"iso4217:GBP" } }, "fact-431": { "value": "The Financial Statements have been prepared on a going concern basis. As discussed in the Financial review on page 46, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. At 31 December 2024 the Group held cash and available committed facilities of \u00a31.7 billion (Company: \u00a31.7 billion) with a long-dated debt maturity profile. This provides significant liquidity to meet the Group\u2019s and Company\u2019s refinancing requirements of maturing debt, operational requirements and capital commitments for the foreseeable future. The financial covenants have been stress tested and substantial headroom exists against the gearing and interest cover covenants at 31 December 2024 and the covenants are not expected to be breached for a period of at least 12 months from the date of approval of the Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "New and amended standards adopted The Group and Company has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2024: \u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, on classification of liabilities \u2013 Amendments to IFRS 16, Leases on sale and leaseback \u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements The amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2024, and have not been applied in preparing these Financial Statements: \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments \u2013 IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019 \u2013 IFRS 18, \u2018Presentation and disclosure in financial statements\u2019 IFRS 18 will replace IAS 1 Presentation of financial statements and effective for annual periods beginning on or after 1 January 2027. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impacts on presentation and disclosure is expected to be material. Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. The other standards and amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "New and amended standards adopted The Group and Company has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2024: \u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, on classification of liabilities \u2013 Amendments to IFRS 16, Leases on sale and leaseback \u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements The amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2024, and have not been applied in preparing these Financial Statements: \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments \u2013 IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019 \u2013 IFRS 18, \u2018Presentation and disclosure in financial statements\u2019 IFRS 18 will replace IAS 1 Presentation of financial statements and effective for annual periods beginning on or after 1 January 2027. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but its impacts on presentation and disclosure is expected to be material. Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. The other standards and amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "
1. Material Accounting Policy Information
General information
SEGRO plc (the Company) is a public limited company, limited by shares, incorporated, domiciled and
registered in England in the United Kingdom under the Companies Act. The address of the registered
office is given on the inside back cover.
The principal activities of the Company and its subsidiaries (the Group) and the nature of the Group\u2019s
operations are set out in the Strategic Report on pages 1 to 2.
These Financial Statements are presented in pounds sterling to the nearest million because that is the
currency of the primary economic environment in which the Group operates and is the functional
currency of the Company.
Basis of preparation
The Group Financial Statements have been prepared in accordance with UK-adopted International
Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) adopted pursuant
to Regulation (EC) No 1606/2002 as it applies in the European Union. UK adopted International
Accounting Standards differs in certain respects from International Financial Reporting Standards
as adopted by the EU. The differences have no material impact on the Financial Statements for the
periods presented, which therefore also comply with International Reporting Standards as adopted
by the EU. In addition, the Group has also disclosed additional measures relating to the Best Practice
Recommendations Guidelines issued by the European Public Real Estate Association (EPRA) as
appropriate, as discussed further in Note 2 and Note 12.
The Company Financial Statements have been prepared in accordance with Financial Reporting
Standard 101 Reduced disclosure Framework (FRS 101) and the requirements of the Companies
Act 2006 as applicable to companies reporting under those standards. Previously the Company
Financial Statements were prepared in accordance with UK-adopted IAS and transitioning to FRS 101
for the year ended 31 December 2024, the Company has made no measurement and recognition
adjustments. The Directors have taken advantage of the exemption offered by section 408 of the
Companies Act 2006 not to present a separate income statement and statement of comprehensive
income for the Company.
In these Financial Statements, the Company has applied the exemptions under FRS 101 in respect
of the following disclosures:
\u2013 IAS 7 \u2018Statement of Cash Flows\u2019 and related notes
\u2013 Disclosure in respect of transactions with wholly owned subsidiaries
\u2013 The effects of new but not yet effective IFRSs
\u2013 Paragraph 17 of IAS 24 \u2018Related Party Disclosures\u2019
As the Group financial statements include the equivalent disclosures, the Company has also taken the
exemptions under FRS 101 available in respect of the following disclosures:
\u2013 The requirements of paragraphs 91\u201399 of IFRS 13 \u2018Fair Value Measurement\u2019 to disclose information
of fair value valuation techniques and inputs
\u2013 Disclosures required by IFRS 7 \u2018Financial Instruments: Disclosures\u2019
The Financial Statements have been prepared on a going concern basis. As discussed in the Financial
review on page 46, the Directors have a reasonable expectation that the Company and Group have
adequate resources to continue in operational existence for a period of at least 12 months from the
date of approval of the Financial Statements. At 31 December 2024 the Group held cash and available
committed facilities of \u00a31.7 billion (Company: \u00a31.7 billion) with a long-dated debt maturity profile.
This provides significant liquidity to meet the Group\u2019s and Company\u2019s refinancing requirements of
maturing debt, operational requirements and capital commitments for the foreseeable future. The
financial covenants have been stress tested and substantial headroom exists against the gearing and
interest cover covenants at 31 December 2024 and the covenants are not expected to be breached
for a period of at least 12 months from the date of approval of the Financial Statements.
The Financial Statements have been prepared under the historical cost convention as modified by the
revaluation of properties and certain financial assets and liabilities including derivatives.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all
periods presented in these Group and Company Financial Statements.
New and amended standards adopted
The Group and Company has applied the following standards and amendments for the first time for
their annual reporting period commencing 1 January 2024:
\u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, on classification of liabilities
\u2013 Amendments to IFRS 16, Leases on sale and leaseback
\u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures:
Supplier Finance Arrangements
The amendments did not have a material impact on the amounts recognised in the prior or current
period and are not expected to significantly affect future periods.
New standards and amendments not yet adopted
Certain new accounting standards and amendments are effective for annual periods beginning after
1 January 2024, and have not been applied in preparing these Financial Statements:
\u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
\u2013 Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments
\u2013 IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019
\u2013 IFRS 18, \u2018Presentation and disclosure in financial statements\u2019
IFRS 18 will replace IAS 1 Presentation of financial statements and effective for annual periods
beginning on or after 1 January 2027. IFRS 18 will not impact the recognition or measurement of items
in the financial statements, but its impacts on presentation and disclosure is expected to be material.
Management is currently assessing the detailed implications of applying the new standard on the
Group\u2019s consolidated financial statements.
The other standards and amendments that are not yet effective are not expected to have a material
impact on the Group in the current or future reporting periods and on the foreseeable future transactions.
Basis of consolidation
The consolidated Financial Statements comprise the Financial Statements of the Company and
the Subsidiaries (\u2018the Group\u2019), plus the Group\u2019s share of the results and net assets of its joint ventures
and associates.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. In assessing control, the Group takes into consideration
potential voting rights. The acquisition date is the date on which control is transferred to the acquirer.
The Financial Statements of subsidiaries are included in the consolidated Financial Statements from
the date that control commences until the date that control ceases. Losses applicable to the non-
controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so
causes the non-controlling interests to have a deficit balance.
Investments and loans in subsidiaries held by the Company
Investments and loans in subsidiaries held by the Company are stated at cost less any impairment.
Impairment of loans is calculated in accordance with IFRS 9 and impairment of investments is
calculated in accordance with IAS 36 with further details provided in Note 7(iv).
Joint ventures
A joint venture is a contract under which the Group and other parties undertake an activity or invest in
an entity, under joint control. The Group uses equity accounting for such entities, carrying its investment
at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment.
Associates
Associates are all entities over which the Group has significant influence but not control or joint
control. This is generally the case where the Group holds between 20 per cent and 50 per cent of the
voting rights. The Group uses equity accounting for such entities, carrying its investment at cost plus
the movement in the Group\u2019s share of net assets after acquisition, less impairment.
Where the Group\u2019s share of losses in an equity accounted investment equals or exceeds its interest
in the entity, the Group does not recognise further losses, unless it has incurred obligations or made
payments on behalf of the other entity.
Transactions eliminated on consolidation
Intra-Group balances and transactions, and any unrealised income and expenses arising from
intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity-
accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the
investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent
that there is no evidence of impairment on the asset transferred.
Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition
is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and
equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related
costs are recognised in the Income Statement as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their
fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified
as held for sale in accordance with IFRS 5 \u2018Non Current Assets Held for Sale and Discontinued
Operations\u2019, which are recognised and measured at fair value less costs to sell.
Goodwill arising on acquisition is recognised as an asset measured at cost, being the excess of the
cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable
assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the
net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost
of the business combination, the excess is recognised immediately in the Income Statement.
The interest of non-controlling interest shareholders in the acquiree is initially measured at their
proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.
When the consideration transferred by the Group in a business combination includes a contingent
consideration arrangement, the contingent consideration is measured at its acquisition-date fair value.
Changes in fair value of the contingent consideration that qualify as measurement period adjustments
are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \u2018measurement
period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that
existed at the acquisition date.
Contingent consideration that is classified as an asset or a liability is re-measured at subsequent
reporting dates in accordance with IFRS 9, as appropriate, with the corresponding gain or loss being
recognised in the Income Statement.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s
previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any
gains or losses arising from such remeasurement are recognised in the Income Statement within
realised and unrealised property gains and losses. The same treatment is applied for acquisitions of
a subsidiary achieved in stages that meet the IFRS 3 concentration test to be treated as an asset
acquisition.
For acquisitions of a subsidiary that meet the IFRS 3 concentration test to be treated as an asset
acquisition, the Group allocates the cost between the individual identifiable assets and liabilities in the
Group based on their relative fair values at the date of acquisition. Such transactions do not give rise
to goodwill, generally no deferred tax is recognised on initial temporary differences and transaction
costs are capitalised. The Group has elected to initially measure the interest of non-controlling interest
shareholders in the acquiree at their proportion of the acquisition date net fair value of the assets,
liabilities and contingent liabilities recognised.
Foreign currency transactions
Foreign currency transactions are translated to the respective functional currency of Group entities at
the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting
from settling these, or from retranslating monetary assets and liabilities held in foreign currencies,
are booked in the Income Statement. The exception is for foreign currency loans and derivatives that
hedge investments in foreign subsidiaries, where exchange differences are booked in equity until the
investment is realised.
Consolidation of foreign entities
Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the
Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for
the period or at spot rate for significant items. Resultant exchange differences are booked in Other
Comprehensive Income and recognised in the Group Income Statement when the operation is sold.
The principal exchange rates used to translate foreign currency denominated amounts in 2024 are:
Balance Sheet: \u00a31 = \u20ac1.21 (2023: \u00a31 = \u20ac1.15). Income Statement: \u00a31 = \u20ac1.18 (2023: \u00a31 = \u20ac1.15).
Investment properties
These properties include completed properties that are generating rent or are available for rent,
and development properties that are under development, available for development or income-
producing properties acquired with the explicit intention to take back for redevelopment (\u2018covered
land\u2019). Investment properties comprise freehold and leasehold properties and are first measured at
cost (including transaction costs), then revalued to market value at each reporting date by professional
valuers. Lease liabilities associated with leasehold properties are accounted for under IFRS 16, see the
Leases accounting policy. If a valuation obtained for a property held under a lease is net of all
payments expected to be made, any related lease liability recognised separately in the Balance Sheet
is added back to arrive at the carrying value of the investment property for accounting purposes.
Valuation gains and losses in a period are taken to the Income Statement. As the Group uses the fair
value model, as per IAS 40 \u2018Investment Property\u2019, no depreciation is provided. An asset will be
classified as held for sale within investment properties, in line with IFRS 5 \u2018Non-Current Assets Held
for Sale and Discontinued Operations\u2019, where the asset is available for immediate sale in its present
condition and the sale is highly probable.
Investment properties are transferred to trading properties when there is a change in use and the
property ceases to meet the definition of investment property.
Other interests in property
Other interests in property include the cost and related fees in respect of land options, which are
initially capitalised and regularly tested for impairment. The impairment review includes consideration
of the resale value of the option and likelihood of achieving planning consent.
Property acquisitions and disposals
Properties are treated as acquired at the point when the Group assumes the control of ownership and
as disposed when transferred to the buyer. Generally, this would occur on completion of the contract.
Any gain or loss arising on de-recognition of the property, which is calculated as the difference
between the net disposal proceeds and the carrying amount of the asset at the commencement of
the accounting period plus capital expenditure in the period, is included in profit or loss in the period
in which the property is derecognised. Gains or losses on disposal of investment properties are shown
in the Income Statement within realised and unrealised property gains and losses.
Leases
At inception, the Group assesses whether a contract is or contains a lease. This assessment involves
the exercise of judgement about whether the Group obtains substantially all the economic benefits
from the use of that asset, and whether the Group has the right to direct the use of the asset.
The Group recognises a right-of-use (ROU) asset and the lease liability at the commencement date
of the lease.
Lease liabilities include the present value of payments which generally include fixed payments and
variable payments that depend on an index (such as an inflation index). When the lease contains an
extension or purchase option that the Group considers reasonably certain to be exercised, the cost
of the option is included in the lease payments.
Each lease payment is allocated between the liability and finance cost. The lease payments are
discounted using the interest rate implicit in the lease if that rate can be readily determined or if not,
the incremental borrowing rate is used. The finance cost is charged to profit or loss over the lease
period so as to produce a constant rate of interest on the remaining balance of the liability for
each period.
Cash payments relating to the principal portion of the lease liabilities are presented as cash flows from
financing activities and cash payments for the interest portion are presented as cash flows from
operating activities.
The ROU asset is measured at a cost based on the amount of the initial measurement of the lease liability,
plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received.
The ROU asset (other than the ROU assets that relate to land or property that meets the definition
of investment property under IAS 40) is depreciated over the shorter of the lease term or the useful
life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator
of impairment. ROU assets are included in the heading property, plant and equipment, and the lease
liability included in the headings current and non current trade and other payables on the Balance Sheet.
Where the ROU asset relates to land or property that meets the definition of investment property
under IAS 40, after initial recognition the ROU asset is subsequently accounted for as investment
property and carried at fair value (see Investment properties accounting policy). Valuation gains and
losses in a period are taken to the Income Statement. The ROU assets are included in the heading
Investment properties, and the lease liability in the headings current and non-current trade and other
payables on the Balance Sheet.
The Group has elected not to recognise ROU assets and liabilities for leases where the total lease term
is less than or equal to 12 months, or for low value leases. The payments for such leases are recognised
in the Income Statement on a straight-line basis over the lease term.
Revenue
Revenue includes gross rental income, joint venture management and performance fee income,
income from service charges and other recoveries from tenants and proceeds from the sale of
trading properties.
Rental income
Rental income from properties let as operating leases is recognised on a straight-line basis over the
lease term. Lease incentives and initial costs to arrange leases are capitalised, then amortised on a
straight-line basis over the lease term (\u2018rent averaging\u2019). Surrender premiums received in the period
are included in rental income.
Changes in the scope or the consideration for a lease, that was not part of the original terms and
conditions, which might arise as a result of lease concessions, are accounted as a lease modification.
Lease modifications are accounted for as a new lease from the effective date of the modification,
considering any prepaid or accrued lease payments relating to the original lease as part of the lease
payments for the new lease. Concessions granted to tenants after the date the conceded rent fall due
are accounted for as an expected credit loss and not as a lease modification, on the basis there is no
change to the consideration or scope of the lease.
Service charges and other recoveries from tenants
These include income in relation to service charges, directly recoverable expenditure and management
fees. Revenue from providing services is recognised in the accounting period in which the services
are rendered. Revenue from services is recognised based on the actual service provided to the end
of the reporting period as a proportion of the total services to be provided and recognised over time.
The Group generally acts as the principal in service charge transactions as it directly controls the
delivery of the services at the point they are provided to the tenant. Where the Group acts as a
principal, service charge income is presented gross within revenue and service charge expense
presented gross within costs.
Joint venture management and performance fees
Joint venture management and performance fees are recognised as income in the period to which
they relate. Management fees are recognised in the accounting period in which the services are
rendered. Revenue from services is recognised based on the actual service provided to the end of
the reporting period as a proportion of the total services to be provided and recognised over time.
Performance fees are based on the joint venture\u2019s performance over the performance period and
payable subject to meeting certain criteria and hurdle rates at the end of the period (further details are
given in Note 7). Performance fees are recognised during and at the end of the performance period to
the extent that it is highly probable there will not be a significant future reversal and the fee can be
reliably estimated.
Sale of trading properties
Proceeds from the sale of trading properties are recognised at the point in time at which control of the
property has been transferred to the purchaser. Therefore, revenue is recognised at a point in time
and generally occurs on completion of the contract.
Property, plant and equipment
Plant and equipment are stated at historic cost less accumulated depreciation. Cost includes
purchase price and any directly attributable costs.
Depreciation is recognised so as to write off the cost or valuation of assets (other than investment
properties) less their residual values, using the straight-line method, on the following bases:
Plant and equipment
20% per annum
Solar panels
5% per annum
The estimated useful lives, residual values and depreciation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Property relates to the ROU asset recognised for office leases entered into by the Group. The ROU
asset is initially measured based on the present value of lease payments, plus initial direct costs and
the cost of obligations to refurbish the asset, less any incentives received. The ROU asset is
depreciated over the shorter of the lease term or the useful life of the underlying asset.
Financial instruments
Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial
recognition, borrowings are stated at amortised cost with any difference between the amount initially
recognised and the redemption value being recognised in the Income Statement over the period of
the borrowings, using the effective interest rate method.
General and specific borrowing costs that are directly attributable to expenditure on properties under
development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased
with the specific intention to redevelop. Interest is capitalised from the commencement of the
development activity until the date of practical completion. The capitalisation of borrowing costs is
suspended if there are prolonged periods when development activity is interrupted. The interest
capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant
currency, or, if appropriate, the rate on specific associated borrowings.
Derivative financial instruments and hedging activities
The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange
contracts, interest floors and interest caps) in managing interest rate risk and foreign currency risk, and
does not use them for trading. They are recorded, and subsequently revalued, at fair value, with
revaluation gains or losses being immediately taken to the Income Statement (fair value through profit
or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/
loss depends upon the item being hedged, and may go to other comprehensive income within the
Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019).
Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the
Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as
non-current assets or liabilities.
Hedge accounting is applied to net investments in foreign operations in non-functional currencies
using forward foreign exchange derivatives and foreign currency denominated debt. Changes in the
fair value on remeasurement of derivatives and exchange differences on foreign currency denominated
debt are recorded in other comprehensive income and accumulated in the translation reserve within
equity to the extent that the hedges are effective. Any ineffectiveness is recognised in the Income
Statement within net finance costs. The cumulative gains and losses remain in equity until the
associated hedged item is disposed of, at which point they are reclassified to the income statement.
Trade and other receivables and payables
Trade and other receivables are booked at fair value and subsequently measured at amortised cost
using the effective interest method. Trade and other payables are initially measured at fair value, net of
transaction costs and subsequently measured at amortised costs using the effective interest method.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which
uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s
calculation for measuring ECLs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly
liquid investments with original maturities of three months or less that are readily convertible to a
known amount of cash and are subject to an insignificant risk of changes in value.
Share-based payments
The cost of granting share options and other share-based remuneration is measured at their fair value
at the grant date. The costs are expensed straight-line over the vesting period in the Income Statement,
based on estimates of the shares or options that will eventually vest. Charges are reversed if it appears
that non-market-based performance conditions will not be met.
The fair value excludes the effect of non-market-based vesting conditions.
At each Balance Sheet date, the Group revises its estimate of the number of equity instruments
expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the
revision of the original estimates, if any, is recognised in the Income Statement such that the cumulative
expense reflects the revised estimate, with a corresponding adjustment to equity within the share-
based payment reserve.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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. 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 share premium.
Shares held by Ocorian Limited and Equiniti Limited to satisfy various Group share schemes are
disclosed as own shares held and deducted from contributed equity.
Income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax
payable on the taxable income for the year and any adjustment in respect of previous years. Current
tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the Company\u2019s subsidiaries and associates operate and
generate taxable income.
Deferred tax is provided in full using the Balance Sheet liability method on temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. Deferred tax is determined using tax rates that have been
enacted or substantively enacted by the reporting date and are expected to apply when the asset
is realised or the liability is settled.
No provision is made for temporary differences (i) arising on the initial recognition of assets or
liabilities, other than a business combination and leases that affect neither accounting nor taxable
profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the
foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will
be available against which deductible temporary differences can be utilised.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies, the Directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revisions and future periods if the revision affects both
current and future periods.
Significant areas of estimation uncertainty
Property valuations
Valuation of property is a central component of the business. In estimating the fair value, the Group
engages third-party qualified valuers to perform the valuation. Information about the valuation
techniques and inputs used in determining the fair value of the property portfolio is disclosed in
Note 25 Property valuation techniques and related quantitative information.
Significant areas of judgements in applying the Group\u2019s accounting policies
Accounting for significant property transactions
Property transactions are complex in nature. Management considers each material transaction
separately, with an assessment carried out to determine the most appropriate accounting treatment
and judgements applied. The judgements include whether the transaction represents an asset
acquisition or business combination and the cut-off for property transactions on recognition of
property assets and revenue recognition. In making its judgement over the cut-off for property
transactions, management considers whether the control of ownership of the assets acquired or
disposed of has transferred to or from the Group (this consideration includes the revenue recognition
criteria set out in IFRS 15 for the sale of trading properties).
In making its judgement on whether the acquisition of property through the purchase of a corporate
vehicle represents an asset acquisition or business combination, management considers whether
the integrated set of assets and activities acquired contain both inputs and processes along with the
ability to create outputs. Management also applies the optional \u2018concentration test\u2019 allowed under
IFRS 3. When applying the optional test, management considers if substantially all of the fair value of
gross assets acquired is concentrated in a single asset (or a group of similar assets). Where management
judge that substantially all of the fair value of the gross assets acquired are concentrated in a single
asset (or a group of similar assets) and the \u2018concentration test\u2019 met, the assets acquired would not
represent a business and the purchase would be treated as an asset acquisition.
There were no property transactions during the current or prior year requiring significant judgement.
REIT status
The Company has elected for UK REIT and French SIIC status. To continue to benefit from these tax
regimes, the Group is required to comply with certain conditions as outlined in Note 10. Management
intends that the Group should continue as a UK REIT and a French SIIC for the foreseeable future.
Uncertain tax positions
The Group is subject to periodic challenges by local tax authorities on a range of tax matters during
the normal course of business. The tax impact can be uncertain until a conclusion is reached with the
relevant tax authority or through a legal process. Management judgement is required in assessing
the likelihood of whether a liability, including any associated penalties, will arise and the significant
assessment relating to the recognition of withholding tax in France and is discussed further in Note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "General information SEGRO plc (the Company) is a public limited company, limited by shares, incorporated, domiciled and registered in England in the United Kingdom under the Companies Act. The address of the registered office is given on the inside back cover. The principal activities of the Company and its subsidiaries (the Group) and the nature of the Group\u2019s operations are set out in the Strategic Report on pages 1 to 2. These Financial Statements are presented in pounds sterling to the nearest million because that is the currency of the primary economic environment in which the Group operates and is the functional currency of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "SEGRO plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "SEGRO plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "These Financial Statements are presented in pounds sterling to the nearest million because that is the currency of the primary economic environment in which the Group operates and is the functional currency of the Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "Basis of preparation The Group Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. UK adopted International Accounting Standards differs in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the Financial Statements for the periods presented, which therefore also comply with International Reporting Standards as adopted by the EU. In addition, the Group has also disclosed additional measures relating to the Best Practice Recommendations Guidelines issued by the European Public Real Estate Association (EPRA) as appropriate, as discussed further in Note 2 and Note 12. The Company Financial Statements have been prepared in accordance with Financial Reporting Standard 101 Reduced disclosure Framework (FRS 101) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Previously the Company Financial Statements were prepared in accordance with UK-adopted IAS and transitioning to FRS 101 for the year ended 31 December 2024, the Company has made no measurement and recognition adjustments. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement and statement of comprehensive income for the Company. In these Financial Statements, the Company has applied the exemptions under FRS 101 in respect of the following disclosures: \u2013 IAS 7 \u2018Statement of Cash Flows\u2019 and related notes \u2013 Disclosure in respect of transactions with wholly owned subsidiaries \u2013 The effects of new but not yet effective IFRSs \u2013 Paragraph 17 of IAS 24 \u2018Related Party Disclosures\u2019 As the Group financial statements include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures: \u2013 The requirements of paragraphs 91\u201399 of IFRS 13 \u2018Fair Value Measurement\u2019 to disclose information of fair value valuation techniques and inputs \u2013 Disclosures required by IFRS 7 \u2018Financial Instruments: Disclosures\u2019 The Financial Statements have been prepared on a going concern basis. As discussed in the Financial review on page 46, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. At 31 December 2024 the Group held cash and available committed facilities of \u00a31.7 billion (Company: \u00a31.7 billion) with a long-dated debt maturity profile. This provides significant liquidity to meet the Group\u2019s and Company\u2019s refinancing requirements of maturing debt, operational requirements and capital commitments for the foreseeable future. The financial covenants have been stress tested and substantial headroom exists against the gearing and interest cover covenants at 31 December 2024 and the covenants are not expected to be breached for a period of at least 12 months from the date of approval of the Financial Statements. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of properties and certain financial assets and liabilities including derivatives. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group and Company Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "The Group Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "Basis of consolidation The consolidated Financial Statements comprise the Financial Statements of the Company and the Subsidiaries (\u2018the Group\u2019), plus the Group\u2019s share of the results and net assets of its joint ventures and associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non- controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Investments and loans in subsidiaries held by the Company Investments and loans in subsidiaries held by the Company are stated at cost less any impairment. Impairment of loans is calculated in accordance with IFRS 9 and impairment of investments is calculated in accordance with IAS 36 with further details provided in Note 7(iv). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "Joint ventures A joint venture is a contract under which the Group and other parties undertake an activity or invest in an entity, under joint control. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20 per cent and 50 per cent of the voting rights. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Where the Group\u2019s share of losses in an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "Joint ventures A joint venture is a contract under which the Group and other parties undertake an activity or invest in an entity, under joint control. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20 per cent and 50 per cent of the voting rights. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Where the Group\u2019s share of losses in an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "Transactions eliminated on consolidation Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity- accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment on the asset transferred. ", "dimensions": { "concept": "segroplc:DescriptionOfAccountingPolicyForTransactionsEliminatedOnConsolidation", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the Income Statement as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non Current Assets Held for Sale and Discontinued Operations\u2019, which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the Income Statement. The interest of non-controlling interest shareholders in the acquiree is initially measured at their proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with IFRS 9, as appropriate, with the corresponding gain or loss being recognised in the Income Statement. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in the Income Statement within realised and unrealised property gains and losses. The same treatment is applied for acquisitions of a subsidiary achieved in stages that meet the IFRS 3 concentration test to be treated as an asset acquisition. For acquisitions of a subsidiary that meet the IFRS 3 concentration test to be treated as an asset acquisition, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions do not give rise to goodwill, generally no deferred tax is recognised on initial temporary differences and transaction costs are capitalised. The Group has elected to initially measure the interest of non-controlling interest shareholders in the acquiree at their proportion of the acquisition date net fair value of the assets, liabilities and contingent liabilities recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the Income Statement as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non Current Assets Held for Sale and Discontinued Operations\u2019, which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the Income Statement. The interest of non-controlling interest shareholders in the acquiree is initially measured at their proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with IFRS 9, as appropriate, with the corresponding gain or loss being recognised in the Income Statement. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in the Income Statement within realised and unrealised property gains and losses. The same treatment is applied for acquisitions of a subsidiary achieved in stages that meet the IFRS 3 concentration test to be treated as an asset acquisition. For acquisitions of a subsidiary that meet the IFRS 3 concentration test to be treated as an asset acquisition, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions do not give rise to goodwill, generally no deferred tax is recognised on initial temporary differences and transaction costs are capitalised. The Group has elected to initially measure the interest of non-controlling interest shareholders in the acquiree at their proportion of the acquisition date net fair value of the assets, liabilities and contingent liabilities recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the Income Statement as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non Current Assets Held for Sale and Discontinued Operations\u2019, which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the Income Statement. The interest of non-controlling interest shareholders in the acquiree is initially measured at their proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with IFRS 9, as appropriate, with the corresponding gain or loss being recognised in the Income Statement. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in the Income Statement within realised and unrealised property gains and losses. The same treatment is applied for acquisitions of a subsidiary achieved in stages that meet the IFRS 3 concentration test to be treated as an asset acquisition. For acquisitions of a subsidiary that meet the IFRS 3 concentration test to be treated as an asset acquisition, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions do not give rise to goodwill, generally no deferred tax is recognised on initial temporary differences and transaction costs are capitalised. The Group has elected to initially measure the interest of non-controlling interest shareholders in the acquiree at their proportion of the acquisition date net fair value of the assets, liabilities and contingent liabilities recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "Property acquisitions and disposals Properties are treated as acquired at the point when the Group assumes the control of ownership and as disposed when transferred to the buyer. Generally, this would occur on completion of the contract. Any gain or loss arising on de-recognition of the property, which is calculated as the difference between the net disposal proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period, is included in profit or loss in the period in which the property is derecognised. Gains or losses on disposal of investment properties are shown in the Income Statement within realised and unrealised property gains and losses. ", "dimensions": { "concept": "segroplc:DescriptionOfAccountingPolicyForPropertyAcquisitionsAndDisposals", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "Leases At inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether the Group obtains substantially all the economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset. The Group recognises a right-of-use (ROU) asset and the lease liability at the commencement date of the lease. Lease liabilities include the present value of payments which generally include fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the option is included in the lease payments. Each lease payment is allocated between the liability and finance cost. The lease payments are discounted using the interest rate implicit in the lease if that rate can be readily determined or if not, the incremental borrowing rate is used. The finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period. Cash payments relating to the principal portion of the lease liabilities are presented as cash flows from financing activities and cash payments for the interest portion are presented as cash flows from operating activities. The ROU asset is measured at a cost based on the amount of the initial measurement of the lease liability, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset (other than the ROU assets that relate to land or property that meets the definition of investment property under IAS 40) is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. ROU assets are included in the heading property, plant and equipment, and the lease liability included in the headings current and non current trade and other payables on the Balance Sheet. Where the ROU asset relates to land or property that meets the definition of investment property under IAS 40, after initial recognition the ROU asset is subsequently accounted for as investment property and carried at fair value (see Investment properties accounting policy). Valuation gains and losses in a period are taken to the Income Statement. The ROU assets are included in the heading Investment properties, and the lease liability in the headings current and non-current trade and other payables on the Balance Sheet. The Group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or for low value leases. The payments for such leases are recognised in the Income Statement on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "Foreign currency transactions Foreign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in equity until the investment is realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "Consolidation of foreign entities Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold. The principal exchange rates used to translate foreign currency denominated amounts in 2024 are: Balance Sheet: \u00a31 = \u20ac1.21 (2023: \u00a31 = \u20ac1.15). Income Statement: \u00a31 = \u20ac1.18 (2023: \u00a31 = \u20ac1.15). ", "dimensions": { "concept": "segroplc:DescriptionOfAccountingPolicyForConsolidationOfForeignEntities", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "Investment properties These properties include completed properties that are generating rent or are available for rent, and development properties that are under development, available for development or income- producing properties acquired with the explicit intention to take back for redevelopment (\u2018covered land\u2019). Investment properties comprise freehold and leasehold properties and are first measured at cost (including transaction costs), then revalued to market value at each reporting date by professional valuers. Lease liabilities associated with leasehold properties are accounted for under IFRS 16, see the Leases accounting policy. If a valuation obtained for a property held under a lease is net of all payments expected to be made, any related lease liability recognised separately in the Balance Sheet is added back to arrive at the carrying value of the investment property for accounting purposes. Valuation gains and losses in a period are taken to the Income Statement. As the Group uses the fair value model, as per IAS 40 \u2018Investment Property\u2019, no depreciation is provided. An asset will be classified as held for sale within investment properties, in line with IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019, where the asset is available for immediate sale in its present condition and the sale is highly probable. Investment properties are transferred to trading properties when there is a change in use and the property ceases to meet the definition of investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "Other interests in property Other interests in property include the cost and related fees in respect of land options, which are initially capitalised and regularly tested for impairment. The impairment review includes consideration of the resale value of the option and likelihood of achieving planning consent. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "Revenue Revenue includes gross rental income, joint venture management and performance fee income, income from service charges and other recoveries from tenants and proceeds from the sale of trading properties. Rental income Rental income from properties let as operating leases is recognised on a straight-line basis over the lease term. Lease incentives and initial costs to arrange leases are capitalised, then amortised on a straight-line basis over the lease term (\u2018rent averaging\u2019). Surrender premiums received in the period are included in rental income. Changes in the scope or the consideration for a lease, that was not part of the original terms and conditions, which might arise as a result of lease concessions, are accounted as a lease modification. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Concessions granted to tenants after the date the conceded rent fall due are accounted for as an expected credit loss and not as a lease modification, on the basis there is no change to the consideration or scope of the lease. Service charges and other recoveries from tenants These include income in relation to service charges, directly recoverable expenditure and management fees. Revenue from providing services is recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. The Group generally acts as the principal in service charge transactions as it directly controls the delivery of the services at the point they are provided to the tenant. Where the Group acts as a principal, service charge income is presented gross within revenue and service charge expense presented gross within costs. Joint venture management and performance fees Joint venture management and performance fees are recognised as income in the period to which they relate. Management fees are recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. Performance fees are based on the joint venture\u2019s performance over the performance period and payable subject to meeting certain criteria and hurdle rates at the end of the period (further details are given in Note 7). Performance fees are recognised during and at the end of the performance period to the extent that it is highly probable there will not be a significant future reversal and the fee can be reliably estimated. Sale of trading properties Proceeds from the sale of trading properties are recognised at the point in time at which control of the property has been transferred to the purchaser. Therefore, revenue is recognised at a point in time and generally occurs on completion of the contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "Property, plant and equipment Plant and equipment are stated at historic cost less accumulated depreciation. Cost includes purchase price and any directly attributable costs. Depreciation is recognised so as to write off the cost or valuation of assets (other than investment properties) less their residual values, using the straight-line method, on the following bases:
Plant and equipment
20% per annum
Solar panels
5% per annum
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Property relates to the ROU asset recognised for office leases entered into by the Group. The ROU asset is initially measured based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "Property, plant and equipment Plant and equipment are stated at historic cost less accumulated depreciation. Cost includes purchase price and any directly attributable costs. Depreciation is recognised so as to write off the cost or valuation of assets (other than investment properties) less their residual values, using the straight-line method, on the following bases:
Plant and equipment
20% per annum
Solar panels
5% per annum
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Property relates to the ROU asset recognised for office leases entered into by the Group. The ROU asset is initially measured based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "Financial instruments Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. Derivative financial instruments and hedging activities The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts, interest floors and interest caps) in managing interest rate risk and foreign currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/ loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. Hedge accounting is applied to net investments in foreign operations in non-functional currencies using forward foreign exchange derivatives and foreign currency denominated debt. Changes in the fair value on remeasurement of derivatives and exchange differences on foreign currency denominated debt are recorded in other comprehensive income and accumulated in the translation reserve within equity to the extent that the hedges are effective. Any ineffectiveness is recognised in the Income Statement within net finance costs. The cumulative gains and losses remain in equity until the associated hedged item is disposed of, at which point they are reclassified to the income statement. Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 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. 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 share premium. Shares held by Ocorian Limited and Equiniti Limited to satisfy various Group share schemes are disclosed as own shares held and deducted from contributed equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "Income tax Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Current tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company\u2019s subsidiaries and associates operate and generate taxable income. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than a business combination and leases that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than a business combination and leases that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. Significant areas of estimation uncertainty Property valuations Valuation of property is a central component of the business. In estimating the fair value, the Group engages third-party qualified valuers to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of the property portfolio is disclosed in Note 25 Property valuation techniques and related quantitative information. Significant areas of judgements in applying the Group\u2019s accounting policies Accounting for significant property transactions Property transactions are complex in nature. Management considers each material transaction separately, with an assessment carried out to determine the most appropriate accounting treatment and judgements applied. The judgements include whether the transaction represents an asset acquisition or business combination and the cut-off for property transactions on recognition of property assets and revenue recognition. In making its judgement over the cut-off for property transactions, management considers whether the control of ownership of the assets acquired or disposed of has transferred to or from the Group (this consideration includes the revenue recognition criteria set out in IFRS 15 for the sale of trading properties). In making its judgement on whether the acquisition of property through the purchase of a corporate vehicle represents an asset acquisition or business combination, management considers whether the integrated set of assets and activities acquired contain both inputs and processes along with the ability to create outputs. Management also applies the optional \u2018concentration test\u2019 allowed under IFRS 3. When applying the optional test, management considers if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets). Where management judge that substantially all of the fair value of the gross assets acquired are concentrated in a single asset (or a group of similar assets) and the \u2018concentration test\u2019 met, the assets acquired would not represent a business and the purchase would be treated as an asset acquisition. There were no property transactions during the current or prior year requiring significant judgement. REIT status The Company has elected for UK REIT and French SIIC status. To continue to benefit from these tax regimes, the Group is required to comply with certain conditions as outlined in Note 10. Management intends that the Group should continue as a UK REIT and a French SIIC for the foreseeable future. Uncertain tax positions The Group is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. Management judgement is required in assessing the likelihood of whether a liability, including any associated penalties, will arise and the significant assessment relating to the recognition of withholding tax in France and is discussed further in Note 10.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. Significant areas of estimation uncertainty Property valuations Valuation of property is a central component of the business. In estimating the fair value, the Group engages third-party qualified valuers to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of the property portfolio is disclosed in Note 25 Property valuation techniques and related quantitative information. Significant areas of judgements in applying the Group\u2019s accounting policies Accounting for significant property transactions Property transactions are complex in nature. Management considers each material transaction separately, with an assessment carried out to determine the most appropriate accounting treatment and judgements applied. The judgements include whether the transaction represents an asset acquisition or business combination and the cut-off for property transactions on recognition of property assets and revenue recognition. In making its judgement over the cut-off for property transactions, management considers whether the control of ownership of the assets acquired or disposed of has transferred to or from the Group (this consideration includes the revenue recognition criteria set out in IFRS 15 for the sale of trading properties). In making its judgement on whether the acquisition of property through the purchase of a corporate vehicle represents an asset acquisition or business combination, management considers whether the integrated set of assets and activities acquired contain both inputs and processes along with the ability to create outputs. Management also applies the optional \u2018concentration test\u2019 allowed under IFRS 3. When applying the optional test, management considers if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets). Where management judge that substantially all of the fair value of the gross assets acquired are concentrated in a single asset (or a group of similar assets) and the \u2018concentration test\u2019 met, the assets acquired would not represent a business and the purchase would be treated as an asset acquisition. There were no property transactions during the current or prior year requiring significant judgement. REIT status The Company has elected for UK REIT and French SIIC status. To continue to benefit from these tax regimes, the Group is required to comply with certain conditions as outlined in Note 10. Management intends that the Group should continue as a UK REIT and a French SIIC for the foreseeable future. Uncertain tax positions The Group is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. Management judgement is required in assessing the likelihood of whether a liability, including any associated penalties, will arise and the significant assessment relating to the recognition of withholding tax in France and is discussed further in Note 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "Derivative financial instruments and hedging activities The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts, interest floors and interest caps) in managing interest rate risk and foreign currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/ loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. Hedge accounting is applied to net investments in foreign operations in non-functional currencies using forward foreign exchange derivatives and foreign currency denominated debt. Changes in the fair value on remeasurement of derivatives and exchange differences on foreign currency denominated debt are recorded in other comprehensive income and accumulated in the translation reserve within equity to the extent that the hedges are effective. Any ineffectiveness is recognised in the Income Statement within net finance costs. The cumulative gains and losses remain in equity until the associated hedged item is disposed of, at which point they are reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "Derivative financial instruments and hedging activities The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts, interest floors and interest caps) in managing interest rate risk and foreign currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/ loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. Hedge accounting is applied to net investments in foreign operations in non-functional currencies using forward foreign exchange derivatives and foreign currency denominated debt. Changes in the fair value on remeasurement of derivatives and exchange differences on foreign currency denominated debt are recorded in other comprehensive income and accumulated in the translation reserve within equity to the extent that the hedges are effective. Any ineffectiveness is recognised in the Income Statement within net finance costs. The cumulative gains and losses remain in equity until the associated hedged item is disposed of, at which point they are reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "Derivative financial instruments and hedging activities The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts, interest floors and interest caps) in managing interest rate risk and foreign currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/ loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. Hedge accounting is applied to net investments in foreign operations in non-functional currencies using forward foreign exchange derivatives and foreign currency denominated debt. Changes in the fair value on remeasurement of derivatives and exchange differences on foreign currency denominated debt are recorded in other comprehensive income and accumulated in the translation reserve within equity to the extent that the hedges are effective. Any ineffectiveness is recognised in the Income Statement within net finance costs. The cumulative gains and losses remain in equity until the associated hedged item is disposed of, at which point they are reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "Share-based payments The cost of granting share options and other share-based remuneration is measured at their fair value at the grant date. The costs are expensed straight-line over the vesting period in the Income Statement, based on estimates of the shares or options that will eventually vest. Charges are reversed if it appears that non-market-based performance conditions will not be met. The fair value excludes the effect of non-market-based vesting conditions. At each Balance Sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the Income Statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity within the share- based payment reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "
2. Adjusted Profit
Adjusted profit is a non-GAAP measure and is the Group\u2019s measure of underlying profit, which is used
by the Board and senior management to measure and monitor the Group\u2019s income performance.
It is based on the Best Practices Recommendations Guidelines of European Public Real Estate
Association (EPRA), which calculate profit excluding investment and development property
revaluations and gains or losses on disposals. Changes in the fair value of financial instruments and
associated close-out costs and their related taxation, as well as other permitted one-off items, are also
excluded. Refer to the Supplementary Notes for all EPRA adjustments.
The Directors may also exclude from the EPRA earnings measure additional items (gains and losses)
which are considered by them to be non-recurring, unusual or significant by virtue of size and nature.
In excluding such items going forward, management believe this gives a better measure of the
underlying performance of the business. No non-EPRA adjustments to underlying profit were made
in the current year. In the year ended 31 December 2023 there were two non-EPRA adjustments and
are detailed below.
As detailed further in Note 17(vi) an impairment loss of \u00a328 million on a loan due from an associate was
recognised in the year ended 31 December 2023. The impairment of the loan is directly related to a
wider property transaction entered into by the Group and had arisen due to a fair value deficit on land
held by an associate. As the nature of the impairment does not reflect the underlying performance of
the business this has been treated as a Company specific adjustment.
In the year ended 31 December 2023 the impact of the SELP performance fee of \u00a342 million was
excluded from the calculation of Adjusted profit and treated as a Company specific adjustment.
No SELP performance fee was recognised in the year ended 31 December 2024 and no adjustment
is required for this year. See footnote 3 below and Note 7 (ii) for further details.
1 A detailed breakdown of the adjustments to the share of profit from joint ventures and associates is included in Note 7.
2 Net service charge and other expense of \u00a31 million (2023: \u00a31 million income) is calculated as Service charge and other
income of \u00a351 million (2023: \u00a345 million) shown in Note 4, less Service charge and other expenses of \u00a352 million
(2023: \u00a344 million) shown in Note 5.
3 There was no performance fee recognised in the year ended 31 December 2024. Total impact of the joint venture
performance fee from SELP for the year ended 31 December 2023: Performance fee of \u00a389 million within joint venture
fee income; cost of \u00a337 million within Share of joint ventures\u2019 and associates adjusted profit after tax (being the share of
performance fee cost of \u00a345 million less a tax credit of \u00a38 million) and a tax charge of \u00a310 million recognised in respect
of the performance fee income. Overall, the net profit after tax impact was \u00a342 million. See Note 7 for further details.
2024 2023
Notes \u00a3m \u00a3m
Gross rental income
4
592
547
Property operating expenses
5
(92)
(85)
Net rental income
500
462
Joint venture management fee income
4
26
29
Management and development fee income
4
6
4
Net service charge and other income
2
(1)
1
Administrative expenses
6
(76)
(63)
Share of joint ventures and associates\u2019 Adjusted profit after tax
1
7
83
82
Adjusted operating profit before interest and tax
538
515
Net finance costs
9
(68)
(106)
Adjusted profit before tax
470
409
Adjustments to reconcile to IFRS:
Adjustments to the share of profit/(loss) from joint ventures and
associates\u2019 after tax
1
7
(30)
(158)
Realised and unrealised property gains and losses
8
195
(601)
Profit on sale of trading properties
8
\u2013
3
Cost of early close out debt
9
(2)
(1)
Net fair value gain on interest rate swaps and other derivatives
9
3
24
Joint venture performance fee income
3
4
\u2013
89
Impairment loss on loan due from associate
17(vi)
\u2013
(28)
Total adjustments
166
(672)
Profit/(loss) before tax
636
(263)
Tax
On Adjusted profit
10
(12)
(10)
In respect of adjustments
10
(30)
20
Total tax adjustments
(42)
10
Profit/(loss) after tax
594
(253)
Of which:
Adjusted profit after tax
458
399
Total adjustments after tax
136
(652)
", "dimensions": { "concept": "segroplc:DisclosureOfAdjustedProfit", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "
3. Segmental Analysis
As a result of the organisational structure which has been developed over the last year there has been a change in the Group\u2019s reportable segments. As detailed in the Annual Report for the year ended
31 December 2023, the new organisational structure has consolidated the six regional Business Units into two property businesses, each under a separate Managing Director: United Kingdom (UK) and
Continental Europe (CE).
In 2024, the two property businesses are now managed, and their operating results reported to the Executive Directors (\u2018chief operating decision maker\u2019, \u2018CODM\u2019) as separate and distinct businesses. Prior to
2024, operating results were reported to the Executive Directors at the Business Unit level. Given the change in the level at which results are reported to the CODM the operating segments under IFRS 8 have
changed from the six regional Business Units previously reported to the two property businesses, UK and CE. The comparative period has been represented to reflect the new segments.
Share of joint
ventures and Valuation Investments
Gross Net associates\u2019 surplus/(de\ue01ficit) Total directly in joint
rental rental Adjusted Adjusted on investment owned property ventures and Capital
income income profit
PBIT
2
properties assets associates
expenditure
3
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
437
399
\u2013
395
170
11,463
28
562
CE
155
113
111
244
(50)
3,846
2,428
434
Other
1
\u2013
(12)
(28)
(101)
\u2013
\u2013
(904)\ue01e
24
Total
592
500
83
538
120
15,309
1,552
1,020
Share of joint
ventures and Valuation Investments
Gross Net associates\u2019 surplus/(de\ue01ficit) Total directly in joint
rental rental Adjusted Adjusted on investment owned property ventures and Capital
income income profit
PBIT
2
properties assets associates
expenditure
3
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
407
375
\u2013
372
(421)
11,160
20
598
CE
140
102
119
242
(226)
3,757
2,697
366
Other
1
\u2013
(15)
(37)
(99)
\u2013
\u2013
(1,081)
4
29
Total
547
462
82
515
(647)
14,917
1,636
993
1. \u2018Other\u2019 category includes the corporate centre, SELP holding companies and costs relating to the operational business which are not specifically allocated to the two property businesses.
2. A reconciliation of total Adjusted PBIT to the IFRS profit before tax is provided in Note 2. Total revenues from external customers included within Adjusted PBIT: UK \u00a3448 million (2023: \u00a3421 million), CE \u00a3227 million (2023: \u00a3204 million).
3. Capital expenditure includes additions and acquisitions of investment and trading properties but does not include tenant incentives and letting fees. The \u201cOther\u201d category includes non-property related spend, primarily IT.
4. Includes the bonds held by SELP Finance S.\u00e0.r.l, a Luxembourg entity.
Revenues from the most significant countries within the Group were: UK \u00a3448 million (2023: \u00a3513 million), France \u00a386 million (2023: \u00a3114 million), Italy \u00a346 million (2023: \u00a337 million), Germany \u00a357 million
(2023: \u00a352 million) and Poland \u00a319 million (2023: \u00a318 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "3. Segmental Analysis As a result of the organisational structure which has been developed over the last year there has been a change in the Group\u2019s reportable segments. As detailed in the Annual Report for the year ended 31 December 2023, the new organisational structure has consolidated the six regional Business Units into two property businesses, each under a separate Managing Director: United Kingdom (UK) and Continental Europe (CE). In 2024, the two property businesses are now managed, and their operating results reported to the Executive Directors (\u2018chief operating decision maker\u2019, \u2018CODM\u2019) as separate and distinct businesses. Prior to 2024, operating results were reported to the Executive Directors at the Business Unit level. Given the change in the level at which results are reported to the CODM the operating segments under IFRS 8 have changed from the six regional Business Units previously reported to the two property businesses, UK and CE. The comparative period has been represented to reflect the new segments.
Share of joint
ventures and Valuation Investments
Gross Net associates\u2019 surplus/(de\ue01ficit) Total directly in joint
rental rental Adjusted Adjusted on investment owned property ventures and Capital
income income profit
PBIT
2
properties assets associates
expenditure
3
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
437
399
\u2013
395
170
11,463
28
562
CE
155
113
111
244
(50)
3,846
2,428
434
Other
1
\u2013
(12)
(28)
(101)
\u2013
\u2013
(904)\ue01e
24
Total
592
500
83
538
120
15,309
1,552
1,020
Share of joint
ventures and Valuation Investments
Gross Net associates\u2019 surplus/(de\ue01ficit) Total directly in joint
rental rental Adjusted Adjusted on investment owned property ventures and Capital
income income profit
PBIT
2
properties assets associates
expenditure
3
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
407
375
\u2013
372
(421)
11,160
20
598
CE
140
102
119
242
(226)
3,757
2,697
366
Other
1
\u2013
(15)
(37)
(99)
\u2013
\u2013
(1,081)
4
29
Total
547
462
82
515
(647)
14,917
1,636
993
1. \u2018Other\u2019 category includes the corporate centre, SELP holding companies and costs relating to the operational business which are not specifically allocated to the two property businesses. 2. A reconciliation of total Adjusted PBIT to the IFRS profit before tax is provided in Note 2. Total revenues from external customers included within Adjusted PBIT: UK \u00a3448 million (2023: \u00a3421 million), CE \u00a3227 million (2023: \u00a3204 million). 3. Capital expenditure includes additions and acquisitions of investment and trading properties but does not include tenant incentives and letting fees. The \u201cOther\u201d category includes non-property related spend, primarily IT. 4. Includes the bonds held by SELP Finance S.\u00e0.r.l, a Luxembourg entity. Revenues from the most significant countries within the Group were: UK \u00a3448 million (2023: \u00a3513 million), France \u00a386 million (2023: \u00a3114 million), Italy \u00a346 million (2023: \u00a337 million), Germany \u00a357 million (2023: \u00a352 million) and Poland \u00a319 million (2023: \u00a318 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
6. Administrative Expenses
6(i) \u2013 Total administrative expenses
2024 2023
\u00a3m \u00a3m
Directors\u2019 remuneration
6
8
Depreciation and amortisation
10
5
Other administrative expenses
60
50
Total administrative expenses
76
63
Other administrative expenses include the cost of services of the Group\u2019s auditors, as described below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "
2024 2023
\u00a3m \u00a3m
Directors\u2019 remuneration
6
8
Depreciation and amortisation
10
5
Other administrative expenses
60
50
Total administrative expenses
76
63
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "
6(ii) \u2013 Fees in relation to services provided by the Group\u2019s auditors
2024 2023
\u00a3m \u00a3m
Audit services:
Parent company
1.5
1.3
Subsidiary undertakings
0.1
0.1
Total audit fees
1.6
1.4
Audit related assurance services
0.1
0.1
Audit and audit related assurance services
1.7
1.5
Other fees:
Other
0.2
0.1
Total other fees
0.2
0.1
Total fees in relation to audit and other services
1.9
1.6
As detailed further in the Audit Committee Report on page 102, PwC are the auditors of the SEGRO
European Logistics Partnership (SELP), which is a non controlled joint venture of the Group, and were
paid audit fees of \u00a31.0 million in respect of the year ended 31 December 2024 (2023: \u00a30.9 million).
There were \u00a30.1 million of non-audit fees paid in respect of SELP (2023: \u00a30.2 million). The appointment
of the SELP auditors and agreement of their fees is a matter for the SELP Board acting independently
from SEGRO. Accordingly, the fees do not form part of the SEGRO Group audit fees detailed in the
table above nor are they included in the ratio of audit to non-audit fees detailed on page 102 of the
Audit Committee Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "4. Revenue
2024 2023
\u00a3m \u00a3m
Rental income from investment and trading properties
574
536
Rent averaging
14
10
Surrender premiums
4
1
Gross rental income1
592
547
Joint venture fee income
\u2013 management fees*
26
29
\u2013 performance fees*
2
\u2013
89
Joint venture fee income
26
118
Management and development fee income*
6
4
Service charge and other income*
3
51
45
Proceeds from sale of trading properties*
\u2013
35
Total revenue
675
749
* The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total \u00a383 million (2023: \u00a3202 million). 1 Net rental income of \u00a3500 million (2023: \u00a3462 million) is calculated as gross rental income of \u00a3592 million (2023: \u00a3547 million) less total property operating expenses of \u00a392 million (2023: \u00a385 million) shown in Note 5. 2 See Note 7(ii) for further details on the performance fee from SELP. 3. Other income includes income from solar energy sold to national grids or direct to occupiers.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total \u00a383 million (2023: \u00a3202 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "
5. Costs
2024
2023
2
\u00a3m \u00a3m
Vacant property costs
18
14
Letting, marketing, legal and professional fees
16
15
Loss allowance and impairment of receivables
1
1
3
Other expenses
2
11
9
Property management expenses
46
41
Property administrative expenses
2,3
56
56
Costs capitalised
4
(10)
(12)
Total property operating expenses
92
85
Service charge and other expense
5
52
44
Trading properties cost of sales
\u2013
32
Total costs
144
161
1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables.
2 Certain expenses that were previously classified as Other expenses within Property management expenses have been
reclassified to Property administrative expenses in the table above. These expenses which are mainly staff related have
been reclassified as their functions are more closely aligned with administrative rather than management activities.
The prior period comparatives in the table above have been represented to reflect this change and \u00a37 million of
expenses reclassified from Other expenses to Property administrative expenses for the year ended 31 December 2023.
3 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in
operating the property portfolio.
4 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio.
5 Other expenses includes expenses relating to the provision of solar energy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "5. Costs
2024
2023
2
\u00a3m \u00a3m
Vacant property costs
18
14
Letting, marketing, legal and professional fees
16
15
Loss allowance and impairment of receivables
1
1
3
Other expenses
2
11
9
Property management expenses
46
41
Property administrative expenses
2,3
56
56
Costs capitalised
4
(10)
(12)
Total property operating expenses
92
85
Service charge and other expense
5
52
44
Trading properties cost of sales
\u2013
32
Total costs
144
161
1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables. 2 Certain expenses that were previously classified as Other expenses within Property management expenses have been reclassified to Property administrative expenses in the table above. These expenses which are mainly staff related have been reclassified as their functions are more closely aligned with administrative rather than management activities. The prior period comparatives in the table above have been represented to reflect this change and \u00a37 million of expenses reclassified from Other expenses to Property administrative expenses for the year ended 31 December 2023. 3 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in operating the property portfolio. 4 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio. 5 Other expenses includes expenses relating to the provision of solar energy. 6. Administrative Expenses 6(i) \u2013 Total administrative expenses
2024 2023
\u00a3m \u00a3m
Directors\u2019 remuneration
6
8
Depreciation and amortisation
10
5
Other administrative expenses
60
50
Total administrative expenses
76
63
Other administrative expenses include the cost of services of the Group\u2019s auditors, as described below. 6(ii) \u2013 Fees in relation to services provided by the Group\u2019s auditors
2024 2023
\u00a3m \u00a3m
Audit services:
Parent company
1.5
1.3
Subsidiary undertakings
0.1
0.1
Total audit fees
1.6
1.4
Audit related assurance services
0.1
0.1
Audit and audit related assurance services
1.7
1.5
Other fees:
Other
0.2
0.1
Total other fees
0.2
0.1
Total fees in relation to audit and other services
1.9
1.6
As detailed further in the Audit Committee Report on page 102, PwC are the auditors of the SEGRO European Logistics Partnership (SELP), which is a non controlled joint venture of the Group, and were paid audit fees of \u00a31.0 million in respect of the year ended 31 December 2024 (2023: \u00a30.9 million). There were \u00a30.1 million of non-audit fees paid in respect of SELP (2023: \u00a30.2 million). The appointment of the SELP auditors and agreement of their fees is a matter for the SELP Board acting independently from SEGRO. Accordingly, the fees do not form part of the SEGRO Group audit fees detailed in the table above nor are they included in the ratio of audit to non-audit fees detailed on page 102 of the Audit Committee Report. 6(iii) \u2013 Staff costs The table below presents staff costs of the Group (including Directors) which are recognised in both property operating expenses and administrative expenses in the Income Statement.
2024 2023
\u00a3m \u00a3m
Wages and salaries
55
54
Social security costs
8
7
Pension costs
3
3
Share scheme costs
7
10
Total
73
74
Average number of Group employees
4 61
459
\u2013 Direct property
294
290
\u2013 Indirect property and administration
167
169
Disclosures required by the Companies Act 2006 on Directors\u2019 remuneration, including salaries, share options, pension contributions and pension entitlement and those specified by the UK Listing Rules of the Financial Conduct Authority are included on pages 105 to 131 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a33 million has been recognised as an expense in the Group Income Statement (2023: \u00a33 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "5. Costs
2024
2023
2
\u00a3m \u00a3m
Vacant property costs
18
14
Letting, marketing, legal and professional fees
16
15
Loss allowance and impairment of receivables
1
1
3
Other expenses
2
11
9
Property management expenses
46
41
Property administrative expenses
2,3
56
56
Costs capitalised
4
(10)
(12)
Total property operating expenses
92
85
Service charge and other expense
5
52
44
Trading properties cost of sales
\u2013
32
Total costs
144
161
1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables. 2 Certain expenses that were previously classified as Other expenses within Property management expenses have been reclassified to Property administrative expenses in the table above. These expenses which are mainly staff related have been reclassified as their functions are more closely aligned with administrative rather than management activities. The prior period comparatives in the table above have been represented to reflect this change and \u00a37 million of expenses reclassified from Other expenses to Property administrative expenses for the year ended 31 December 2023. 3 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in operating the property portfolio. 4 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio. 5 Other expenses includes expenses relating to the provision of solar energy. 6. Administrative Expenses 6(i) \u2013 Total administrative expenses
2024 2023
\u00a3m \u00a3m
Directors\u2019 remuneration
6
8
Depreciation and amortisation
10
5
Other administrative expenses
60
50
Total administrative expenses
76
63
Other administrative expenses include the cost of services of the Group\u2019s auditors, as described below. 6(ii) \u2013 Fees in relation to services provided by the Group\u2019s auditors
2024 2023
\u00a3m \u00a3m
Audit services:
Parent company
1.5
1.3
Subsidiary undertakings
0.1
0.1
Total audit fees
1.6
1.4
Audit related assurance services
0.1
0.1
Audit and audit related assurance services
1.7
1.5
Other fees:
Other
0.2
0.1
Total other fees
0.2
0.1
Total fees in relation to audit and other services
1.9
1.6
As detailed further in the Audit Committee Report on page 102, PwC are the auditors of the SEGRO European Logistics Partnership (SELP), which is a non controlled joint venture of the Group, and were paid audit fees of \u00a31.0 million in respect of the year ended 31 December 2024 (2023: \u00a30.9 million). There were \u00a30.1 million of non-audit fees paid in respect of SELP (2023: \u00a30.2 million). The appointment of the SELP auditors and agreement of their fees is a matter for the SELP Board acting independently from SEGRO. Accordingly, the fees do not form part of the SEGRO Group audit fees detailed in the table above nor are they included in the ratio of audit to non-audit fees detailed on page 102 of the Audit Committee Report. 6(iii) \u2013 Staff costs The table below presents staff costs of the Group (including Directors) which are recognised in both property operating expenses and administrative expenses in the Income Statement.
2024 2023
\u00a3m \u00a3m
Wages and salaries
55
54
Social security costs
8
7
Pension costs
3
3
Share scheme costs
7
10
Total
73
74
Average number of Group employees
4 61
459
\u2013 Direct property
294
290
\u2013 Indirect property and administration
167
169
Disclosures required by the Companies Act 2006 on Directors\u2019 remuneration, including salaries, share options, pension contributions and pension entitlement and those specified by the UK Listing Rules of the Financial Conduct Authority are included on pages 105 to 131 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a33 million has been recognised as an expense in the Group Income Statement (2023: \u00a33 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "
6(iii) \u2013 Staff costs
The table below presents staff costs of the Group (including Directors) which are recognised in both
property operating expenses and administrative expenses in the Income Statement.
2024 2023
\u00a3m \u00a3m
Wages and salaries
55
54
Social security costs
8
7
Pension costs
3
3
Share scheme costs
7
10
Total
73
74
Average number of Group employees
4 61
459
\u2013 Direct property
294
290
\u2013 Indirect property and administration
167
169
Disclosures required by the Companies Act 2006 on Directors\u2019 remuneration, including salaries, share
options, pension contributions and pension entitlement and those specified by the UK Listing Rules of
the Financial Conduct Authority are included on pages 105 to 131 in the Remuneration Report and
form part of these Financial Statements.
The Group also has a number of defined contribution pension schemes for which \u00a33 million has been
recognised as an expense in the Group Income Statement (2023: \u00a33 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "
7. Investments in Joint Ventures, Associates and Subsidiaries
7(i) \u2013 Profit from joint ventures and associates after tax
The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and
associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO
European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property
assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in
the material joint ventures.
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
370
\u2013
370
347
185
174
Gross rental income
274
\u2013
274
267
137
134
Property operating
expenses:
\u2013 underlying property
operating expenses
(15)
\u2013
(15)
(16)
(8)
(8)
\u2013 vacant property costs
(2)
(1)
(3)
(1)
(1)
(1)
\u2013 property management
fees
2
(23)
\u2013
(23)
(24)
(12)
(12)
Net rental income
234
(1)
233
226
116
113
Management fee income
4
\u2013
4
4
2
2
Administrative expenses
(5)
\u2013
(5)
(5)
(2)
(2)
Finance costs (including
adjustments)
(44)
\u2013
(44)
(40)
(22)
(20)
Adjusted profit before tax
189
(1)
188
185
94
93
Tax
(22)
\u2013
(22)
(22)
(11)
(11)
Adjusted profit after tax
167
(1)
166
163
83
82
Adjustments:
Profit on sale of investment
properties
5
\u2013
5
\u2013
2
\u2013
Valuation (de\ue01ficit)/surplus on
investment properties
(71)
11
(60)
(325)
(30)
(162)
Performance fees expense
3
\u2013
\u2013
\u2013
(89)
\u2013
(45)
Tax in respect of adjustments
(5)
\u2013
(5)
98
(2)
49
Total adjustments
(71)
11
(60)
(316)
(30)
(158)
Profit/(loss) after tax
96
10
106
(153)
53
(76)
Other comprehensive
income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive
income/(expense) for the
year
96
10
106
(153)
53
(76)
1 Total revenue at 100% of \u00a3370 million (2023: \u00a3347 million) includes: Gross rental income of \u00a3274 million (2023: \u00a3267 million);
service charge income of \u00a392 million (2023: \u00a376 million) and management fee income of \u00a34 million (2023: \u00a34 million).
Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit
before tax.
2 Property management fees paid to SEGRO.
3 Performance fees recognised by SEGRO. This is further discussed in the Fees section below.
Fees SEGRO provides certain services, including venture advisory and asset management, to the SELP joint venture and receives fees for doing so. Performance fees may also be payable from SELP to SEGRO based on its IRR subject to certain hurdle rates over the performance period. The current performance period commenced in October 2023 and is over a circa three-year and circa six-year period. The first performance period and potential payment due ends in June 2026, but 50 per cent of any payment is subject to clawback based on performance over the six-year period to June 2029. If the IRR increases by June 2029 relative to June 2026, additional fees might be triggered. Based on the current estimates of the IRR calculation from October 2023 to 31 December 2024, no performance fee is due to SEGRO in June 2026. Therefore no fee has been recognised in the year as the recognition criteria under IFRS 15 has not been met. The performance fee is not considered to be a significant area of estimation uncertainty at this point. In the year ended 31 December 2023, the ten-year performance fee period from inception of SELP in October 2013 to October 2023 ended. As a result, SEGRO recognised a performance fee income of \u00a389 million (\u20ac103 million) in its 31 December 2023 Income Statement. An equivalent performance fee expense at share of \u00a345 million was recognised within the share of profit from joint ventures and associates and shown in Note 7(i). 7(iii) \u2013 Investments by the Group
2024 2023
\u00a3m \u00a3m
Cost or valuation at 1 January
1,636
1,768
Exchange movement
(81)
(30)
Net investments
1
(27)
12
Dividends received
2
(29)
(38)
Share of profit/(loss) after tax
53
(76)
Cost or valuation at 31 December
1,552
1,636
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during the year. 2 Dividends received from SELP . The Group has not recognised cumulative losses totalling \u00a3nil at share (2023: \u00a314 million) in relation to its interests in associates, because the Group has no obligation in respect of these losses. SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
4,996
56
5,052
5,830
2,526
2,915
Property, plant and
equipment
19
\u2013
19
12
10
6
Other receivables
3
\u2013
3
2
1
1
Total non-current assets
5,018
56
5,074
5,844
2,537
2,922
Other receivables
51
1
52
62
26
31
Cash and cash equivalents
345
1
346
56
173
28
Total current assets
396
2
398
118
199
59
Total assets
5,414
58
5,472
5,962
2,736
2,981
Borrowings
1
(1,444)
\u2013
(1,444)
(2,143)
(722)
(1,072)
Deferred tax
(359)
\u2013
(359)
(381)
(179)
(191)
Other liabilities
2
\u2013
\u2013
\u2013
(34)
\u2013
(17)
Total non-current liabilities
(1,803)
\u2013
(1,803)
(2,558)
(901)
(1,280)
Borrowings1
(413)
\u2013
(413)
\u2013
(207)
\u2013
Other liabilities
(149)
(3)
(152)
(159)
(76)
(79)
Total current liabilities
(562)
(3)
(565)
(159)
(283)
(79)
Total liabilities
(2,365)
(3)
(2,368)
(2,717)
(1,184)
(1,359)
Unrecognised share of losses
\u2013
\u2013
\u2013
28
\u2013
14
Net assets
3,049
55
3,104
3,273
1,552
1,636
1 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2024, the fair value of \u00a31,857 million (2023: \u00a32,143 million) of borrowings was \u00a31,818 million (2023: \u00a32,046 million). This results in a fair value adjustment increase in EPRA NDV of \u00a339 million (2023: \u00a397 million), at share \u00a320 million (2023: \u00a348 million), see Table 5 of the Supplementary Notes. 2 Other non-current liabilities of \u00a334 million as at 31 December 2023 relates to a loan due from an associate to the Group. During 2024 the remaining shares of the associate were acquired and is now a 100 per cent subsidiary. See Note 17(vi) for details on the impairment of the loan receivable held by the Group in 2023. 7(iv) \u2013 Investments by the Company
2024 2023
\u00a3m \u00a3m
Cost or valuation of subsidiaries at 1 January
11,413
10,597
Exchange movement
(15)
(8)
Additions
1
\u2013
303
Loan movement
1
578
657
Increase in provision for investments in and loans to subsidiaries
2
(80)
(136)
Cost or valuation at 31 December
11,896
11,413
1 During 2024, \u00a3nil (2023: \u00a3303 million) of non-current loans were recapitalised and converted into equity. This is reflected within additions and a reduction in loan movement in the table above. 2 Total increase in provision for impairment of \u00a380 million (2023: \u00a3136 million) consists of \u00a3nil (2023: \u00a328 million) for investments and \u00a380 million (2023: \u00a3108 million) for loans to subsidiaries. Included in cost or valuation of subsidiaries at 31 December 2024 are investments of \u00a36,401 million (2023: \u00a36,401 million) and non-current loans of \u00a35,495 million (2023: \u00a35,012 million). Loans held with subsidiaries are classified as non-current as there is no intention from the Company to require the loan to be repaid, in whole or in part, within 12 months. Subsidiary entities are detailed in Note 27. In measuring expected credit losses (ECLs) of the intercompany loans under IFRS 9 the ability of each subsidiary to repay the loan at the reporting date if demanded by the Company is assessed. For the purpose of the impairment review the manner for recovering the loan is assumed to be through the sale of the investment properties held by the subsidiary. Investment properties are held at fair value at each reporting date and the assumptions and inputs used in determining their fair value are shown in Note 25. Therefore, the net asset value of the subsidiary is considered to be a reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to recognise expected credit losses. The requirement for impairment of investments under IAS 36 follows the same assessment and the net asset value of the subsidiary is considered to be a reasonable approximation of the recoverable amount. The increase in the provision for investments and loans held with subsidiaries during the current and prior period is due to a lower expectation of recovery predominantly due to the decrease in the fair value of specific properties held by the subsidiaries. The loss allowances for loans held with subsidiaries as at 31 December reconcile to the opening loss allowances as follows:
2024 2023
\u00a3m \u00a3m
Opening loss allowance at 1 January
230
122
Increase in loan loss allowance recognised in profit or loss during the year
105
123
Unused amount reversed in profit or loss during the year
(25)
(15)
Closing loss allowance at 31 December
310
230
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Profit from joint ventures and associates after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in the material joint ventures.
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
370
\u2013
370
347
185
174
Gross rental income
274
\u2013
274
267
137
134
Property operating
expenses:
\u2013 underlying property
operating expenses
(15)
\u2013
(15)
(16)
(8)
(8)
\u2013 vacant property costs
(2)
(1)
(3)
(1)
(1)
(1)
\u2013 property management
fees
2
(23)
\u2013
(23)
(24)
(12)
(12)
Net rental income
234
(1)
233
226
116
113
Management fee income
4
\u2013
4
4
2
2
Administrative expenses
(5)
\u2013
(5)
(5)
(2)
(2)
Finance costs (including
adjustments)
(44)
\u2013
(44)
(40)
(22)
(20)
Adjusted profit before tax
189
(1)
188
185
94
93
Tax
(22)
\u2013
(22)
(22)
(11)
(11)
Adjusted profit after tax
167
(1)
166
163
83
82
Adjustments:
Profit on sale of investment
properties
5
\u2013
5
\u2013
2
\u2013
Valuation (de\ue01ficit)/surplus on
investment properties
(71)
11
(60)
(325)
(30)
(162)
Performance fees expense
3
\u2013
\u2013
\u2013
(89)
\u2013
(45)
Tax in respect of adjustments
(5)
\u2013
(5)
98
(2)
49
Total adjustments
(71)
11
(60)
(316)
(30)
(158)
Profit/(loss) after tax
96
10
106
(153)
53
(76)
Other comprehensive
income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive
income/(expense) for the
year
96
10
106
(153)
53
(76)
1 Total revenue at 100% of \u00a3370 million (2023: \u00a3347 million) includes: Gross rental income of \u00a3274 million (2023: \u00a3267 million); service charge income of \u00a392 million (2023: \u00a376 million) and management fee income of \u00a34 million (2023: \u00a34 million). Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 3 Performance fees recognised by SEGRO. This is further discussed in the Fees section below.
Fees
SEGRO provides certain services, including venture advisory and asset management, to the SELP
joint venture and receives fees for doing so.
Performance fees may also be payable from SELP to SEGRO based on its IRR subject to certain hurdle
rates over the performance period. The current performance period commenced in October 2023
and is over a circa three-year and circa six-year period. The first performance period and potential
payment due ends in June 2026, but 50 per cent of any payment is subject to clawback based on
performance over the six-year period to June 2029. If the IRR increases by June 2029 relative to June
2026, additional fees might be triggered.
Based on the current estimates of the IRR calculation from October 2023 to 31 December 2024, no
performance fee is due to SEGRO in June 2026. Therefore no fee has been recognised in the year as
the recognition criteria under IFRS 15 has not been met. The performance fee is not considered to be
a significant area of estimation uncertainty at this point.
In the year ended 31 December 2023, the ten-year performance fee period from inception of SELP in
October 2013 to October 2023 ended. As a result, SEGRO recognised a performance fee income of
\u00a389 million (\u20ac103 million) in its 31 December 2023 Income Statement. An equivalent performance fee
expense at share of \u00a345 million was recognised within the share of profit from joint ventures and
associates and shown in Note 7(i).
7(iii) \u2013 Investments by the Group
2024 2023
\u00a3m \u00a3m
Cost or valuation at 1 January
1,636
1,768
Exchange movement
(81)
(30)
Net investments
1
(27)
12
Dividends received
2
(29)
(38)
Share of profit/(loss) after tax
53
(76)
Cost or valuation at 31 December
1,552
1,636
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and
associates during the year.
2 Dividends received from SELP .
The Group has not recognised cumulative losses totalling \u00a3nil at share (2023: \u00a314 million) in relation to its interests in associates, because the Group has no obligation in respect of these losses. SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
4,996
56
5,052
5,830
2,526
2,915
Property, plant and
equipment
19
\u2013
19
12
10
6
Other receivables
3
\u2013
3
2
1
1
Total non-current assets
5,018
56
5,074
5,844
2,537
2,922
Other receivables
51
1
52
62
26
31
Cash and cash equivalents
345
1
346
56
173
28
Total current assets
396
2
398
118
199
59
Total assets
5,414
58
5,472
5,962
2,736
2,981
Borrowings
1
(1,444)
\u2013
(1,444)
(2,143)
(722)
(1,072)
Deferred tax
(359)
\u2013
(359)
(381)
(179)
(191)
Other liabilities
2
\u2013
\u2013
\u2013
(34)
\u2013
(17)
Total non-current liabilities
(1,803)
\u2013
(1,803)
(2,558)
(901)
(1,280)
Borrowings1
(413)
\u2013
(413)
\u2013
(207)
\u2013
Other liabilities
(149)
(3)
(152)
(159)
(76)
(79)
Total current liabilities
(562)
(3)
(565)
(159)
(283)
(79)
Total liabilities
(2,365)
(3)
(2,368)
(2,717)
(1,184)
(1,359)
Unrecognised share of losses
\u2013
\u2013
\u2013
28
\u2013
14
Net assets
3,049
55
3,104
3,273
1,552
1,636
1 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2024, the fair value of \u00a31,857 million (2023: \u00a32,143 million) of borrowings was \u00a31,818 million (2023: \u00a32,046 million). This results in a fair value adjustment increase in EPRA NDV of \u00a339 million (2023: \u00a397 million), at share \u00a320 million (2023: \u00a348 million), see Table 5 of the Supplementary Notes. 2 Other non-current liabilities of \u00a334 million as at 31 December 2023 relates to a loan due from an associate to the Group. During 2024 the remaining shares of the associate were acquired and is now a 100 per cent subsidiary. See Note 17(vi) for details on the impairment of the loan receivable held by the Group in 2023. 7(iv) \u2013 Investments by the Company
2024 2023
\u00a3m \u00a3m
Cost or valuation of subsidiaries at 1 January
11,413
10,597
Exchange movement
(15)
(8)
Additions
1
\u2013
303
Loan movement
1
578
657
Increase in provision for investments in and loans to subsidiaries
2
(80)
(136)
Cost or valuation at 31 December
11,896
11,413
1 During 2024, \u00a3nil (2023: \u00a3303 million) of non-current loans were recapitalised and converted into equity. This is reflected within additions and a reduction in loan movement in the table above. 2 Total increase in provision for impairment of \u00a380 million (2023: \u00a3136 million) consists of \u00a3nil (2023: \u00a328 million) for investments and \u00a380 million (2023: \u00a3108 million) for loans to subsidiaries. Included in cost or valuation of subsidiaries at 31 December 2024 are investments of \u00a36,401 million (2023: \u00a36,401 million) and non-current loans of \u00a35,495 million (2023: \u00a35,012 million). Loans held with subsidiaries are classified as non-current as there is no intention from the Company to require the loan to be repaid, in whole or in part, within 12 months. Subsidiary entities are detailed in Note 27. In measuring expected credit losses (ECLs) of the intercompany loans under IFRS 9 the ability of each subsidiary to repay the loan at the reporting date if demanded by the Company is assessed. For the purpose of the impairment review the manner for recovering the loan is assumed to be through the sale of the investment properties held by the subsidiary. Investment properties are held at fair value at each reporting date and the assumptions and inputs used in determining their fair value are shown in Note 25. Therefore, the net asset value of the subsidiary is considered to be a reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to recognise expected credit losses. The requirement for impairment of investments under IAS 36 follows the same assessment and the net asset value of the subsidiary is considered to be a reasonable approximation of the recoverable amount. The increase in the provision for investments and loans held with subsidiaries during the current and prior period is due to a lower expectation of recovery predominantly due to the decrease in the fair value of specific properties held by the subsidiaries. The loss allowances for loans held with subsidiaries as at 31 December reconcile to the opening loss allowances as follows:
2024 2023
\u00a3m \u00a3m
Opening loss allowance at 1 January
230
122
Increase in loan loss allowance recognised in profit or loss during the year
105
123
Unused amount reversed in profit or loss during the year
(25)
(15)
Closing loss allowance at 31 December
310
230
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Great Western, Southall) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Metropolitan Park) 1 England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Asset Management UK England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Nominee 8 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 9 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 26 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 27 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 38 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 39 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 41 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Premier Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Properties Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
A list of the Group\u2019s related undertakings as at 31 December 2024 is detailed below. Except where the Group\u2019s percentage holdings is disclosed below, the entire share capital of the subsidiary undertaking is held by the Group. Unless otherwise stated, the Group\u2019s holding in the subsidiary undertaking comprise ordinary shares. Where subsidiaries have different classes of shares, the percentage effective holding shown represents both the Group\u2019s voting rights and equity holding. All subsidiaries are consolidated in the Group\u2019s Financial Statements. The Group\u2019s related undertakings also includes its joint ventures and associates, which is primarily SELP. Audit exemption taken for subsidiaries Certain UK subsidiaries are exempt from the requirement of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act. These subsidiaries are identified with two asterisks (**) on the table below. Certain UK partnerships are exempt from the requirement to prepare, publish and have audited individual accounts by virtue of regulation 7 of The Partnership (Accountants) Regulations 2008. The results of these partnerships are consolidated within the Group accounts and are identified with three asterisks (***) on the table below.
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Airport Property GP (No. 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property H1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property Partnership***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Amdale Holdings Limited NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
Beira Investments Sp z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Bilton Homes Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bilton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bonsol S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Brixton (Axis Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Coventry & Warwickshire England
Indirect
Two Friargate, Station Square,
Development Partnership LLP
3
and Wales Coventry, England, CV1 2GN
CWDP Investment Limited**
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
Dagenham Park Management England
Indirect
1 New Burlington Place, London,
Company Limited**
,4,8
and Wales W1S 2HR, United Kingdom
De Hoek-Noord S-Park B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
Devon Nominees (No. 1) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
ER 3 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Gateway Rugby Management England
Indirect
1 New Burlington Place, London,
Company Limited**
,4
and Wales W1S 2HR, United Kingdom
Granby Investment Sp. z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
Gront Four s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11, Star\u00e9
Republic M\u011bsto, PS\u010c 110 00, Czech
Republic
Hatton Farm Estates Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Helios Northern Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
HelioSlough Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Holbury Investments Sp. z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
IFP S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
IMPIANTI FTV S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
London Distribution Park No.2 LLP
3
England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Premier Greenford GP Limited
2,5
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Property Management Company England
72
Indirect
1 New Burlington Place, London,
(Croydon) Limited and Wales W1S 2HR, United Kingdom
Reprendre Racines SAS
France
Indirect
20 rue Brunel, 75017 Paris, France
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Roxhill (Maidstone) Limited
1
England
50
Indirect
C/O BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Roxhill Management Rugby Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Roxhill Warth 2 Limited**
England
28
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Roxhill Warth 3 Limited**
England
50
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (225 Bath Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Acton Park Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Beddington Lane) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Belvedere Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Birmingham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Bonded Stores) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coronation Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coventry Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Hatton Farm Site B) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow International) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Iver 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
SEGRO (Kettering) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (New Cross Business Centre) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Northampton Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited and Wales W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Perivale Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Plot 9 SmartParc) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Coventry) Limited**
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
SEGRO (Dagenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Trading Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Management England
82
Indirect
1 New Burlington Place, London,
Company) Limited**,
5
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Rail Freight Terminal) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Great Cambridge Industrial England
Indirect
1 New Burlington Place, London,
Estate) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Rainham, Enterprise 2) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Reading) Limited
6
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rockware Avenue) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Skyline) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (The Portal) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tudor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Victoria Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S2HR, United Kingdom
SEGRO (Watchmoor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Achte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Administration Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Advisory Services S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO APP 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Asset Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Belgium NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Benelux 2 B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Benelux B.V.
7
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Bobigny SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Bourget
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Capital S.\u00e1 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO CHUSA Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Croydon (Mitcham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11, Star\u00e9
Republic M\u011bsto, PS\u010c 110 00, Czech
Republic
SEGRO Dortmund GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Dreiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Dreizehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
% effective holding if Direct/ Company Name Jurisdictionnot 100% Indirect Registered Office SEGRO Italy ER 5 S.R.L. Italy Indirect Strada 3 Palazzo B3, 20057 Assago Milanofiori, Milan, Italy SEGRO Logistics Nord SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Logistics Park Aulnay SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Logistics Sud SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Luge S.\u00e0 r.l. Luxembourg Indirect 15 Boulevard F.W. Raiffeisen, Luxembourg, L - 2411, Luxembourg SEGRO Luxembourg S.\u00e0 r.l. Luxembourg Indirect 35-37 Avenue de la Libert\u00e9, L-1931, Luxembourg SEGRO Management NV Belgium Indirect Boulevard Louis Schmidt 87, 1040 Etterbeek, Belgium SEGRO Netherlands B.V. Netherlands Indirect 8th Floor, 1082MA Amsterdam, Gustav Mahlerplein 62, ITO-toren, Netherlands SEGRO Netherlands Holding B.V. Netherlands Indirect 8th Floor, 1082MS Amsterdam, Gustav Mahlerplein 62, ITO-toren, Netherlands (UK branch) England Indirect 1 New Burlington Place, London, and Wales W1S 2HR, United Kingdom SEGRO Neunte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Neunzehnte Grundbesitz Germany Indirect Fichtenstrasse 33, 40233, GmbH D\u00fcsseldorf, Germany SEGRO Oosterhout I B.V. Netherlands Indirect Gustav Mahlerplein 62, 1082MA, Amsterdam, Netherlands SEGRO Overseas Holdings Limited England Direct 1 New Burlington Place, London, and Wales W1S 2HR, United Kingdom SEGRO Parc des Petits Carreaux France Indirect 20 Rue Brunel, 75 017, Paris, France SEGRO plc French Branch France Direct 20 Rue Brunel, 75017, Paris, France SEGRO Plessis SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Poland Sp z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland SEGRO Properties Limited England Direct 1 New Burlington Place, London, and Wales W1S 2HR, United Kingdom SEGRO Properties Spain S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Reisholz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Rugby LLP***,3 England Indirect 1 New Burlington Place, London, and Wales W1S 2HR, United Kingdom SEGRO Sechste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Sechzehnte Grundbesitz Germany Indirect Fichtenstrasse 33, 40233, GmbH D\u00fcsseldorf, Germany SEGRO Siebte Grundbesitz GmbH Germany IndirectFichtenstrasse 33, 402
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Dritte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Eindhoven I B.V.
Netherlands
Indirect
2 Rue des Gaulois L-1618
Luxembourg
SEGRO Einundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Elfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Erste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO European Logistics
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Partnership S.\u00e1 r.l. Luxembourg
SEGRO Finance Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Fixtures GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO France Energy SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO France SA
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO F\u00fcnfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO F\u00fcnfundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO F\u00fcnfzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Gennevilliers SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Germany GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Gobelins SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Heerlen I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, 1082MA,
Amsterdam, Netherlands
SEGRO Holdings France SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Industrial Estates Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
IM1 1EE, Isle of Man
SEGRO Investments Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Investments Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Italy S.R.L
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 1 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 2 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 4 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Slough Spare Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Spain Management S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 1 S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 2 S.L.U
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 3 S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spare 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO STE Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Tilliers SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Trading (France) SNC
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics LR1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics MR1 SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR2 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR3 SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Vierte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Vierundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Vierzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO V-Park Grand Union LLP
3
England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Wissous SCI
France
Indirect
20 Rue Brunel,
75
017, Paris, France
SEGRO Zehnte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zwanzigste Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Zweite Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Zw\u00f6lfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SELP (Alpha Holdings) S.\u00e1 r.l.
Luxembourg
50
Indirect
2 Rue des Gaulois L-1618
Luxembourg
SELP (Alpha JV) S.\u00e1 r.l.
Luxembourg
50
Indirect
2 Rue des Gaulois L-1618
Luxembourg
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SELP Finance S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Investments S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Management Limited
9
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Slough Trading Estate Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Smartparc SEGRO Spondon Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Steamhouse Group Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Tenedor S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
The UK Logistics (Nominee 1) England
Indirect
1 New Burlington Place, London,
Limited
2
and Wales W1S 2HR, United Kingdom
The UK Logistics (Nominee 2) England
Indirect
1 New Burlington Place, London,
Limited
2
and Wales W1S 2HR, United Kingdom
The UK Logistics General Partner England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
The UK Logistics Limited Partnership
3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Trafford Park 1 Limited
Guernsey
Indirect
1st and 2nd Floors, Elizabeth
House, Les Ruettes Brayes,
St Peter Port, GY1 1EW, Guernsey
Trafford Park Estates Limited
1
England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
UK Logistics Fund Unit Trust
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Jersey
UK Logistics Properties No 1 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Trust Jersey
UK Logistics Properties No 2 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Trust Jersey
UK Logistics Trustees Limited
Jersey
Indirect
Ogier House, The Esplanade,
St Helier, JE4 9WG, Jersey
UK Property Unit Trust No. 41
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 42
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 43
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 44
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 45
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
Unitair General Partner Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Unitair Limited Partnership***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Vailog France SCI
France
Indirect
20 Rue
Brunel,
75
017, Paris, France
Vimercate DC S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Woodside GP Limited
2
England
33.33
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Zinc One S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Zinc Seven S.R.L
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Zinc Six S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
1. Company is in liquidation as at 31 December 2024. 2. Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies. 3. Partnerships and Limited Liability Partnerships (LLPs) do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 4. Companies limited by guarantee do not have a share capital and unless otherwise stated the Group holds 100 per cent interest in these entities. 5. Ownership held in class A and B shares. 6. Ownership held in Ordinary and Deferred shares. 7. Ownership held in class G shares, K shares, S shares and Preference shares. 8. There are five external members of Dagenham Park Management Company Limited. All members are liable up to the value of \u00a31.00. 9. SELP Management Limited is an appointed representative of Langham Hall Fund Management LLP, which is authorised and regulated by the Financial Conduct Authority of the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Profit from joint ventures and associates after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in the material joint ventures.
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
370
\u2013
370
347
185
174
Gross rental income
274
\u2013
274
267
137
134
Property operating
expenses:
\u2013 underlying property
operating expenses
(15)
\u2013
(15)
(16)
(8)
(8)
\u2013 vacant property costs
(2)
(1)
(3)
(1)
(1)
(1)
\u2013 property management
fees
2
(23)
\u2013
(23)
(24)
(12)
(12)
Net rental income
234
(1)
233
226
116
113
Management fee income
4
\u2013
4
4
2
2
Administrative expenses
(5)
\u2013
(5)
(5)
(2)
(2)
Finance costs (including
adjustments)
(44)
\u2013
(44)
(40)
(22)
(20)
Adjusted profit before tax
189
(1)
188
185
94
93
Tax
(22)
\u2013
(22)
(22)
(11)
(11)
Adjusted profit after tax
167
(1)
166
163
83
82
Adjustments:
Profit on sale of investment
properties
5
\u2013
5
\u2013
2
\u2013
Valuation (de\ue01ficit)/surplus on
investment properties
(71)
11
(60)
(325)
(30)
(162)
Performance fees expense
3
\u2013
\u2013
\u2013
(89)
\u2013
(45)
Tax in respect of adjustments
(5)
\u2013
(5)
98
(2)
49
Total adjustments
(71)
11
(60)
(316)
(30)
(158)
Profit/(loss) after tax
96
10
106
(153)
53
(76)
Other comprehensive
income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive
income/(expense) for the
year
96
10
106
(153)
53
(76)
1 Total revenue at 100% of \u00a3370 million (2023: \u00a3347 million) includes: Gross rental income of \u00a3274 million (2023: \u00a3267 million); service charge income of \u00a392 million (2023: \u00a376 million) and management fee income of \u00a34 million (2023: \u00a34 million). Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 3 Performance fees recognised by SEGRO. This is further discussed in the Fees section below. Fees SEGRO provides certain services, including venture advisory and asset management, to the SELP joint venture and receives fees for doing so. Performance fees may also be payable from SELP to SEGRO based on its IRR subject to certain hurdle rates over the performance period. The current performance period commenced in October 2023 and is over a circa three-year and circa six-year period. The first performance period and potential payment due ends in June 2026, but 50 per cent of any payment is subject to clawback based on performance over the six-year period to June 2029. If the IRR increases by June 2029 relative to June 2026, additional fees might be triggered. Based on the current estimates of the IRR calculation from October 2023 to 31 December 2024, no performance fee is due to SEGRO in June 2026. Therefore no fee has been recognised in the year as the recognition criteria under IFRS 15 has not been met. The performance fee is not considered to be a significant area of estimation uncertainty at this point. In the year ended 31 December 2023, the ten-year performance fee period from inception of SELP in October 2013 to October 2023 ended. As a result, SEGRO recognised a performance fee income of \u00a389 million (\u20ac103 million) in its 31 December 2023 Income Statement. An equivalent performance fee expense at share of \u00a345 million was recognised within the share of profit from joint ventures and associates and shown in Note 7(i). 7(iii) \u2013 Investments by the Group
2024 2023
\u00a3m \u00a3m
Cost or valuation at 1 January
1,636
1,768
Exchange movement
(81)
(30)
Net investments
1
(27)
12
Dividends received
2
(29)
(38)
Share of profit/(loss) after tax
53
(76)
Cost or valuation at 31 December
1,552
1,636
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during the year. 2 Dividends received from SELP . The Group has not recognised cumulative losses totalling \u00a3nil at share (2023: \u00a314 million) in relation to its interests in associates, because the Group has no obligation in respect of these losses. SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
4,996
56
5,052
5,830
2,526
2,915
Property, plant and
equipment
19
\u2013
19
12
10
6
Other receivables
3
\u2013
3
2
1
1
Total non-current assets
5,018
56
5,074
5,844
2,537
2,922
Other receivables
51
1
52
62
26
31
Cash and cash equivalents
345
1
346
56
173
28
Total current assets
396
2
398
118
199
59
Total assets
5,414
58
5,472
5,962
2,736
2,981
Borrowings
1
(1,444)
\u2013
(1,444)
(2,143)
(722)
(1,072)
Deferred tax
(359)
\u2013
(359)
(381)
(179)
(191)
Other liabilities
2
\u2013
\u2013
\u2013
(34)
\u2013
(17)
Total non-current liabilities
(1,803)
\u2013
(1,803)
(2,558)
(901)
(1,280)
Borrowings1
(413)
\u2013
(413)
\u2013
(207)
\u2013
Other liabilities
(149)
(3)
(152)
(159)
(76)
(79)
Total current liabilities
(562)
(3)
(565)
(159)
(283)
(79)
Total liabilities
(2,365)
(3)
(2,368)
(2,717)
(1,184)
(1,359)
Unrecognised share of losses
\u2013
\u2013
\u2013
28
\u2013
14
Net assets
3,049
55
3,104
3,273
1,552
1,636
1 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2024, the fair value of \u00a31,857 million (2023: \u00a32,143 million) of borrowings was \u00a31,818 million (2023: \u00a32,046 million). This results in a fair value adjustment increase in EPRA NDV of \u00a339 million (2023: \u00a397 million), at share \u00a320 million (2023: \u00a348 million), see Table 5 of the Supplementary Notes. 2 Other non-current liabilities of \u00a334 million as at 31 December 2023 relates to a loan due from an associate to the Group. During 2024 the remaining shares of the associate were acquired and is now a 100 per cent subsidiary. See Note 17(vi) for details on the impairment of the loan receivable held by the Group in 2023. 7(iv) \u2013 Investments by the Company
2024 2023
\u00a3m \u00a3m
Cost or valuation of subsidiaries at 1 January
11,413
10,597
Exchange movement
(15)
(8)
Additions
1
\u2013
303
Loan movement
1
578
657
Increase in provision for investments in and loans to subsidiaries
2
(80)
(136)
Cost or valuation at 31 December
11,896
11,413
1 During 2024, \u00a3nil (2023: \u00a3303 million) of non-current loans were recapitalised and converted into equity. This is reflected within additions and a reduction in loan movement in the table above. 2 Total increase in provision for impairment of \u00a380 million (2023: \u00a3136 million) consists of \u00a3nil (2023: \u00a328 million) for investments and \u00a380 million (2023: \u00a3108 million) for loans to subsidiaries. Included in cost or valuation of subsidiaries at 31 December 2024 are investments of \u00a36,401 million (2023: \u00a36,401 million) and non-current loans of \u00a35,495 million (2023: \u00a35,012 million). Loans held with subsidiaries are classified as non-current as there is no intention from the Company to require the loan to be repaid, in whole or in part, within 12 months. Subsidiary entities are detailed in Note 27. In measuring expected credit losses (ECLs) of the intercompany loans under IFRS 9 the ability of each subsidiary to repay the loan at the reporting date if demanded by the Company is assessed. For the purpose of the impairment review the manner for recovering the loan is assumed to be through the sale of the investment properties held by the subsidiary. Investment properties are held at fair value at each reporting date and the assumptions and inputs used in determining their fair value are shown in Note 25. Therefore, the net asset value of the subsidiary is considered to be a reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to recognise expected credit losses. The requirement for impairment of investments under IAS 36 follows the same assessment and the net asset value of the subsidiary is considered to be a reasonable approximation of the recoverable amount. The increase in the provision for investments and loans held with subsidiaries during the current and prior period is due to a lower expectation of recovery predominantly due to the decrease in the fair value of specific properties held by the subsidiaries. The loss allowances for loans held with subsidiaries as at 31 December reconcile to the opening loss allowances as follows:
2024 2023
\u00a3m \u00a3m
Opening loss allowance at 1 January
230
122
Increase in loan loss allowance recognised in profit or loss during the year
105
123
Unused amount reversed in profit or loss during the year
(25)
(15)
Closing loss allowance at 31 December
310
230
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Profit from joint ventures and associates after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in the material joint ventures.
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
370
\u2013
370
347
185
174
Gross rental income
274
\u2013
274
267
137
134
Property operating
expenses:
\u2013 underlying property
operating expenses
(15)
\u2013
(15)
(16)
(8)
(8)
\u2013 vacant property costs
(2)
(1)
(3)
(1)
(1)
(1)
\u2013 property management
fees
2
(23)
\u2013
(23)
(24)
(12)
(12)
Net rental income
234
(1)
233
226
116
113
Management fee income
4
\u2013
4
4
2
2
Administrative expenses
(5)
\u2013
(5)
(5)
(2)
(2)
Finance costs (including
adjustments)
(44)
\u2013
(44)
(40)
(22)
(20)
Adjusted profit before tax
189
(1)
188
185
94
93
Tax
(22)
\u2013
(22)
(22)
(11)
(11)
Adjusted profit after tax
167
(1)
166
163
83
82
Adjustments:
Profit on sale of investment
properties
5
\u2013
5
\u2013
2
\u2013
Valuation (de\ue01ficit)/surplus on
investment properties
(71)
11
(60)
(325)
(30)
(162)
Performance fees expense
3
\u2013
\u2013
\u2013
(89)
\u2013
(45)
Tax in respect of adjustments
(5)
\u2013
(5)
98
(2)
49
Total adjustments
(71)
11
(60)
(316)
(30)
(158)
Profit/(loss) after tax
96
10
106
(153)
53
(76)
Other comprehensive
income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive
income/(expense) for the
year
96
10
106
(153)
53
(76)
1 Total revenue at 100% of \u00a3370 million (2023: \u00a3347 million) includes: Gross rental income of \u00a3274 million (2023: \u00a3267 million); service charge income of \u00a392 million (2023: \u00a376 million) and management fee income of \u00a34 million (2023: \u00a34 million). Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 3 Performance fees recognised by SEGRO. This is further discussed in the Fees section below. Fees SEGRO provides certain services, including venture advisory and asset management, to the SELP joint venture and receives fees for doing so. Performance fees may also be payable from SELP to SEGRO based on its IRR subject to certain hurdle rates over the performance period. The current performance period commenced in October 2023 and is over a circa three-year and circa six-year period. The first performance period and potential payment due ends in June 2026, but 50 per cent of any payment is subject to clawback based on performance over the six-year period to June 2029. If the IRR increases by June 2029 relative to June 2026, additional fees might be triggered. Based on the current estimates of the IRR calculation from October 2023 to 31 December 2024, no performance fee is due to SEGRO in June 2026. Therefore no fee has been recognised in the year as the recognition criteria under IFRS 15 has not been met. The performance fee is not considered to be a significant area of estimation uncertainty at this point. In the year ended 31 December 2023, the ten-year performance fee period from inception of SELP in October 2013 to October 2023 ended. As a result, SEGRO recognised a performance fee income of \u00a389 million (\u20ac103 million) in its 31 December 2023 Income Statement. An equivalent performance fee expense at share of \u00a345 million was recognised within the share of profit from joint ventures and associates and shown in Note 7(i). 7(iii) \u2013 Investments by the Group
2024 2023
\u00a3m \u00a3m
Cost or valuation at 1 January
1,636
1,768
Exchange movement
(81)
(30)
Net investments
1
(27)
12
Dividends received
2
(29)
(38)
Share of profit/(loss) after tax
53
(76)
Cost or valuation at 31 December
1,552
1,636
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during the year. 2 Dividends received from SELP The Group has not recognised cumulative losses totalling \u00a3nil at share (2023: \u00a314 million) in relation to its interests in associates, because the Group has no obligation in respect of these losses. SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates
At 100% At 100% At share At share
SELP Other 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
4,996
56
5,052
5,830
2,526
2,915
Property, plant and
equipment
19
\u2013
19
12
10
6
Other receivables
3
\u2013
3
2
1
1
Total non-current assets
5,018
56
5,074
5,844
2,537
2,922
Other receivables
51
1
52
62
26
31
Cash and cash equivalents
345
1
346
56
173
28
Total current assets
396
2
398
118
199
59
Total assets
5,414
58
5,472
5,962
2,736
2,981
Borrowings
1
(1,444)
\u2013
(1,444)
(2,143)
(722)
(1,072)
Deferred tax
(359)
\u2013
(359)
(381)
(179)
(191)
Other liabilities
2
\u2013
\u2013
\u2013
(34)
\u2013
(17)
Total non-current liabilities
(1,803)
\u2013
(1,803)
(2,558)
(901)
(1,280)
Borrowings1
(413)
\u2013
(413)
\u2013
(207)
\u2013
Other liabilities
(149)
(3)
(152)
(159)
(76)
(79)
Total current liabilities
(562)
(3)
(565)
(159)
(283)
(79)
Total liabilities
(2,365)
(3)
(2,368)
(2,717)
(1,184)
(1,359)
Unrecognised share of losses
\u2013
\u2013
\u2013
28
\u2013
14
Net assets
3,049
55
3,104
3,273
1,552
1,636
1 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2024, the fair value of \u00a31,857 million (2023: \u00a32,143 million) of borrowings was \u00a31,818 million (2023: \u00a32,046 million). This results in a fair value adjustment increase in EPRA NDV of \u00a339 million (2023: \u00a397 million), at share \u00a320 million (2023: \u00a348 million), see Table 5 of the Supplementary Notes. 2 Other non-current liabilities of \u00a334 million as at 31 December 2023 relates to a loan due from an associate to the Group. During 2024 the remaining shares of the associate were acquired and is now a 100 per cent subsidiary. See Note 17(vi) for details on the impairment of the loan receivable held by the Group in 2023.
7(iv) \u2013 Investments by the Company
2024 2023
\u00a3m \u00a3m
Cost or valuation of subsidiaries at 1 January
11,413
10,597
Exchange movement
(15)
(8)
Additions
1
\u2013
303
Loan movement
1
578
657
Increase in provision for investments in and loans to subsidiaries
2
(80)
(136)
Cost or valuation at 31 December
11,896
11,413
1 During 2024, \u00a3nil (2023: \u00a3303 million) of non-current loans were recapitalised and converted into equity. This is reflected
within additions and a reduction in loan movement in the table above.
2 Total increase in provision for impairment of \u00a380 million (2023: \u00a3136 million) consists of \u00a3nil (2023: \u00a328 million) for
investments and \u00a380 million (2023: \u00a3108 million) for loans to subsidiaries.
Included in cost or valuation of subsidiaries at 31 December 2024 are investments of \u00a36,401 million
(2023: \u00a36,401 million) and non-current loans of \u00a35,495 million (2023: \u00a35,012 million). Loans held with
subsidiaries are classified as non-current as there is no intention from the Company to require the loan
to be repaid, in whole or in part, within 12 months.
Subsidiary entities are detailed in Note 27.
In measuring expected credit losses (ECLs) of the intercompany loans under IFRS 9 the ability of each
subsidiary to repay the loan at the reporting date if demanded by the Company is assessed. For the
purpose of the impairment review the manner for recovering the loan is assumed to be through the
sale of the investment properties held by the subsidiary. Investment properties are held at fair value at
each reporting date and the assumptions and inputs used in determining their fair value are shown in
Note 25. Therefore, the net asset value of the subsidiary is considered to be a reasonable approximation
of the available assets that could be realised to recover the loan balance and the requirement to
recognise expected credit losses. The requirement for impairment of investments under IAS 36 follows
the same assessment and the net asset value of the subsidiary is considered to be a reasonable
approximation of the recoverable amount. The increase in the provision for investments and loans
held with subsidiaries during the current and prior period is due to a lower expectation of recovery
predominantly due to the decrease in the fair value of specific properties held by the subsidiaries.
The loss allowances for loans held with subsidiaries as at 31 December reconcile to the opening loss
allowances as follows:
2024 2023
\u00a3m \u00a3m
Opening loss allowance at 1 January
230
122
Increase in loan loss allowance recognised in profit or loss during the year
105
123
Unused amount reversed in profit or loss during the year
(25)
(15)
Closing loss allowance at 31 December
310
230
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "
8. Realised and Unrealised Property Gains and Losses
2024 2023
\u00a3m \u00a3m
Profit on sale of investment properties and other investment income
1
75
46
Valuation surplus/(deficit) on investment properties
2
120
(647)
Total realised and unrealised property gain/(loss)
195
(601)
1 Includes profit on sale of investment properties of \u00a375 million (2023: \u00a339 million) and other property related investment
income of \u00a3nil (2023: \u00a37 million).
2 Includes \u00a3121 million valuation surplus on investment properties (2023: \u00a3646 million deficit) and \u00a31 million valuation loss
on head lease ROU asset (2023: \u00a31 million).
The above table does not include realised gains on sale of trading properties of \u00a3nil (2023: \u00a33 million)
as detailed further in Note 2.
The total valuation surplus on investment and trading properties are \u00a390 million (2023: \u00a3809 million
deficit). This comprises \u00a3120 million surplus from investment properties (2023: \u00a3647 million deficit)
and \u00a330 million deficit from joint ventures and associates at share (2023: \u00a3162 million deficit).
The total property gain on investment and trading properties are \u00a3167 million (2023: \u00a3760 million loss).
This comprises of the total valuation surplus on investment properties and trading properties of
\u00a390 million (2023: \u00a3809 million deficit), plus \u00a375 million profit on sale of investment properties and
other investment income (2023: \u00a346 million), \u00a32 million profit on sale of investment properties
from joint ventures and associates at share (2023: \u00a3nil) and \u00a3nil profit on sale of trading property
(2023: \u00a33 million).
", "dimensions": { "concept": "segroplc:DisclosureOfRealisedAndUnrealisedPropertyGainsAndLosses", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "
9. Net Finance Costs
2024 2023
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
56
25
Fair value gain on interest rate swaps and other derivatives
35
59
Exchange differences
1
\u2013
Total finance income
92
84
2024 2023
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(179)
(184)
Cost of early close out of debt
(2)
(1)
Amortisation of issue costs
(10)
(8)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(194)
(196)
Less amounts capitalised on the development of properties
67
64
Net borrowing costs
(127)
(132)
Fair value loss on interest rate swaps and other derivatives
(32)
(35)
Total finance costs
(159)
(167)
Net finance costs
(67)
(83)
Net finance costs (including adjustments) in Adjusted profit (Note 2) are \u00a368 million (2023: \u00a3106 million).
This excludes net fair value gains and losses on interest rate swaps and other derivatives of \u00a33 million
gain (2023: \u00a324 million gain) and the cost of early close out debt of \u00a32 million (2023: \u00a31 million).
The interest capitalisation rates for 2024 ranged from 2.6 per cent to 6.7 per cent (2023: 2.6 per cent to
6.5 per cent). Interest is capitalised gross of tax relief. Further analysis of exchange differences is given
in Note 17 within the forward foreign exchange and currency swap contracts section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "9. Net Finance Costs
2024 2023
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
56
25
Fair value gain on interest rate swaps and other derivatives
35
59
Exchange differences
1
\u2013
Total finance income
92
84
2024 2023
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(179)
(184)
Cost of early close out of debt
(2)
(1)
Amortisation of issue costs
(10)
(8)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(194)
(196)
Less amounts capitalised on the development of properties
67
64
Net borrowing costs
(127)
(132)
Fair value loss on interest rate swaps and other derivatives
(32)
(35)
Total finance costs
(159)
(167)
Net finance costs
(67)
(83)
Net finance costs (including adjustments) in Adjusted profit (Note 2) are \u00a368 million (2023: \u00a3106 million). This excludes net fair value gains and losses on interest rate swaps and other derivatives of \u00a33 million gain (2023: \u00a324 million gain) and the cost of early close out debt of \u00a32 million (2023: \u00a31 million). The interest capitalisation rates for 2024 ranged from 2.6 per cent to 6.7 per cent (2023: 2.6 per cent to 6.5 per cent). Interest is capitalised gross of tax relief. Further analysis of exchange differences is given in Note 17 within the forward foreign exchange and currency swap contracts section.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "
2024 2023
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
56
25
Fair value gain on interest rate swaps and other derivatives
35
59
Exchange differences
1
\u2013
Total finance income
92
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "
2024 2023
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
56
25
Fair value gain on interest rate swaps and other derivatives
35
59
Exchange differences
1
\u2013
Total finance income
92
84
2024 2023
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(179)
(184)
Cost of early close out of debt
(2)
(1)
Amortisation of issue costs
(10)
(8)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(194)
(196)
Less amounts capitalised on the development of properties
67
64
Net borrowing costs
(127)
(132)
Fair value loss on interest rate swaps and other derivatives
(32)
(35)
Total finance costs
(159)
(167)
Net finance costs
(67)
(83)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "
2024 2023
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
56
25
Fair value gain on interest rate swaps and other derivatives
35
59
Exchange differences
1
\u2013
Total finance income
92
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "
2024 2023
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(179)
(184)
Cost of early close out of debt
(2)
(1)
Amortisation of issue costs
(10)
(8)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(194)
(196)
Less amounts capitalised on the development of properties
67
64
Net borrowing costs
(127)
(132)
Fair value loss on interest rate swaps and other derivatives
(32)
(35)
Total finance costs
(159)
(167)
Net finance costs
(67)
(83)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "
2024 2023
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(179)
(184)
Cost of early close out of debt
(2)
(1)
Amortisation of issue costs
(10)
(8)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(194)
(196)
Less amounts capitalised on the development of properties
67
64
Net borrowing costs
(127)
(132)
Fair value loss on interest rate swaps and other derivatives
(32)
(35)
Total finance costs
(159)
(167)
Net finance costs
(67)
(83)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "
10. Tax
10(i) \u2013 Tax on profit
2024 2023
\u00a3m \u00a3m
Tax:
On Adjusted profit
(12)
(10)
In respect of adjustments:
Joint venture performance fees
\u2013
(10)
Other (primarily in respect of property disposals and valuation movements)
(30)
30
Total tax in respect of adjustments
(30)
20
Total tax (charge)/credit
(42)
10
Current tax
United Kingdom
Current tax credit/(charge)
1
(10)
Total UK current tax credit/(charge)
1
(10)
Overseas
Current tax charge
(33)
(10)
Total overseas current tax charge
(33)
(10)
Total current tax charge
(32)
(20)
Deferred tax
Origination and reversal of temporary differences
(14)
(10)
Released in respect of property disposals in the year
14
5
On valuation movements
(9)
33
Total deferred tax in respect of investment properties
(9)
28
Other deferred tax
(1)
2
Total deferred tax (charge)/credit
(10)
30
Total tax (charge)/credit on profit on ordinary activities
(42)
10
10(ii) \u2013 Factors affecting tax charge for the year
The tax charge is lower than (2023: tax credit is higher than) the standard rate of UK corporation tax.
The differences are:
2024 2023
\u00a3m \u00a3m
Profit/(loss) on ordinary activities before tax
636
(263)
Exclude valuation (surplus)/deficit in respect of UK properties not deductible
(170)
421
466
158
Multiplied by standard rate of UK corporation tax of 25 per cent
(2023: 23.5 per cent)
2
(117)
(37)
Effects of:
REIT & SIIC exemption on income and gains
90
94
Non deductible items
(5)
(13)
Joint venture and associates\u2019 tax adjustment
1
12
(17)
Higher tax rates on international earnings
(1)
(3)
Adjustment in respect of assets not recognised
(21)
(14)
Total tax (charge)/credit on profit on ordinary activities
(42)
10
1 The joint venture and associates\u2019 tax adjustment is required because the profit on ordinary activities before tax includes
share of profit from joint ventures and associates\u2019 after tax, whereas the total tax balance excludes joint ventures and
associates.
2 The UK corporation tax rate for the financial year beginning 1 April 2023 increased to 25 per cent (previously 19 per cent
in the financial year beginning 1 April 2022).
10(iii) \u2013 REIT and SIIC regimes and other tax judgements
SEGRO is a Real Estate Investment Trust (REIT) and does not pay tax on its UK property income or
gains on property sales, provided that at least 90 per cent of the Group\u2019s UK property income is
distributed as a dividend to shareholders, which becomes taxable in their hands. In addition, the
Group has to meet certain conditions such as ensuring its worldwide property rental business
represents more than 75 per cent of total profits and assets. Any potential or proposed changes to the
REIT legislation are monitored and discussed with HMRC. It is management\u2019s intention that the Group
will continue as a REIT for the foreseeable future.
SEGRO is also a SIIC in France, and does not pay corporation tax on its French property income or
gains on property sales, provided that at least 95 per cent of the relevant Group French subsidiaries\u2019
property income is distributed to their immediate shareholder. In addition, the Group has to meet
certain conditions such as ensuring the property rental business of each French subsidiary represents
more than 80 per cent of its assets. Any potential or proposed changes to the SIIC legislation are
monitored. It is management\u2019s intention that the Group will continue as a SIIC for the foreseeable
future.
In 2021 a formal tax assessment in relation to the applicability of a 25 per cent withholding tax on
distributions from the SIIC was received from the French tax authorities and a tax charge was
recognised. A legal conclusion has not been reached and communication with the French tax
authorities remains ongoing. As a result, a tax charge for the 25 per cent withholding tax on results
generated from the French business has been recognised, this includes withholding tax on unremitted
earnings. As noted below, until a legal conclusion has been reached, it is possible further tax charges
may arise in relation to this matter.
The Group operates in a number of jurisdictions and is subject to periodic challenges by local tax
authorities on a range of tax matters during the normal course of business. The tax impact can be
uncertain until a conclusion is reached with the relevant tax authority or through a legal process.
The Group uses in-house expertise when assessing uncertain tax positions and seeks the advice
of external professional advisors where appropriate. The Group believes that its provisions for tax
liabilities and associated penalties are adequate for all open tax years based on its assessment of
many factors, including tax laws and prior experience. The significant assessment relating to the
recognition of withholding tax in France is discussed above.
10(iv) \u2013 Deferred tax liabilities
Movement in deferred tax was as follows:
Balance Exchange Recognised in Balance
1 January movement income 31 December
Group \u2013 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
178
(9)
9
178
Others
14
(1)
1
14
Total deferred tax liabilities
192
(10)
10
192
Balance Exchange Recognised Balance
1 January movement in income 31 December
Group \u2013 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
209
(3)
(28)
178
Others
17
(1)
(2)
14
Total deferred tax liabilities
226
(4)
(30)
192
The Group has recognised revenue tax losses of \u00a371 million (2023: \u00a394 million) available for offset
against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated tax
allowances\u2019 in the table above). Further unrecognised tax losses of \u00a3755 million also exist at
31 December 2024 (2023: \u00a3757 million) of which \u00a31 million (2023: \u00a31 million) expires within nine years.
The majority of the unrecognised tax loss balance relates to historic capital losses that arose on
property disposals and on losses generated from debt close-out costs. The Directors do not consider
it probable that there will be sufficient future taxable profit for the relevant losses to be utilised and so
no deferred tax asset has been recognised for unused tax losses.
For the purposes of measuring deferred tax liabilities or deferred tax assets arising from investment
properties that are measured using the fair value model, the Directors have reviewed the Group\u2019s
investment property portfolios and concluded that the Group\u2019s investment properties are not held
under a business model whose objective is to consume substantially all of the economic benefits
embodied in the investment properties over time, rather than through sale. Therefore, in determining
the Group\u2019s deferred taxation on investment properties, the Directors have determined that the
presumption that the carrying amounts of investment properties measured using the fair value model
are recovered entirely through sale is not rebutted. As a result, the Group has recognised deferred
taxes on changes in fair value of investment properties for all jurisdictions, with the exception of the
UK, where the Group is not subject to any corporate income taxes on the fair value changes of the
investment properties on disposal due to its REIT status.
10(v) \u2013 Factors that may affect future tax charges
Other than France no deferred tax is recognised on the unremitted earnings of international
subsidiaries, joint ventures and associates. In the event of their remittance to the UK, no net UK tax is
expected to be payable. As detailed in Note 10(iii) a tax charge for probable withholding tax due on
results generated from the French business has been recognised, this includes withholding tax on
unremitted earnings.
10(vi) \u2013 OECD Pillar Two model rules
Pillar Two legislation was enacted in the UK during 2023, the jurisdiction in which the Company is
incorporated, and was effective from 1 January 2024. Management have engaged tax specialists to
assist with applying the legislation and assessing the impact in all relevant jurisdictions. Based on the
assessment of this enacted legislation and local enacted qualifying domestic minimum top-up tax
rules in effect, management consider there to be no material impact on the Company or the Group
due to its UK REIT status, which should result in the majority of the Group companies being excluded
from the rules.
The Group applies the exception to recognising and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in
May 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "10(iv) \u2013 Deferred tax liabilities Movement in deferred tax was as follows:
Balance Exchange Recognised in Balance
1 January movement income 31 December
Group \u2013 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
178
(9)
9
178
Others
14
(1)
1
14
Total deferred tax liabilities
192
(10)
10
192
Balance Exchange Recognised Balance
1 January movement in income 31 December
Group \u2013 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
209
(3)
(28)
178
Others
17
(1)
(2)
14
Total deferred tax liabilities
226
(4)
(30)
192
The Group has recognised revenue tax losses of \u00a371 million (2023: \u00a394 million) available for offset against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated tax allowances\u2019 in the table above). Further unrecognised tax losses of \u00a3755 million also exist at 31 December 2024 (2023: \u00a3757 million) of which \u00a31 million (2023: \u00a31 million) expires within nine years. The majority of the unrecognised tax loss balance relates to historic capital losses that arose on property disposals and on losses generated from debt close-out costs. The Directors do not consider it probable that there will be sufficient future taxable profit for the relevant losses to be utilised and so no deferred tax asset has been recognised for unused tax losses. For the purposes of measuring deferred tax liabilities or deferred tax assets arising from investment properties that are measured using the fair value model, the Directors have reviewed the Group\u2019s investment property portfolios and concluded that the Group\u2019s investment properties are not held under a business model whose objective is to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale. Therefore, in determining the Group\u2019s deferred taxation on investment properties, the Directors have determined that the presumption that the carrying amounts of investment properties measured using the fair value model are recovered entirely through sale is not rebutted. As a result, the Group has recognised deferred taxes on changes in fair value of investment properties for all jurisdictions, with the exception of the UK, where the Group is not subject to any corporate income taxes on the fair value changes of the investment properties on disposal due to its REIT status. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "10(iv) \u2013 Deferred tax liabilities Movement in deferred tax was as follows:
Balance Exchange Recognised in Balance
1 January movement income 31 December
Group \u2013 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
178
(9)
9
178
Others
14
(1)
1
14
Total deferred tax liabilities
192
(10)
10
192
Balance Exchange Recognised Balance
1 January movement in income 31 December
Group \u2013 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
209
(3)
(28)
178
Others
17
(1)
(2)
14
Total deferred tax liabilities
226
(4)
(30)
192
The Group has recognised revenue tax losses of \u00a371 million (2023: \u00a394 million) available for offset against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated tax allowances\u2019 in the table above). Further unrecognised tax losses of \u00a3755 million also exist at 31 December 2024 (2023: \u00a3757 million) of which \u00a31 million (2023: \u00a31 million) expires within nine years. The majority of the unrecognised tax loss balance relates to historic capital losses that arose on property disposals and on losses generated from debt close-out costs. The Directors do not consider it probable that there will be sufficient future taxable profit for the relevant losses to be utilised and so no deferred tax asset has been recognised for unused tax losses. For the purposes of measuring deferred tax liabilities or deferred tax assets arising from investment properties that are measured using the fair value model, the Directors have reviewed the Group\u2019s investment property portfolios and concluded that the Group\u2019s investment properties are not held under a business model whose objective is to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale. Therefore, in determining the Group\u2019s deferred taxation on investment properties, the Directors have determined that the presumption that the carrying amounts of investment properties measured using the fair value model are recovered entirely through sale is not rebutted. As a result, the Group has recognised deferred taxes on changes in fair value of investment properties for all jurisdictions, with the exception of the UK, where the Group is not subject to any corporate income taxes on the fair value changes of the investment properties on disposal due to its REIT status. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "
11. Dividends
2024 2023
\u00a3m \u00a3m
Ordinary dividends paid
Interim dividend for 2024 @ 9.1 pence per share
123
\u2013
Final dividend for 2023 @ 19.1 pence per share
256
\u2013
Interim dividend for 2023 @ 8.7 pence per share
\u2013
107
Final dividend for 2022 @ 18.2 pence per share
\u2013
220
Total dividends
379
327
Dividends in the statement of changes in equity
379
327
Dividends settled as shares
(115)
(129)
Timing difference relating to payment on withholding tax
13
(13)
Dividends disclosed in cash flow statement
277
185
The Board recommends a final dividend for 2024 of 20.2 pence which is estimated to result in
a distribution of up to \u00a3273 million. The total dividend paid and proposed per share in respect
of the year ended 31 December 2024 is 29.3 pence (2023: 27.8 pence).
The total dividend in 2024 of \u00a3379 million (2023: \u00a3327 million) was paid: \u00a3264 million as cash
(2023: \u00a3198 million) and \u00a3115 million in scrip dividends (2023: \u00a3129 million). For details on scrip
dividends see Notes 18 and 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "0.202", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-449": { "value": "273000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-414": { "value": "Table 5 of the Supplementary Notes provides a reconciliation from IFRS NAV for each of the three EPRA net asset value metrics. 2024 2023 Equity Equity attributable attributable to ordinary to ordinary shareholders Shares Pence per shareholders Shares Pence per \u00a3m million share \u00a3m million share Basic NAV 12,049 1,352.2 891 10,904 1,227.2 889 Dilution adjustments: Share schemes \u2013 3.1 (2) \u2013 3.5 (3) Diluted NAV 12,049 1,355.3 889 10,904 1,230.7 886 Fair value adjustment in respect of interest rate derivatives \u2013 Group 95 7 106 9 Fair value adjustment in respect of trading properties \u2013 Group 2 \u2013 1 \u2013 Deferred tax in respect of depreciation and valuation surpluses \u2013 Group1 90 7 89 7 Deferred tax in respect of depreciation and valuation surpluses \u2013 Joint ventures and associates1 88 7 92 7 Intangible assets (37) (3) (30) (2) Adjusted NAV 12,287 1,355.3 907 11,162 1,230.7 907 1 50 per cent of deferred tax in respect of depreciation and valuation surpluses has been excluded in calculating Adjusted NAV in line with option 3 of EPRA Best Practices Recommendations Guidelines. 12. Earnings and Net Assets Per Share The earnings per share calculations use the weighted average number of shares in issue during the year and the net assets per share calculations use the number of shares in issue at year end. Earnings per share calculations exclude 0.5 million shares (2023: 0.3 million) being the average number of shares held on trust for employee share schemes and net assets per share calculations exclude 0.7 million shares (2023: 0.4 million) being the actual number of shares held on trust for employee share schemes at year end. 12(i) \u2013 Earnings per ordinary share (EPS) 2024 2023 Earnings Shares Pence per Earnings Shares Pence per \u00a3m million share \u00a3m million share Basic EPS 594 1,328.7 44.7 (253) 1,220.0 (20.7) Dilution adjustments: Share schemes \u2013 3.3 (0.1) \u2013 \u2013 \u2013 Diluted EPS2 594 1,332.0 44.6 (253) 1,220.0 (20.7) Basic EPS 594 1,328.7 44.7 (253) 1,220.0 (20.7) Adjustments to profit before tax1 (166) (12.5) 672 55.1 Tax in respect of Adjustments 30 2.3 (20) (1.7) Adjusted Basic EPS 458 1,328.7 34.5 399 1,220.0 32.7 Adjusted Diluted EPS 458 1,332.0 34.4 399 1,223.4 32.6 1 Details of adjustments are included in Note 2. 2 Share options are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share in 2023 because they are not dilutive. 12(ii) \u2013 Net assets per share (NAV) The EPRA Net Tangible Assets (NTA) metric is considered to be most consistent with the nature of SEGRO\u2019s business as a UK REIT providing long-term progressive and sustainable returns. EPRA NTA acts as the primary measure of net asset value and is also referred to as Adjusted Net Asset Value (or Adjusted NAV). A reconciliation from IFRS NAV to Adjusted NAV is set out in the table below along with the net asset per share metrics. ", "dimensions": { "concept": "segroplc:DisclosureOfEarningsAndNetAssetsPerShare", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "12(i) \u2013 Earnings per ordinary share (EPS)
2024
2023
Earnings Shares Pence per Earnings Shares Pence per
\u00a3m million share \u00a3m million share
Basic EPS
594
1,328.7
44.7
(253)
1,220.0
(20.7)
Dilution adjustments:
Share schemes
\u2013
3.3
(0.1)
\u2013
\u2013
\u2013
Diluted EPS
2
594
1,332.0
44.6
(253)
1,220.0
(20.7)
Basic EPS
594
1,328.7
44.7
(253)
1,220.0
(20.7)
Adjustments to profit before
tax1
(166)
(12.5)
672
55.1
Tax in respect of
Adjustments
30
2.3
(20)
(1.7)
Adjusted Basic EPS
458
1,328.7
34.5
399
1,220.0
32.7
Adjusted Diluted EPS
458
1,332.0
34.4
399
1,223.4
32.6
1 Details of adjustments are included in Note 2. 2 Share options are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share in 2023 because they are not dilutive. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "12(ii) \u2013 Net assets per share (NAV) The EPRA Net Tangible Assets (NTA) metric is considered to be most consistent with the nature of SEGRO\u2019s business as a UK REIT providing long-term progressive and sustainable returns. EPRA NTA acts as the primary measure of net asset value and is also referred to as Adjusted Net Asset Value (or Adjusted NAV). A reconciliation from IFRS NAV to Adjusted NAV is set out in the table below along with the net asset per share metrics. Table 5 of the Supplementary Notes provides a reconciliation from IFRS NAV for each of the three EPRA net asset value metrics.
2024
2023
Equity Equity
attributable attributable
to ordinary to ordinary
shareholders Shares Pence per shareholders Shares Pence per
\u00a3m million share \u00a3m million share
Basic NAV
12,049
1,352.2
891
10,904
1,227.2
889
Dilution adjustments:
Share schemes
\u2013
3.1
(2)
\u2013
3.5
(3)
Diluted NAV
12,049
1,355.3
889
10,904
1,230.7
886
Fair value adjustment in
respect of interest rate
derivatives \u2013 Group
95
7
106
9
Fair value adjustment in
respect of trading
properties \u2013 Group
2
\u2013
1
\u2013
Deferred tax in respect of
depreciation and valuation
surpluses \u2013 Group
1
90
7
89
7
Deferred tax in respect of
depreciation and valuation
surpluses \u2013 Joint ventures
and associates
1
88
7
92
7
Intangible assets
(37)
(3)
(30)
(2)
Adjusted NAV
12,287
1,355.3
907
11,162
1,230.7
907
1 50 per cent of deferred tax in respect of depreciation and valuation surpluses has been excluded in calculating Adjusted NAV in line with option 3 of EPRA Best Practices Recommendations Guidelines. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "
13. Investment properties
Completed Development Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
12,285
2,383
14,668
Exchange movement
(148)
(41)
(189)
Property acquisitions
431
21
452
Additions to existing investment properties2
45
496
541
Disposals
(474)
(68)
(542)
Transfers on completion of development and completed
properties taken back for redevelopment
497
(497)
\u2013
Revaluation surplus/(de\ue01ficit) during the year
191
(70)
121
At 31 December 2024
12,827
2,224
15,051
Add tenant lease incentives and letting fees
185
\u2013
185
Investment properties excluding head lease ROU assets
at 31 December 2024
13,012
2,224
15,236
Add head lease liabilities (ROU assets)
1
67
\u2013
67
Total investment properties at 31 December 2024
13,079
2,224
15,303
Completed Development Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
12,113
2,589
14,702
Exchange movement
(47)
(18)
(65)
Property acquisitions
\u2013
403
403
Additions to existing investment properties2
54
507
561
Disposals
(204)
(83)
(287)
Transfers on completion of development and completed
properties taken back for redevelopment
824
(824)
\u2013
Revaluation deficit during the year
(455)
(191)
(646)
At 31 December 2023
12,285
2,383
14,668
Add tenant lease incentives and letting fees
175
\u2013
175
Investment properties excluding head lease ROU assets at
31 December 2023
12,460
2,383
14,843
Add head lease liabilities (ROU assets)
1
71
\u2013
71
Total investment properties at 31 December 2023
12,531
2,383
14,914
1 At 31 December 2024 investment properties included \u00a367 million (2023: \u00a371 million) for the head lease liabilities
recognised under IFRS 16.
2 Part of the capital expenditure incurred is in response to climate change including the reduction of the carbon footprint
of the Group\u2019s existing investment properties and developments. The reduction of the carbon footprint within the
Group\u2019s property portfolio is discussed in more detail on pages 38 and 41.
Investment properties are stated at fair value as at 31 December 2024 based on external valuations
performed by professionally qualified, independent valuers. The Group\u2019s wholly-owned, joint venture
and associate property portfolio is valued by CBRE Ltd on a half-yearly basis. The valuations conform
to International Valuation Standards and were arrived at by reference to market evidence of the
transaction prices paid for similar properties. In estimating the fair value of the properties, the valuers
consider the highest and best use of the properties. There has been no change to the valuation
technique during the year.
CBRE Ltd also undertakes some professional and agency work on behalf of the Group. This is carried
out by departments separate from the Valuation team in CBRE and overall the total fees earned from
the Group are below 5 per cent of CBRE\u2019s total income. This work does not therefore lead to a conflict
of interest for the properties being valued by CBRE at the period end.
Completed properties include buildings that are occupied or are available for occupation.
Development properties include land available for development (land bank), land under development,
construction in progress and covered land. The carrying value of covered land held within
Development properties as at 31 December 2024 is \u00a3619 million (2023: \u00a3645 million).
At 31 December 2024 investment properties included \u00a3185 million tenant lease incentives, letting fees
and rent guarantees (2023: \u00a3175 million).
The carrying value of investment properties situated on land held under leaseholds is \u00a3170 million
(excluding head lease ROU assets) (2023: \u00a3186 million).
Further details on property valuation techniques, sustainability and climate change considerations
and related quantitative information are set out in Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "
16. Net Borrowings
16(i) \u2013 Net borrowings by type
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Secured borrowings:
Euro mortgages
\u2013
1
\u2013
\u2013
Total secured (on land, buildings and other assets)
\u2013
1
\u2013
\u2013
Unsecured borrowings:
Bonds
1.250% bonds 2026 \u20ac650m
535
562
\u2013
\u2013
2.375% bonds 2029 \u00a3350m
349
349
349
349
1.875% bonds 2030 \u20ac500m
410
430
\u2013
\u2013
0.50% bonds 2031 \u20ac500m
409
430
\u2013
\u2013
3.50% bonds 2032 \u20ac500m1
408
\u2013
408
\u2013
5.75% bonds 2035 \u00a3200m
199
199
199
199
2.875% bonds 2037 \u00a3400m
397
396
397
396
5.125% bonds 2041 \u00a3350m
344
343
344
343
3,051
2,709
1,697
1,287
Private placement notes1
1.77% notes 2027 \u20ac400m
330
348
330
348
1.82% notes 2028 \u20ac100m
83
87
83
87
2.00% notes 2029 \u20ac150m
124
130
124
130
2.27% notes 2032 \u20ac100m
82
87
82
87
1.35% notes 2032 \u20ac150m
124
130
124
130
2.37% notes 2033 \u20ac200m
165
174
165
174
1.45% notes 2035 \u20ac50m
41
43
41
43
3.87% notes 2037 \u20ac50m
40
42
40
42
1.83% notes 2040 \u20ac190m (Series C)
156
164
156
164
1.83% notes 2040 \u20ac60m (Series D)
49
52
49
52
4.14% notes 2042 \u20ac175m
145
152
145
152
1,339
1,409
1,339
1,409
Bank loans
Revolving credit facilities
72
348
72
348
Term loans
145
881
145
881
217
1,229
217
1,229
Total unsecured
4,607
5,347
3,253
3,925
Total borrowings
4,607
5,348
3,253
3,925
Cash and cash equivalents
(363)
(376)
(266)
(294)
Net borrowings
4,244
4,972
2,987
3,631
1 These euro denominated bonds and private placement notes are designated in net investment hedge relationships with
euro denominated investments in subsidiaries. See Note 17(iv) for further details.
The maturity profile of borrowings is as follows:
Group
Company
2024 2023 2024 2023
Maturity profile of borrowings \u00a3m \u00a3m \u00a3m \u00a3m
In one year or less
\u2013
1
\u2013
\u2013
In more than one year but less than two
535
168
\u2013
168
In more than two years but less than five
1,103
2,057
1,103
1,495
In more than five years but less than ten
1,598
1,729
779
869
In more than ten years
1,371
1,393
1,371
1,393
In more than one year
4,607
5,347
3,253
3,925
Total borrowings
4,607
5,348
3,253
3,925
Cash and cash equivalents
1
(363)
(376)
(266)
(294)
Net borrowings
4,244
4,972
2,987
3,631
1 Group Cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a371 million (2023: \u00a361 million), the use of the deposits is subject to restrictions as set out in the tenant lease agreement and therefore not available for general use by the Group. There are no early settlement or call options (greater than three months prior to maturity) on any of the borrowings. Financial covenants relating to \u00a34,607 million of borrowings as at 31 December 2024 include maximum limits to the Group\u2019s gearing ratio, minimum limits to permitted interest cover, minimum limits to the Group\u2019s unencumbered asset ratio and maximum limits to subsidiary or secured borrowings. Depending on the instrument, financial covenants are tested for compliance either annually or semi-annually. The gearing ratio of the Group as at 31 December 2024 as defined within the principal debt funding arrangements was 35 per cent and significantly lower than the Group\u2019s tightest financial gearing covenant within these debt facilities of 160 per cent. The interest cover covenant requires net interest before capitalisation be covered at least 1.25 times by net property rental income and the ratio for 2024 was 3.7 times. Financial covenants are discussed in more detail in the \u2018Gearing and financial covenants\u2019 section in the Financial review on page 45 and there are no indications that the Group would have difficulty complying with the covenants. Bank loans and overdrafts include capitalised finance costs on committed facilities. In May 2024, SEGRO cancelled a \u20ac100 million bilateral revolving credit facility, which was replaced by the bilateral revolving credit facility entered into in January 2024. Also, in May 2024 SEGRO extended the maturity of one of it\u2019s \u20ac100 million bilateral credit facilities, by one year to 2028. In August 2024, SEGRO extended the maturity of \u20ac600 million of its revolving credit facilities for a further year to 2027. In September 2024, SEGRO issued a \u20ac500 million 3.50% bond due in 2032. In October 2024, SEGRO extended the maturity of \u00a390 million of term loans for a further year to 2027. During the year, SEGRO repaid \u00a3725 million in term loans. The debt refinancing is discussed in more detail in the Financial review on page 44.
Group
2024 2023
Maturity profile of undrawn borrowing facilities \u00a3m \u00a3m
In one year or less
140
148
In more than one year but less than two
\u2013
\u2013
In more than two years but less than five
1,413
1,212
Total available undrawn borrowing facilities
1,553
1,360
16(ii) \u2013 Net borrowings by interest rates
The weighted average interest rate profile of Group net borrowings after derivative instruments is
as follows:
2024
Fixed Fixed Fixed Capped Capped Floored Floored Variable
Interest rate profile rate period debt strike debt strike cash debt/cash Total
\u2013 Group % years \u00a3m % \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
10.9
1,388
\u2013
\u2013
\u2013
\u2013
(470)
918
Euros
1.98
5.5
2,523
2.20
1,095
\u2013
\u2013
71
3,689
Total borrowings
2.64
7.4
3,911
2.20
1,095
\u2013
\u2013
(399)
4,607
Cash and cash
equivalents
Sterling
4.69
(348)
\u2013
(348)
Euros
\u2013
\u2013
(15)
(15)
Total cash and
cash equivalents
(348)
(15)
(363)
Net borrowings
3,911
1,095
(348)
(414)
4,244
2023
Fixed Fixed Fixed Capped Capped Floored Floored Variable
Interest rate profile rate period debt strike debt strike cash debt/cash Total
\u2013 Group % years \u00a3m % \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
11.9
1,387
\u2013
\u2013
\u2013
\u2013
449
1,836
Euros
1.68
6.1
2,223
2.46
1,152
\u2013
\u2013
137
3,512
Total borrowings
2.51
8.3
3,610
2.26
1,152
\u2013
\u2013
586
5,348
Cash and cash
equivalents
Sterling
\u2013
\u2013
(361)
(361)
Euros
\u2013
\u2013
(15)
(15)
Total cash and
cash equivalents
\u2013
(376)
(376)
Net borrowings
3,610
1,152
\u2013
210
4,972
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "16. Net Borrowings 16(i) \u2013 Net borrowings by type
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Secured borrowings:
Euro mortgages
\u2013
1
\u2013
\u2013
Total secured (on land, buildings and other assets)
\u2013
1
\u2013
\u2013
Unsecured borrowings:
Bonds
1.250% bonds 2026 \u20ac650m
535
562
\u2013
\u2013
2.375% bonds 2029 \u00a3350m
349
349
349
349
1.875% bonds 2030 \u20ac500m
410
430
\u2013
\u2013
0.50% bonds 2031 \u20ac500m
409
430
\u2013
\u2013
3.50% bonds 2032 \u20ac500m1
408
\u2013
408
\u2013
5.75% bonds 2035 \u00a3200m
199
199
199
199
2.875% bonds 2037 \u00a3400m
397
396
397
396
5.125% bonds 2041 \u00a3350m
344
343
344
343
3,051
2,709
1,697
1,287
Private placement notes1
1.77% notes 2027 \u20ac400m
330
348
330
348
1.82% notes 2028 \u20ac100m
83
87
83
87
2.00% notes 2029 \u20ac150m
124
130
124
130
2.27% notes 2032 \u20ac100m
82
87
82
87
1.35% notes 2032 \u20ac150m
124
130
124
130
2.37% notes 2033 \u20ac200m
165
174
165
174
1.45% notes 2035 \u20ac50m
41
43
41
43
3.87% notes 2037 \u20ac50m
40
42
40
42
1.83% notes 2040 \u20ac190m (Series C)
156
164
156
164
1.83% notes 2040 \u20ac60m (Series D)
49
52
49
52
4.14% notes 2042 \u20ac175m
145
152
145
152
1,339
1,409
1,339
1,409
Bank loans
Revolving credit facilities
72
348
72
348
Term loans
145
881
145
881
217
1,229
217
1,229
Total unsecured
4,607
5,347
3,253
3,925
Total borrowings
4,607
5,348
3,253
3,925
Cash and cash equivalents
(363)
(376)
(266)
(294)
Net borrowings
4,244
4,972
2,987
3,631
1 These euro denominated bonds and private placement notes are designated in net investment hedge relationships with euro denominated investments in subsidiaries. See Note 17(iv) for further details.
The maturity profile of borrowings is as follows:
Group
Company
2024 2023 2024 2023
Maturity profile of borrowings \u00a3m \u00a3m \u00a3m \u00a3m
In one year or less
\u2013
1
\u2013
\u2013
In more than one year but less than two
535
168
\u2013
168
In more than two years but less than five
1,103
2,057
1,103
1,495
In more than five years but less than ten
1,598
1,729
779
869
In more than ten years
1,371
1,393
1,371
1,393
In more than one year
4,607
5,347
3,253
3,925
Total borrowings
4,607
5,348
3,253
3,925
Cash and cash equivalents
1
(363)
(376)
(266)
(294)
Net borrowings
4,244
4,972
2,987
3,631
1 Group Cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a371 million
(2023: \u00a361 million), the use of the deposits is subject to restrictions as set out in the tenant lease agreement and
therefore not available for general use by the Group.
There are no early settlement or call options (greater than three months prior to maturity) on any of
the borrowings. Financial covenants relating to \u00a34,607 million of borrowings as at 31 December 2024
include maximum limits to the Group\u2019s gearing ratio, minimum limits to permitted interest cover,
minimum limits to the Group\u2019s unencumbered asset ratio and maximum limits to subsidiary or
secured borrowings. Depending on the instrument, financial covenants are tested for compliance
either annually or semi-annually. The gearing ratio of the Group as at 31 December 2024 as defined
within the principal debt funding arrangements was 35 per cent and significantly lower than the
Group\u2019s tightest financial gearing covenant within these debt facilities of 160 per cent. The interest
cover covenant requires net interest before capitalisation be covered at least 1.25 times by net
property rental income and the ratio for 2024 was 3.7 times. Financial covenants are discussed in
more detail in the \u2018Gearing and financial covenants\u2019 section in the Financial review on page 45 and
there are no indications that the Group would have difficulty complying with the covenants.
Bank loans and overdrafts include capitalised finance costs on committed facilities.
In May 2024, SEGRO cancelled a \u20ac100 million bilateral revolving credit facility, which was replaced by
the bilateral revolving credit facility entered into in January 2024. Also, in May 2024 SEGRO extended
the maturity of one of it\u2019s \u20ac100 million bilateral credit facilities, by one year to 2028.
In August 2024, SEGRO extended the maturity of \u20ac600 million of its revolving credit facilities for a
further year to 2027.
In September 2024, SEGRO issued a \u20ac500 million 3.50% bond due in 2032.
In October 2024, SEGRO extended the maturity of \u00a390 million of term loans for a further year to 2027.
During the year, SEGRO repaid \u00a3725 million in term loans.
The debt refinancing is discussed in more detail in the Financial review on page 44.
Group
2024 2023
Maturity profile of undrawn borrowing facilities \u00a3m \u00a3m
In one year or less
140
148
In more than one year but less than two
\u2013
\u2013
In more than two years but less than five
1,413
1,212
Total available undrawn borrowing facilities
1,553
1,360
16(ii) \u2013 Net borrowings by interest rates The weighted average interest rate profile of Group net borrowings after derivative instruments is as follows:
2024
Fixed Fixed Fixed Capped Capped Floored Floored Variable
Interest rate profile rate period debt strike debt strike cash debt/cash Total
\u2013 Group % years \u00a3m % \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
10.9
1,388
\u2013
\u2013
\u2013
\u2013
(470)
918
Euros
1.98
5.5
2,523
2.20
1,095
\u2013
\u2013
71
3,689
Total borrowings
2.64
7.4
3,911
2.20
1,095
\u2013
\u2013
(399)
4,607
Cash and cash
equivalents
Sterling
4.69
(348)
\u2013
(348)
Euros
\u2013
\u2013
(15)
(15)
Total cash and
cash equivalents
(348)
(15)
(363)
Net borrowings
3,911
1,095
(348)
(414)
4,244
2023
Fixed Fixed Fixed Capped Capped Floored Floored Variable
Interest rate profile rate period debt strike debt strike cash debt/cash Total
\u2013 Group % years \u00a3m % \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
11.9
1,387
\u2013
\u2013
\u2013
\u2013
449
1,836
Euros
1.68
6.1
2,223
2.46
1,152
\u2013
\u2013
137
3,512
Total borrowings
2.51
8.3
3,610
2.26
1,152
\u2013
\u2013
586
5,348
Cash and cash
equivalents
Sterling
\u2013
\u2013
(361)
(361)
Euros
\u2013
\u2013
(15)
(15)
Total cash and
cash equivalents
\u2013
(376)
(376)
Net borrowings
3,610
1,152
\u2013
210
4,972
17(ii) Carrying amount and fair values of financial assets and liabilities The Group holds the following financial instruments:
Group
2024 2023
Notes \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Lease incentives
1
13
158
149
Trade receivables
14
65
63
Other current receivables2
14
36
42
Non-current receivables
14
2
8
Cash and cash equivalents
16
363
376
Financial assets at fair value through profit or loss (FVPL)
Other investments
12
10
Derivative financial instruments
Non-hedge at FVPL
17
51
55
687
703
Financial liabilities
Liabilities at amortised cost
Trade and other payables
2
15
456
580
Borrowings
16
4,607
5,348
Derivative financial instruments
Used for hedging at FVOCI
17
\u2013
6
Non-hedge at FVPL
17
119
143
5,182
6,077
1 Represents the carrying value of tenant lease incentives held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives and letting fees\u2019 balance in Note 13. 2 Excludes non-financial assets of \u00a377 million (2023: \u00a390 million) included within total Group other receivables per Note 14 and non-financial liabilities of \u00a3116 million (2023: \u00a3108 million) included within total trade and other payables per Note 15. The carrying values of these financial assets and liabilities approximate their fair value, with the exception of unsecured bonds and unsecured US private placement notes classified as borrowings. At 31 December 2024, the fair value of \u00a33,051 million of unsecured bonds issued was \u00a32,822 million (2023: \u00a32,709 million compared with \u00a32,480 million fair value). At 31 December 2024, the fair value of \u00a31,339 million of unsecured US private placement notes was \u00a31,285 million (2023: \u00a31,409 million compared with \u00a31,281 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3283 million (2023: \u00a3357 million), see Table 5 of the Supplementary Notes. The fair value of unsecured bonds is estimated using quoted prices (level 1) and the fair value of US private placement notes is estimated by discounting contractual future cash flows (level 2).
17. Financial Instruments and Fair Values
17(i) Derivative instruments
The Group and Company holds the following derivative instruments at fair value:
Derivative assets
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
\u2013
8
\u2013
8
Interest rate cap contracts \u2013 non hedge
1
\u2013
1
\u2013
Interest rate floor contracts \u2013 non hedge
2
\u2013
2
\u2013
Total current derivative assets
3
8
3
8
Non-current
Interest rate cap contracts \u2013 non-hedge
21
37
21
37
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
27
10
27
10
Total non-current derivative assets
48
47
48
47
Derivative liabilities
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
44
46
44
46
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
\u2013
\u2013
\u2013
6
Forward foreign exchange and currency swap
contracts \u2013 hedge
\u2013
6
\u2013
\u2013
Total current derivative liabilities
44
52
44
52
Non-current
Interest rates swap contracts \u2013 non-hedge
75
97
75
97
Total non-current derivative liabilities
75
97
75
97
The fair values of financial assets and financial liabilities are determined as follows: \u2013 Forward foreign exchange contracts are measured using quoted exchange rates and yield curves derived from quoted interest rates with maturities matching the contracts (level 2). \u2013 Interest rate swaps, currency swap contracts and interest rate options are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates and the appropriate exchange rate at the Balance Sheet date (level 2). \u2013 The fair value of other investments classified as fair value through profit or loss which are not traded on active liquid markets is determined by management (level 3). Fair value measurements recognised in the Balance Sheet The Group\u2019s financial instruments that are measured subsequent to initial recognition at fair value are unlisted investments, forward exchange and currency swap contracts, interest rate swaps and interest rate options as detailed above. As defined by IFRS 13, unlisted investments are classified as level 3 fair value measurements, where inputs are not based on observable market data. All other financial instruments are classified as level 2 fair value measurements, being those derived from inputs other than quoted prices (included within level 1) that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). There were no transfers between categories in the current or prior year. 17(iii) Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern and as such it aims to maintain a prudent mix between debt and equity financing. Our intention for the foreseeable future is to maintain our mid-cycle LTV (including joint ventures and associates at share) at around 30 per cent. This provides the flexibility to take advantage of investment opportunities arising and ensures significant headroom compared to our tightest gearing covenants should property values decline. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity and Notes 18 to 19. Debt primarily comprises long-term debt issues, term loans and drawings against short-term committed revolving credit facilities from banks as disclosed in Note 16. The Group is not subject to externally imposed capital requirements. 17(iv) Foreign currency risk management The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group and the resulting transactional exposures to euro are not routinely hedged. The Group does not have any significant transactional foreign currency exposures resulting from cross-border flows in the operating business. The Group does however have operations in Continental Europe which transact business denominated mostly in euros, hence there is currency exposure caused by translating the local trading performance and local net assets into sterling for each financial period and at each Balance Sheet date. The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign Currency Translation Risk section in the Financial review on page 46. The Group\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2024 2023
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
5,535
6,374
Gross currency liabilities
(4,170)
(4,718)
Net exposure
1,365
1,656
2024 Group gross currency liabilities include \u20ac2,226 million (\u00a31,831 million) designated as net investment hedges. 2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net investment hedges. The remaining gross currency liabilities of the Group shown in the table above that are not designated as net investment hedges are either held directly in a euro functional currency entity or passed down to such an entity from a sterling functional currency company through inter-company funding arrangements. Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3124 million (2023: \u00a3151 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3152 million (2023: \u00a3184 million). The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would decrease the Group\u2019s profit for the year ended 31 December 2024 by \u00a39 million (2023: decrease in the loss by \u00a322 million). A 10 per cent depreciation in the value of sterling against the euro would increase the Group\u2019s profit for the year ended 31 December 2024 by \u00a310 million (2023: increase in the loss by \u00a327 million).
Forward foreign exchange contracts
The Group designated euro denominated forward foreign exchange contracts as net investment
hedges during 2024 and 2023.
There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024
and 2023 where the hedging instrument was forward foreign exchange contracts. This is because the
critical terms of both the net investment in foreign entity and the hedging instrument match, and at
each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign
exchange contract are taken to the Income Statement.
Group
2024 2023
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, Note 17(i))
\u2013
(6)
Notional amount
84
517
Maturity date
Jan 2025
Jan 2024
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain
20
9
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(20)
(9)
Weighted average hedged rate for the year (including forward points)
1.17
1.15
US private placement notes and bonds
There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024
and 2023 where the hedging instrument was US private placement notes or bonds. This is because
the critical terms of both the net investment in foreign entity and the hedging instrument match,
and at each Balance Sheet date both are revalued to the closing spot rate.
Group
2024 2023
Private placement notes and bonds \u00a3m \u00a3m
Carrying amount of private placement notes or bonds (non-current borrowings,
Note 16)
1,747
1,409
Carrying amount of private placement notes or bonds designated as net
investment hedging instruments
1,747
1,409
Hedge ratio
1:1
1:1
Change in carrying amount of USPP notes and bonds as a result of foreign
currency movement since 1 January, recognised in OCI \u2013 gain
75
26
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(75)
(26)
Weighted average hedged rate for the year (including forward points)
1.21
1.15
The total fair value movements on derivatives and borrowings in effective hedge relationships shown
in Other Comprehensive Income for the year ended 31 December 2024 is a gain of \u00a395 million
(2023: \u00a335 million gain) and consists of the gain on Euro forward foreign exchange of \u00a320 million
(2023: \u00a39 million gain) and gain on US private placement notes and bonds of \u00a375 million
(2023: \u00a326 million gain) shown in the tables above.
Forward foreign exchange and currency swap contracts Some of the forward foreign exchange and currency swap contracts held by the Group are designated as net investment hedges of euro denominated subsidiaries, where exchange differences are booked in reserves and recognised in the Income Statement when the operation is sold. The remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges, for example using surplus cash in one currency to provide (typically through intercompany debt funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development expenditure or acquisitions in another currency. These instruments have not been designated as hedges. As a consequence, exchange movements in respect of these instruments are taken through the Income Statement. Offsetting these movements are net exchange losses of \u00a314 million (2023: \u00a37 million loss) arising on intercompany debt funding arrangements (discussed above) and exchange movements arising from external borrowings not designated as hedges. This has resulted in exchange differences of \u00a31 million gain (2023: \u00a3nil) within net finance costs in Note 9. The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign gross assets using either borrowings or derivative instruments. The Group targets a hedging range of between the last reported LTV ratio (28 per cent at 31 December 2024) and 100 per cent. At 31 December 2024, the Group had gross foreign currency assets, which were 75 per cent hedged by gross foreign currency denominated liabilities (2023: 74 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 46. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2024 2023 2024 2023 2024 2023
2024
2023
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.13
545
458
474
404
27
10
Buy euros (sell sterling)
1.20
1.16
3
964
3
831
\u2013
8
Net investment hedges
Sell euros (buy sterling)
1.21
1.16
101
601
84
517
\u2013
(6)
Total
27
12
Effects of net investment hedge accounting on financial position and performance The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are detailed below. 17(v) Interest rate risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates and invests cash at floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rates. The current Group policy states that 50 to 100 per cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate swaps, forwards, caps, collars or floors or options on these products. Hedging activities require approval and are evaluated and reported on regularly to ensure that the policy is being adhered to. The Board reviews the policy on interest rate exposure annually with a view to establishing that it is still relevant in the prevailing and forecast economic environment. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A 2 per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates. If interest rates had been 2 per cent higher and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a310 million (2023: \u00a310 million increase in loss for the year). If interest rates had been 2 per cent lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a38 million (2023: \u00a317 million decrease in loss for the year). The interest rate sensitivity described results in a higher profit in 2024 for both an interest rate rise and an interest rate fall. This is because the Group currently has both interest rate caps hedging floating rate debt interest costs, and interest rate floors hedging floating rate cash interest income. Fixed rate debt issues are held at amortised cost and are not revalued in the Balance Sheet to reflect interest rate movements. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate swap contracts, based on their contractual maturities (excluding mandatory break clauses), outstanding as at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Pay fixed, receive
floating contracts:
Group
In one year or less
2.80
\u2013
41
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
2.80
\u2013
43
\u2013
\u2013
In more than two years but
less than five
3.92
3.92
100
100
\u2013
(1)
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
141
143
\u2013
(1)
Receive fixed, pay
floating contracts:
Group
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
1.82
1.82
83
87
(4)
(6)
In more than five years
1.86
1.86
537
565
(115)
(136)
Total
620
652
(119)
(142)
The above are effective economic hedges although the Group has not elected to adopt hedge
accounting for them, hence their change in fair value is taken direct to the Income Statement.
The interest rate swaps settle on either a three-month or six-month basis with the floating rate side
based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive
the difference between the fixed and floating interest rate on a net basis.
Interest rate cap contracts
The Group agrees to receive floating rate interest amounts calculated on agreed notional principal
amounts, should prevailing market rates rise above a specified strike rate using interest rate caps.
Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate
borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the
future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract
and is disclosed below. The average interest rate is based on the outstanding balances at the end of
the financial year.
The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate floors settle on a three-month basis based on the compounded SONIA rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. 17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than 6 per cent of rental income. Trade receivables were less than 1 per cent of total assets at 31 December 2024 and at 31 December 2023. The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2024
2023
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
7
(1)
6
30\u201360 days
3
(1)
2
1
\u2013
1
60\u201390 days
\u2013
\u2013
\u2013
1
\u2013
1
90\u2013180 days
2
(1)
1
5
(3)
2
>180 days
5
(4)
1
4
(3)
1
Past due
16
(8)
8
18
(7)
11
Not due
58
(1)
57
55
(3)
52
Total trade receivables
74
(9)
65
73
(10)
63
Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2024 includes amounts due for 2024 rent and amounts billed in advance for 2025 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2025 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2024 were \u00a316 million (2023: \u00a318 million), 3 per cent of total gross rental income for the year (2023: 3 per cent). Trade receivables are presented in the Balance Sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. The following tables detail the notional principal amounts and remaining terms of interest rate cap contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
2.64
3.73
477
202
1
\u2013
In more than one year
but less than two1
2.32
2.91
248
300
1
3
In more than two years
but less than five2
1.77
2.57
686
215
20
4
In more than five years
\u2013
1.50
\u2013
435
\u2013
30
Total
1,411
1,152
22
37
1 Includes forward starting interest rate caps, with a notional amount totalling \u20ac150 million, 2.07% average strike, and \u00a30.3 million fair value. 2 Includes forward starting interest rate caps, with a notional amount totalling \u20ac232 million, 2.00% average strike, and \u00a31.8 million fair value. The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate caps settle on a three-month basis based on the EURIBOR rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. Interest rate floor contracts The Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates fall below a specified strike rate using interest rate floor contracts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s cash balances which are invested in funds generating a floating rate of interest. The fair value of interest rate floors at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate floor contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
4.69
\u2013
900
\u2013
2
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
900
\u2013
2
\u2013
In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment plans granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2024, the Group held a loss allowance provision for trade receivables of \u00a39 million (2023: \u00a310 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing 2 per cent of total gross rental income for the year (2023: 2 per cent). Total impairment losses on trade receivables of \u00a31 million were recognised in the Income Statement for the year ended 31 December 2024 (2023: \u00a33 million). The impairment losses on trade receivables include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The Group held a gross loan due from an associate of \u00a334 million as at 31 December 2023 which was impaired by \u00a328 million to a carrying value of \u00a36 million as at 31 December 2023. During 2024, the associate was acquired by the Group and is a 100 per cent subsidiary as at 31 December 2024 and no impairment has been recognised in the 31 December 2024 Group Income Statement. As set out in Note 2, the impairment of the loan in 2023 was directly related to a wider property transaction entered into by the Group and arose due to a fair value deficit on land held by an associate. As the size and nature of the impairment does not reflect the underlying performance of the business this has been treated as a Company specific adjustment. When considered together the overall transaction has had an accretive impact on net assets since inception. The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward- looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a an A- (or equivalent) credit rating. Cash and cash equivalents were placed with financial institutions with a minimum credit rating of A- (or equivalent). The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. 17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial review on pages 45 and 46. Liquidity and interest risk tables The following tables detail the Group\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows.
2024
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
350
\u2013
\u2013
\u2013
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2013
261
Fixed rate debt instruments
2.48
110
641
1,177
2,864
4,792
Derivative financial instruments:
Net settled interest rate swaps
2.60
53
56
26
\u2013
135
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(2)
\u2013
\u2013
\u2013
(2)
\u2013 Out\ue01flowing
2
\u2013
\u2013
\u2013
2
Total
527
711
1,456
2,973
5,667
2023
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
468
\u2013
\u2013
\u2013
468
Lease liabilities
3.90
4
4
12
118
138
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(571)
\u2013
\u2013
\u2013
(571)
\u2013 Out\ue01flowing
577
\u2013
\u2013
\u2013
577
Total
650
359
2,454
3,190
6,653
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3456 million (2023: \u00a3580 million) includes, accrued interest of \u00a336 million (2023: \u00a338 million) and lease liabilities of \u00a370 million (2023: \u00a374 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "
14. Trade and Other Receivables
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
1
65
63
\u2013
\u2013
Other receivables
2
88
112
34
40
Prepayments
19
13
\u2013
\u2013
Amounts due from related parties
6
7
\u2013
\u2013
Total current trade and other receivables
178
195
34
40
Non-current
Other receivables
2
2
\u2013
\u2013
Amounts due from related parties
3
\u2013
6
\u2013
\u2013
Total non-current other receivables
2
8
\u2013
\u2013
1 Note 17(vi) details the Group\u2019s credit risk management and loss allowances held for trade receivables.
2 Group other current receivables includes VAT recoverable and capital receivables.
3 Group non-current amounts due from related parties as at 31 December 2023 included an amount due from a loan held
with an associate. The associate was acquired during 2024. See Note 17(vi) for further details on the impairment of the
loan balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
1
65
63
\u2013
\u2013
Other receivables
2
88
112
34
40
Prepayments
19
13
\u2013
\u2013
Amounts due from related parties
6
7
\u2013
\u2013
Total current trade and other receivables
178
195
34
40
Non-current
Other receivables
2
2
\u2013
\u2013
Amounts due from related parties
3
\u2013
6
\u2013
\u2013
Total non-current other receivables
2
8
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "
15. Trade and Other Payables
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
7
10
\u2013
\u2013
Other payables
1
130
165
1
15
Non-capital accruals
2
113
108
55
48
Capital creditors and capital accruals
136
223
\u2013
\u2013
Rent in advance
115
107
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
502
614
56
63
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
69
73
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,124
2,088
Total other payables due after one year
70
74
2,124
2,088
1 Group other current payables includes VAT payable and tenant deposits.
2 Includes accrued interest on external borrowings for the Group of \u00a336 million (2023: \u00a338 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "15. Trade and Other Payables
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
7
10
\u2013
\u2013
Other payables
1
130
165
1
15
Non-capital accruals
2
113
108
55
48
Capital creditors and capital accruals
136
223
\u2013
\u2013
Rent in advance
115
107
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
502
614
56
63
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
69
73
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,124
2,088
Total other payables due after one year
70
74
2,124
2,088
1 Group other current payables includes VAT payable and tenant deposits. 2 Includes accrued interest on external borrowings for the Group of \u00a336 million (2023: \u00a338 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "Group Cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a371 million (2023: \u00a361 million), the use of the deposits is subject to restrictions as set out in the tenant lease agreement and therefore not available for general use by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "17(ii) Carrying amount and fair values of financial assets and liabilities The Group holds the following financial instruments:
Group
2024 2023
Notes \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Lease incentives
1
13
158
149
Trade receivables
14
65
63
Other current receivables2
14
36
42
Non-current receivables
14
2
8
Cash and cash equivalents
16
363
376
Financial assets at fair value through profit or loss (FVPL)
Other investments
12
10
Derivative financial instruments
Non-hedge at FVPL
17
51
55
687
703
Financial liabilities
Liabilities at amortised cost
Trade and other payables
2
15
456
580
Borrowings
16
4,607
5,348
Derivative financial instruments
Used for hedging at FVOCI
17
\u2013
6
Non-hedge at FVPL
17
119
143
5,182
6,077
1 Represents the carrying value of tenant lease incentives held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives and letting fees\u2019 balance in Note 13. 2 Excludes non-financial assets of \u00a377 million (2023: \u00a390 million) included within total Group other receivables per Note 14 and non-financial liabilities of \u00a3116 million (2023: \u00a3108 million) included within total trade and other payables per Note 15. The carrying values of these financial assets and liabilities approximate their fair value, with the exception of unsecured bonds and unsecured US private placement notes classified as borrowings. At 31 December 2024, the fair value of \u00a33,051 million of unsecured bonds issued was \u00a32,822 million (2023: \u00a32,709 million compared with \u00a32,480 million fair value). At 31 December 2024, the fair value of \u00a31,339 million of unsecured US private placement notes was \u00a31,285 million (2023: \u00a31,409 million compared with \u00a31,281 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3283 million (2023: \u00a3357 million), see Table 5 of the Supplementary Notes. The fair value of unsecured bonds is estimated using quoted prices (level 1) and the fair value of US private placement notes is estimated by discounting contractual future cash flows (level 2). The fair values of financial assets and financial liabilities are determined as follows: \u2013 Forward foreign exchange contracts are measured using quoted exchange rates and yield curves derived from quoted interest rates with maturities matching the contracts (level 2). \u2013 Interest rate swaps, currency swap contracts and interest rate options are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates and the appropriate exchange rate at the Balance Sheet date (level 2). \u2013 The fair value of other investments classified as fair value through profit or loss which are not traded on active liquid markets is determined by management (level 3). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "17. Financial Instruments and Fair Values 17(i) Derivative instruments The Group and Company holds the following derivative instruments at fair value: Derivative assets
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
\u2013
8
\u2013
8
Interest rate cap contracts \u2013 non hedge
1
\u2013
1
\u2013
Interest rate floor contracts \u2013 non hedge
2
\u2013
2
\u2013
Total current derivative assets
3
8
3
8
Non-current
Interest rate cap contracts \u2013 non-hedge
21
37
21
37
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
27
10
27
10
Total non-current derivative assets
48
47
48
47
Derivative liabilities
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
44
46
44
46
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
\u2013
\u2013
\u2013
6
Forward foreign exchange and currency swap
contracts \u2013 hedge
\u2013
6
\u2013
\u2013
Total current derivative liabilities
44
52
44
52
Non-current
Interest rates swap contracts \u2013 non-hedge
75
97
75
97
Total non-current derivative liabilities
75
97
75
97
17(ii) Carrying amount and fair values of financial assets and liabilities
The Group holds the following financial instruments:
Group
2024 2023
Notes \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Lease incentives
1
13
158
149
Trade receivables
14
65
63
Other current receivables2
14
36
42
Non-current receivables
14
2
8
Cash and cash equivalents
16
363
376
Financial assets at fair value through profit or loss (FVPL)
Other investments
12
10
Derivative financial instruments
Non-hedge at FVPL
17
51
55
687
703
Financial liabilities
Liabilities at amortised cost
Trade and other payables
2
15
456
580
Borrowings
16
4,607
5,348
Derivative financial instruments
Used for hedging at FVOCI
17
\u2013
6
Non-hedge at FVPL
17
119
143
5,182
6,077
1 Represents the carrying value of tenant lease incentives held in Investment properties at the year end. This amount is
included within the \u2018tenant lease incentives and letting fees\u2019 balance in Note 13.
2 Excludes non-financial assets of \u00a377 million (2023: \u00a390 million) included within total Group other receivables per Note 14
and non-financial liabilities of \u00a3116 million (2023: \u00a3108 million) included within total trade and other payables per Note 15.
The carrying values of these financial assets and liabilities approximate their fair value, with the
exception of unsecured bonds and unsecured US private placement notes classified as borrowings.
At 31 December 2024, the fair value of \u00a33,051 million of unsecured bonds issued was \u00a32,822 million
(2023: \u00a32,709 million compared with \u00a32,480 million fair value). At 31 December 2024, the fair value of
\u00a31,339 million of unsecured US private placement notes was \u00a31,285 million (2023: \u00a31,409 million
compared with \u00a31,281 million fair value). This results in a fair value adjustment increase in EPRA NDV of
\u00a3283 million (2023: \u00a3357 million), see Table 5 of the Supplementary Notes. The fair value of unsecured
bonds is estimated using quoted prices (level 1) and the fair value of US private placement notes is
estimated by discounting contractual future cash flows (level 2).
The fair values of financial assets and financial liabilities are determined as follows:
\u2013 Forward foreign exchange contracts are measured using quoted exchange rates and yield curves
derived from quoted interest rates with maturities matching the contracts (level 2).
\u2013 Interest rate swaps, currency swap contracts and interest rate options are measured at the present
value of future cash flows estimated and discounted based on the applicable yield curves derived
from quoted interest rates and the appropriate exchange rate at the Balance Sheet date (level 2).
\u2013 The fair value of other investments classified as fair value through profit or loss which are not traded
on active liquid markets is determined by management (level 3).
Fair value measurements recognised in the Balance Sheet
The Group\u2019s financial instruments that are measured subsequent to initial recognition at fair value are
unlisted investments, forward exchange and currency swap contracts, interest rate swaps and interest
rate options as detailed above. As defined by IFRS 13, unlisted investments are classified as level 3 fair
value measurements, where inputs are not based on observable market data. All other financial
instruments are classified as level 2 fair value measurements, being those derived from inputs other
than quoted prices (included within level 1) that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices). There were no transfers between categories in the
current or prior year.
17(iii) Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going
concern and as such it aims to maintain a prudent mix between debt and equity financing. Our
intention for the foreseeable future is to maintain our mid-cycle LTV (including joint ventures and
associates at share) at around 30 per cent. This provides the flexibility to take advantage of investment
opportunities arising and ensures significant headroom compared to our tightest gearing covenants
should property values decline. The current capital structure of the Group consists of a mix of equity
and debt. Equity comprises issued capital, reserves and retained earnings as disclosed in the
Statement of Changes in Equity and Notes 18 to 19. Debt primarily comprises long-term debt issues,
term loans and drawings against short-term committed revolving credit facilities from banks as
disclosed in Note 16.
The Group is not subject to externally imposed capital requirements.
17(iv) Foreign currency risk management
The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing
and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group
and the resulting transactional exposures to euro are not routinely hedged. The Group does not have
any significant transactional foreign currency exposures resulting from cross-border flows in the
operating business. The Group does however have operations in Continental Europe which transact
business denominated mostly in euros, hence there is currency exposure caused by translating the
local trading performance and local net assets into sterling for each financial period and at each
Balance Sheet date.
The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign
Currency Translation Risk section in the Financial review on page 46.
The Group\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial
instruments) is summarised below:
2024 2023
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
5,535
6,374
Gross currency liabilities
(4,170)
(4,718)
Net exposure
1,365
1,656
2024 Group gross currency liabilities include \u20ac2,226 million (\u00a31,831 million) designated as net
investment hedges.
2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net
investment hedges.
The remaining gross currency liabilities of the Group shown in the table above that are not designated
as net investment hedges are either held directly in a euro functional currency entity or passed down
to such an entity from a sterling functional currency company through inter-company funding
arrangements.
Foreign currency sensitivity analysis
The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to
a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by
\u00a3124 million (2023: \u00a3151 million). The sensitivity of the Group to a 10 per cent depreciation in the value
of sterling against the euro would increase net assets by \u00a3152 million (2023: \u00a3184 million).
The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management
and represents management\u2019s assessment of the reasonably possible change in foreign exchange
rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external
loans, currency swap contracts and forward foreign exchange contracts) at the period end for a
10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of
sterling against the euro would decrease the Group\u2019s profit for the year ended 31 December 2024 by
\u00a39 million (2023: decrease in the loss by \u00a322 million). A 10 per cent depreciation in the value of sterling
against the euro would increase the Group\u2019s profit for the year ended 31 December 2024 by
\u00a310 million (2023: increase in the loss by \u00a327 million).
Forward foreign exchange and currency swap contracts
Some of the forward foreign exchange and currency swap contracts held by the Group are
designated as net investment hedges of euro denominated subsidiaries, where exchange differences
are booked in reserves and recognised in the Income Statement when the operation is sold. The
remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges,
for example using surplus cash in one currency to provide (typically through intercompany debt
funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development
expenditure or acquisitions in another currency. These instruments have not been designated as
hedges. As a consequence, exchange movements in respect of these instruments are taken
through the Income Statement. Offsetting these movements are net exchange losses of \u00a314 million
(2023: \u00a37 million loss) arising on intercompany debt funding arrangements (discussed above) and
exchange movements arising from external borrowings not designated as hedges. This has resulted
in exchange differences of \u00a31 million gain (2023: \u00a3nil) within net finance costs in Note 9.
The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign
gross assets using either borrowings or derivative instruments. The Group targets a hedging range
of between the last reported LTV ratio (28 per cent at 31 December 2024) and 100 per cent.
At 31 December 2024, the Group had gross foreign currency assets, which were 75 per cent
hedged by gross foreign currency denominated liabilities (2023: 74 per cent).
Further details are provided within the Foreign Currency Translation Risk section of the Financial review
on page 46.
The following table details the forward foreign exchange and currency swap contracts outstanding
as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2024 2023 2024 2023 2024 2023
2024
2023
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.13
545
458
474
404
27
10
Buy euros (sell sterling)
1.20
1.16
3
964
3
831
\u2013
8
Net investment hedges
Sell euros (buy sterling)
1.21
1.16
101
601
84
517
\u2013
(6)
Total
27
12
Effects of net investment hedge accounting on financial position and performance
The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and
performance are detailed below.
Forward foreign exchange contracts The Group designated euro denominated forward foreign exchange contracts as net investment hedges during 2024 and 2023. There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024 and 2023 where the hedging instrument was forward foreign exchange contracts. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign exchange contract are taken to the Income Statement.
Group
2024 2023
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, Note 17(i))
\u2013
(6)
Notional amount
84
517
Maturity date
Jan 2025
Jan 2024
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain
20
9
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(20)
(9)
Weighted average hedged rate for the year (including forward points)
1.17
1.15
US private placement notes and bonds There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024 and 2023 where the hedging instrument was US private placement notes or bonds. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate.
Group
2024 2023
Private placement notes and bonds \u00a3m \u00a3m
Carrying amount of private placement notes or bonds (non-current borrowings,
Note 16)
1,747
1,409
Carrying amount of private placement notes or bonds designated as net
investment hedging instruments
1,747
1,409
Hedge ratio
1:1
1:1
Change in carrying amount of USPP notes and bonds as a result of foreign
currency movement since 1 January, recognised in OCI \u2013 gain
75
26
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(75)
(26)
Weighted average hedged rate for the year (including forward points)
1.21
1.15
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2024 is a gain of \u00a395 million (2023: \u00a335 million gain) and consists of the gain on Euro forward foreign exchange of \u00a320 million (2023: \u00a39 million gain) and gain on US private placement notes and bonds of \u00a375 million (2023: \u00a326 million gain) shown in the tables above.
17(v) Interest rate risk management
The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and
floating interest rates and invests cash at floating interest rates. The risk is managed by maintaining an
appropriate mix between fixed and floating rates. The current Group policy states that 50 to 100 per
cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed
coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate
swaps, forwards, caps, collars or floors or options on these products. Hedging activities require
approval and are evaluated and reported on regularly to ensure that the policy is being adhered to.
The Board reviews the policy on interest rate exposure annually with a view to establishing that it
is still relevant in the prevailing and forecast economic environment.
Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest rates for both
derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the
analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was
outstanding for the whole year. A 2 per cent increase or decrease is used when reporting interest
rate risk internally to key management personnel and represents management\u2019s assessment of the
reasonable possible change in interest rates.
If interest rates had been 2 per cent higher and all other variables were held constant, the Group\u2019s
profit for the year ended 31 December 2024 would increase by \u00a310 million (2023: \u00a310 million increase
in loss for the year). If interest rates had been 2 per cent lower and all other variables were held
constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a38 million
(2023: \u00a317 million decrease in loss for the year). The interest rate sensitivity described results in a higher
profit in 2024 for both an interest rate rise and an interest rate fall. This is because the Group currently
has both interest rate caps hedging floating rate debt interest costs, and interest rate floors hedging
floating rate cash interest income. Fixed rate debt issues are held at amortised cost and are not
revalued in the Balance Sheet to reflect interest rate movements.
Interest rate swap contracts
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and
floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable
the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate
swaps at the reporting date is determined by discounting the future cash flows using the yield curves
at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average
interest rate is based on the outstanding balances at the end of the financial year.
The following tables detail the notional principal amounts and remaining terms of interest rate swap
contracts, based on their contractual maturities (excluding mandatory break clauses), outstanding as
at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Pay fixed, receive
floating contracts:
Group
In one year or less
2.80
\u2013
41
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
2.80
\u2013
43
\u2013
\u2013
In more than two years but
less than five
3.92
3.92
100
100
\u2013
(1)
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
141
143
\u2013
(1)
Receive fixed, pay
floating contracts:
Group
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
1.82
1.82
83
87
(4)
(6)
In more than five years
1.86
1.86
537
565
(115)
(136)
Total
620
652
(119)
(142)
The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate swaps settle on either a three-month or six-month basis with the floating rate side based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive the difference between the fixed and floating interest rate on a net basis. Interest rate cap contracts The Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates rise above a specified strike rate using interest rate caps. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year.
The following tables detail the notional principal amounts and remaining terms of interest rate cap
contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
2.64
3.73
477
202
1
\u2013
In more than one year
but less than two1
2.32
2.91
248
300
1
3
In more than two years
but less than five2
1.77
2.57
686
215
20
4
In more than five years
\u2013
1.50
\u2013
435
\u2013
30
Total
1,411
1,152
22
37
1 Includes forward starting interest rate caps, with a notional amount totalling \u20ac150 million, 2.07% average strike,
and \u00a30.3 million fair value.
2 Includes forward starting interest rate caps, with a notional amount totalling \u20ac232 million, 2.00% average strike,
and \u00a31.8 million fair value.
The above are effective economic hedges although the Group has not elected to adopt hedge
accounting for them, hence their change in fair value is taken direct to the Income Statement.
The interest rate caps settle on a three-month basis based on the EURIBOR rate for the relevant
period. The Group will receive the difference between the floating rate and the specified strike rate.
Interest rate floor contracts
The Group agrees to receive floating rate interest amounts calculated on agreed notional
principal amounts, should prevailing market rates fall below a specified strike rate using interest
rate floor contracts.
Such contracts enable the Group to manage the interest rate risk of the Group\u2019s cash balances which
are invested in funds generating a floating rate of interest. The fair value of interest rate floors at the
reporting date is determined by discounting the future cash flows using the yield curves at the
reporting date and the credit risk inherent in the contract and is disclosed below. The average interest
rate is based on the outstanding balances at the end of the financial year.
The following tables detail the notional principal amounts and remaining terms of interest rate floor
contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
4.69
\u2013
900
\u2013
2
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
900
\u2013
2
\u2013
The above are effective economic hedges although the Group has not elected to adopt hedge
accounting for them, hence their change in fair value is taken direct to the Income Statement.
The interest rate floors settle on a three-month basis based on the compounded SONIA rate for the
relevant period. The Group will receive the difference between the floating rate and the specified
strike rate.
17(vi) Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting
in financial loss to the Group. Potential customers are evaluated for creditworthiness and where
necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to
either business sector or individual company as the Group has a diverse customer base with no one
customer accounting for more than 6 per cent of rental income. Trade receivables were less than
1 per cent of total assets at 31 December 2024 and at 31 December 2023.
The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set
out below.
2024
2023
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
7
(1)
6
30\u201360 days
3
(1)
2
1
\u2013
1
60\u201390 days
\u2013
\u2013
\u2013
1
\u2013
1
90\u2013180 days
2
(1)
1
5
(3)
2
>180 days
5
(4)
1
4
(3)
1
Past due
16
(8)
8
18
(7)
11
Not due
58
(1)
57
55
(3)
52
Total trade receivables
74
(9)
65
73
(10)
63
Gross trade receivables mainly consists of amounts invoiced for rent, service charge and
management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade
receivables at 31 December 2024 includes amounts due for 2024 rent and amounts billed in advance
for 2025 rent. Both amounts have been considered in measuring expected credit losses (ECLs)
detailed further below. The amounts billed in advance for 2025 rent are included within the \u2018Not due\u2019
category in the table above.
Total gross trade receivables \u2018past due\u2019 at 31 December 2024 were \u00a316 million (2023: \u00a318 million),
3 per cent of total gross rental income for the year (2023: 3 per cent).
Trade receivables are presented in the Balance Sheet net of loss allowances. The Group applies the
IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected
loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss
experienced and adjusted for current and forward information affecting the ability of the individual
customers to settle receivables. Trade receivables are written off when there is no reasonable
expectation of recovery.
In determining the ECLs an analysis of various factors has been performed on a customer by
customer basis and considers the impact of economic conditions. These factors include an
assessment of the customer\u2019s default risk based on: industry and geographic location; and payment
record, which includes how many days past due the receivable is, payment plans granted and credit
rating. ECLs are recognised net of securities held for the customer.
As at 31 December 2024, the Group held a loss allowance provision for trade receivables of \u00a39 million
(2023: \u00a310 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing
2 per cent of total gross rental income for the year (2023: 2 per cent).
Total impairment losses on trade receivables of \u00a31 million were recognised in the Income Statement
for the year ended 31 December 2024 (2023: \u00a33 million). The impairment losses on trade receivables
include the net impact from loss allowances, receivables written off and recoveries of receivables
previously written off and are presented within operating profit (see Note 5).
The Group held a gross loan due from an associate of \u00a334 million as at 31 December 2023 which
was impaired by \u00a328 million to a carrying value of \u00a36 million as at 31 December 2023.
During 2024, the associate was acquired by the Group and is a 100 per cent subsidiary as at
31 December 2024 and no impairment has been recognised in the 31 December 2024 Group
Income Statement.
As set out in Note 2, the impairment of the loan in 2023 was directly related to a wider property
transaction entered into by the Group and arose due to a fair value deficit on land held by an associate.
As the size and nature of the impairment does not reflect the underlying performance of the business
this has been treated as a Company specific adjustment. When considered together the overall
transaction has had an accretive impact on net assets since inception.
The other financial assets and lease incentive balances held by the Group have been considered for
impairment based on historical default rates over the expected life and are adjusted for forward-
looking information. Based on that analysis, no material loss allowances are held against these assets
in the current and prior period.
Investment in financial instruments is restricted to banks and short-term liquidity funds with a good
credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives
Association (ISDA) agreements with counterparties with a an A- (or equivalent) credit rating. Cash and
cash equivalents were placed with financial institutions with a minimum credit rating of A- (or equivalent).
The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the
aggregate value of transactions concluded is spread among approved counterparties.
17(vii) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board, which has built an
appropriate liquidity risk management framework for the management of the Group\u2019s short, medium
and long-term funding and liquidity management requirements. The Group manages liquidity risk by
requiring that adequate cash and committed bank facilities are available to cover and match all debt
maturities, development spend, trade related and corporate cash flows over a rolling 18-month period.
This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the
Financial review on pages 45 and 46.
Liquidity and interest risk tables
The following tables detail the Group\u2019s remaining contractual maturity profile for its financial
instruments. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be required to pay. The tables include
both interest and principal cash flows.
2024
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
350
\u2013
\u2013
\u2013
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2013
261
Fixed rate debt instruments
2.48
110
641
1,177
2,864
4,792
Derivative financial instruments:
Net settled interest rate swaps
2.60
53
56
26
\u2013
135
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(2)
\u2013
\u2013
\u2013
(2)
\u2013 Out\ue01flowing
2
\u2013
\u2013
\u2013
2
Total
527
711
1,456
2,973
5,667
2023
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
468
\u2013
\u2013
\u2013
468
Lease liabilities
3.90
4
4
12
118
138
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(571)
\u2013
\u2013
\u2013
(571)
\u2013 Out\ue01flowing
577
\u2013
\u2013
\u2013
577
Total
650
359
2,454
3,190
6,653
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3456 million (2023: \u00a3580 million) includes,
accrued interest of \u00a336 million (2023: \u00a338 million) and lease liabilities of \u00a370 million (2023: \u00a374 million). Accrued interest
is shown in debt instruments in the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "17(i) Derivative instruments The Group and Company holds the following derivative instruments at fair value: Derivative assets
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
\u2013
8
\u2013
8
Interest rate cap contracts \u2013 non hedge
1
\u2013
1
\u2013
Interest rate floor contracts \u2013 non hedge
2
\u2013
2
\u2013
Total current derivative assets
3
8
3
8
Non-current
Interest rate cap contracts \u2013 non-hedge
21
37
21
37
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
27
10
27
10
Total non-current derivative assets
48
47
48
47
Derivative liabilities
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
44
46
44
46
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
\u2013
\u2013
\u2013
6
Forward foreign exchange and currency swap
contracts \u2013 hedge
\u2013
6
\u2013
\u2013
Total current derivative liabilities
44
52
44
52
Non-current
Interest rates swap contracts \u2013 non-hedge
75
97
75
97
Total non-current derivative liabilities
75
97
75
97
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "Fair value measurements recognised in the Balance Sheet The Group\u2019s financial instruments that are measured subsequent to initial recognition at fair value are unlisted investments, forward exchange and currency swap contracts, interest rate swaps and interest rate options as detailed above. As defined by IFRS 13, unlisted investments are classified as level 3 fair value measurements, where inputs are not based on observable market data. All other financial instruments are classified as level 2 fair value measurements, being those derived from inputs other than quoted prices (included within level 1) that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). There were no transfers between categories in the current or prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "17(iii) Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern and as such it aims to maintain a prudent mix between debt and equity financing. Our intention for the foreseeable future is to maintain our mid-cycle LTV (including joint ventures and associates at share) at around 30 per cent. This provides the flexibility to take advantage of investment opportunities arising and ensures significant headroom compared to our tightest gearing covenants should property values decline. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity and Notes 18 to 19. Debt primarily comprises long-term debt issues, term loans and drawings against short-term committed revolving credit facilities from banks as disclosed in Note 16. The Group is not subject to externally imposed capital requirements. 17(iv) Foreign currency risk management The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group and the resulting transactional exposures to euro are not routinely hedged. The Group does not have any significant transactional foreign currency exposures resulting from cross-border flows in the operating business. The Group does however have operations in Continental Europe which transact business denominated mostly in euros, hence there is currency exposure caused by translating the local trading performance and local net assets into sterling for each financial period and at each Balance Sheet date. The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign Currency Translation Risk section in the Financial review on page 46. The Group\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2024 2023
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
5,535
6,374
Gross currency liabilities
(4,170)
(4,718)
Net exposure
1,365
1,656
2024 Group gross currency liabilities include \u20ac2,226 million (\u00a31,831 million) designated as net investment hedges. 2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net investment hedges. The remaining gross currency liabilities of the Group shown in the table above that are not designated as net investment hedges are either held directly in a euro functional currency entity or passed down to such an entity from a sterling functional currency company through inter-company funding arrangements. Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3124 million (2023: \u00a3151 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3152 million (2023: \u00a3184 million). The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would decrease the Group\u2019s profit for the year ended 31 December 2024 by \u00a39 million (2023: decrease in the loss by \u00a322 million). A 10 per cent depreciation in the value of sterling against the euro would increase the Group\u2019s profit for the year ended 31 December 2024 by \u00a310 million (2023: increase in the loss by \u00a327 million). Forward foreign exchange contracts The Group designated euro denominated forward foreign exchange contracts as net investment hedges during 2024 and 2023. There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024 and 2023 where the hedging instrument was forward foreign exchange contracts. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign exchange contract are taken to the Income Statement.
Group
2024 2023
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, Note 17(i))
\u2013
(6)
Notional amount
84
517
Maturity date
Jan 2025
Jan 2024
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain
20
9
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(20)
(9)
Weighted average hedged rate for the year (including forward points)
1.17
1.15
US private placement notes and bonds There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024 and 2023 where the hedging instrument was US private placement notes or bonds. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate.
Group
2024 2023
Private placement notes and bonds \u00a3m \u00a3m
Carrying amount of private placement notes or bonds (non-current borrowings,
Note 16)
1,747
1,409
Carrying amount of private placement notes or bonds designated as net
investment hedging instruments
1,747
1,409
Hedge ratio
1:1
1:1
Change in carrying amount of USPP notes and bonds as a result of foreign
currency movement since 1 January, recognised in OCI \u2013 gain
75
26
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(75)
(26)
Weighted average hedged rate for the year (including forward points)
1.21
1.15
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2024 is a gain of \u00a395 million (2023: \u00a335 million gain) and consists of the gain on Euro forward foreign exchange of \u00a320 million (2023: \u00a39 million gain) and gain on US private placement notes and bonds of \u00a375 million (2023: \u00a326 million gain) shown in the tables above. Forward foreign exchange and currency swap contracts Some of the forward foreign exchange and currency swap contracts held by the Group are designated as net investment hedges of euro denominated subsidiaries, where exchange differences are booked in reserves and recognised in the Income Statement when the operation is sold. The remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges, for example using surplus cash in one currency to provide (typically through intercompany debt funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development expenditure or acquisitions in another currency. These instruments have not been designated as hedges. As a consequence, exchange movements in respect of these instruments are taken through the Income Statement. Offsetting these movements are net exchange losses of \u00a314 million (2023: \u00a37 million loss) arising on intercompany debt funding arrangements (discussed above) and exchange movements arising from external borrowings not designated as hedges. This has resulted in exchange differences of \u00a31 million gain (2023: \u00a3nil) within net finance costs in Note 9. The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign gross assets using either borrowings or derivative instruments. The Group targets a hedging range of between the last reported LTV ratio (28 per cent at 31 December 2024) and 100 per cent. At 31 December 2024, the Group had gross foreign currency assets, which were 75 per cent hedged by gross foreign currency denominated liabilities (2023: 74 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 46. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2024 2023 2024 2023 2024 2023
2024
2023
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.13
545
458
474
404
27
10
Buy euros (sell sterling)
1.20
1.16
3
964
3
831
\u2013
8
Net investment hedges
Sell euros (buy sterling)
1.21
1.16
101
601
84
517
\u2013
(6)
Total
27
12
Effects of net investment hedge accounting on financial position and performance The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are detailed below. 17(v) Interest rate risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates and invests cash at floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rates. The current Group policy states that 50 to 100 per cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate swaps, forwards, caps, collars or floors or options on these products. Hedging activities require approval and are evaluated and reported on regularly to ensure that the policy is being adhered to. The Board reviews the policy on interest rate exposure annually with a view to establishing that it is still relevant in the prevailing and forecast economic environment. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A 2 per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates. If interest rates had been 2 per cent higher and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a310 million (2023: \u00a310 million increase in loss for the year). If interest rates had been 2 per cent lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a38 million (2023: \u00a317 million decrease in loss for the year). The interest rate sensitivity described results in a higher profit in 2024 for both an interest rate rise and an interest rate fall. This is because the Group currently has both interest rate caps hedging floating rate debt interest costs, and interest rate floors hedging floating rate cash interest income. Fixed rate debt issues are held at amortised cost and are not revalued in the Balance Sheet to reflect interest rate movements. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate swap contracts, based on their contractual maturities (excluding mandatory break clauses), outstanding as at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Pay fixed, receive
floating contracts:
Group
In one year or less
2.80
\u2013
41
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
2.80
\u2013
43
\u2013
\u2013
In more than two years but
less than five
3.92
3.92
100
100
\u2013
(1)
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
141
143
\u2013
(1)
Receive fixed, pay
floating contracts:
Group
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
1.82
1.82
83
87
(4)
(6)
In more than five years
1.86
1.86
537
565
(115)
(136)
Total
620
652
(119)
(142)
The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate swaps settle on either a three-month or six-month basis with the floating rate side based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive the difference between the fixed and floating interest rate on a net basis. Interest rate cap contracts The Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates rise above a specified strike rate using interest rate caps. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate floors settle on a three-month basis based on the compounded SONIA rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. 17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than 6 per cent of rental income. Trade receivables were less than 1 per cent of total assets at 31 December 2024 and at 31 December 2023. The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2024
2023
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
7
(1)
6
30\u201360 days
3
(1)
2
1
\u2013
1
60\u201390 days
\u2013
\u2013
\u2013
1
\u2013
1
90\u2013180 days
2
(1)
1
5
(3)
2
>180 days
5
(4)
1
4
(3)
1
Past due
16
(8)
8
18
(7)
11
Not due
58
(1)
57
55
(3)
52
Total trade receivables
74
(9)
65
73
(10)
63
Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2024 includes amounts due for 2024 rent and amounts billed in advance for 2025 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2025 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2024 were \u00a316 million (2023: \u00a318 million), 3 per cent of total gross rental income for the year (2023: 3 per cent). Trade receivables are presented in the Balance Sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. The following tables detail the notional principal amounts and remaining terms of interest rate cap contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
2.64
3.73
477
202
1
\u2013
In more than one year
but less than two1
2.32
2.91
248
300
1
3
In more than two years
but less than five2
1.77
2.57
686
215
20
4
In more than five years
\u2013
1.50
\u2013
435
\u2013
30
Total
1,411
1,152
22
37
1 Includes forward starting interest rate caps, with a notional amount totalling \u20ac150 million, 2.07% average strike, and \u00a30.3 million fair value. 2 Includes forward starting interest rate caps, with a notional amount totalling \u20ac232 million, 2.00% average strike, and \u00a31.8 million fair value. The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate caps settle on a three-month basis based on the EURIBOR rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. Interest rate floor contracts The Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates fall below a specified strike rate using interest rate floor contracts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s cash balances which are invested in funds generating a floating rate of interest. The fair value of interest rate floors at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate floor contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
4.69
\u2013
900
\u2013
2
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
900
\u2013
2
\u2013
In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment plans granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2024, the Group held a loss allowance provision for trade receivables of \u00a39 million (2023: \u00a310 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing 2 per cent of total gross rental income for the year (2023: 2 per cent). Total impairment losses on trade receivables of \u00a31 million were recognised in the Income Statement for the year ended 31 December 2024 (2023: \u00a33 million). The impairment losses on trade receivables include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The Group held a gross loan due from an associate of \u00a334 million as at 31 December 2023 which was impaired by \u00a328 million to a carrying value of \u00a36 million as at 31 December 2023. During 2024, the associate was acquired by the Group and is a 100 per cent subsidiary as at 31 December 2024 and no impairment has been recognised in the 31 December 2024 Group Income Statement. As set out in Note 2, the impairment of the loan in 2023 was directly related to a wider property transaction entered into by the Group and arose due to a fair value deficit on land held by an associate. As the size and nature of the impairment does not reflect the underlying performance of the business this has been treated as a Company specific adjustment. When considered together the overall transaction has had an accretive impact on net assets since inception. The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward- looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a an A- (or equivalent) credit rating. Cash and cash equivalents were placed with financial institutions with a minimum credit rating of A- (or equivalent). The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. 17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial review on pages 45 and 46. Liquidity and interest risk tables The following tables detail the Group\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows.
2024
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
350
\u2013
\u2013
\u2013
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2013
261
Fixed rate debt instruments
2.48
110
641
1,177
2,864
4,792
Derivative financial instruments:
Net settled interest rate swaps
2.60
53
56
26
\u2013
135
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(2)
\u2013
\u2013
\u2013
(2)
\u2013 Out\ue01flowing
2
\u2013
\u2013
\u2013
2
Total
527
711
1,456
2,973
5,667
2023
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
468
\u2013
\u2013
\u2013
468
Lease liabilities
3.90
4
4
12
118
138
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(571)
\u2013
\u2013
\u2013
(571)
\u2013 Out\ue01flowing
577
\u2013
\u2013
\u2013
577
Total
650
359
2,454
3,190
6,653
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3456 million (2023: \u00a3580 million) includes, accrued interest of \u00a336 million (2023: \u00a338 million) and lease liabilities of \u00a370 million (2023: \u00a374 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "17(iii) Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern and as such it aims to maintain a prudent mix between debt and equity financing. Our intention for the foreseeable future is to maintain our mid-cycle LTV (including joint ventures and associates at share) at around 30 per cent. This provides the flexibility to take advantage of investment opportunities arising and ensures significant headroom compared to our tightest gearing covenants should property values decline. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity and Notes 18 to 19. Debt primarily comprises long-term debt issues, term loans and drawings against short-term committed revolving credit facilities from banks as disclosed in Note 16. The Group is not subject to externally imposed capital requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "17(iv) Foreign currency risk management The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group and the resulting transactional exposures to euro are not routinely hedged. The Group does not have any significant transactional foreign currency exposures resulting from cross-border flows in the operating business. The Group does however have operations in Continental Europe which transact business denominated mostly in euros, hence there is currency exposure caused by translating the local trading performance and local net assets into sterling for each financial period and at each Balance Sheet date. The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign Currency Translation Risk section in the Financial review on page 46. The Group\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2024 2023
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
5,535
6,374
Gross currency liabilities
(4,170)
(4,718)
Net exposure
1,365
1,656
2024 Group gross currency liabilities include \u20ac2,226 million (\u00a31,831 million) designated as net investment hedges. 2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net investment hedges. The remaining gross currency liabilities of the Group shown in the table above that are not designated as net investment hedges are either held directly in a euro functional currency entity or passed down to such an entity from a sterling functional currency company through inter-company funding arrangements. Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3124 million (2023: \u00a3151 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3152 million (2023: \u00a3184 million). The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would decrease the Group\u2019s profit for the year ended 31 December 2024 by \u00a39 million (2023: decrease in the loss by \u00a322 million). A 10 per cent depreciation in the value of sterling against the euro would increase the Group\u2019s profit for the year ended 31 December 2024 by \u00a310 million (2023: increase in the loss by \u00a327 million). Forward foreign exchange contracts The Group designated euro denominated forward foreign exchange contracts as net investment hedges during 2024 and 2023. There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024 and 2023 where the hedging instrument was forward foreign exchange contracts. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign exchange contract are taken to the Income Statement.
Group
2024 2023
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, Note 17(i))
\u2013
(6)
Notional amount
84
517
Maturity date
Jan 2025
Jan 2024
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain
20
9
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(20)
(9)
Weighted average hedged rate for the year (including forward points)
1.17
1.15
US private placement notes and bonds There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2024 and 2023 where the hedging instrument was US private placement notes or bonds. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate.
Group
2024 2023
Private placement notes and bonds \u00a3m \u00a3m
Carrying amount of private placement notes or bonds (non-current borrowings,
Note 16)
1,747
1,409
Carrying amount of private placement notes or bonds designated as net
investment hedging instruments
1,747
1,409
Hedge ratio
1:1
1:1
Change in carrying amount of USPP notes and bonds as a result of foreign
currency movement since 1 January, recognised in OCI \u2013 gain
75
26
Change in value of hedged item used to determine hedge effectiveness \u2013 loss
(75)
(26)
Weighted average hedged rate for the year (including forward points)
1.21
1.15
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2024 is a gain of \u00a395 million (2023: \u00a335 million gain) and consists of the gain on Euro forward foreign exchange of \u00a320 million (2023: \u00a39 million gain) and gain on US private placement notes and bonds of \u00a375 million (2023: \u00a326 million gain) shown in the tables above. Forward foreign exchange and currency swap contracts Some of the forward foreign exchange and currency swap contracts held by the Group are designated as net investment hedges of euro denominated subsidiaries, where exchange differences are booked in reserves and recognised in the Income Statement when the operation is sold. The remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges, for example using surplus cash in one currency to provide (typically through intercompany debt funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development expenditure or acquisitions in another currency. These instruments have not been designated as hedges. As a consequence, exchange movements in respect of these instruments are taken through the Income Statement. Offsetting these movements are net exchange losses of \u00a314 million (2023: \u00a37 million loss) arising on intercompany debt funding arrangements (discussed above) and exchange movements arising from external borrowings not designated as hedges. This has resulted in exchange differences of \u00a31 million gain (2023: \u00a3nil) within net finance costs in Note 9. The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign gross assets using either borrowings or derivative instruments. The Group targets a hedging range of between the last reported LTV ratio (28 per cent at 31 December 2024) and 100 per cent. At 31 December 2024, the Group had gross foreign currency assets, which were 75 per cent hedged by gross foreign currency denominated liabilities (2023: 74 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 46. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2024 2023 2024 2023 2024 2023
2024
2023
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.13
545
458
474
404
27
10
Buy euros (sell sterling)
1.20
1.16
3
964
3
831
\u2013
8
Net investment hedges
Sell euros (buy sterling)
1.21
1.16
101
601
84
517
\u2013
(6)
Total
27
12
Effects of net investment hedge accounting on financial position and performance The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are detailed below. 17(v) Interest rate risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates and invests cash at floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rates. The current Group policy states that 50 to 100 per cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate swaps, forwards, caps, collars or floors or options on these products. Hedging activities require approval and are evaluated and reported on regularly to ensure that the policy is being adhered to. The Board reviews the policy on interest rate exposure annually with a view to establishing that it is still relevant in the prevailing and forecast economic environment. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A 2 per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates. If interest rates had been 2 per cent higher and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a310 million (2023: \u00a310 million increase in loss for the year). If interest rates had been 2 per cent lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a38 million (2023: \u00a317 million decrease in loss for the year). The interest rate sensitivity described results in a higher profit in 2024 for both an interest rate rise and an interest rate fall. This is because the Group currently has both interest rate caps hedging floating rate debt interest costs, and interest rate floors hedging floating rate cash interest income. Fixed rate debt issues are held at amortised cost and are not revalued in the Balance Sheet to reflect interest rate movements. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate swap contracts, based on their contractual maturities (excluding mandatory break clauses), outstanding as at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Pay fixed, receive
floating contracts:
Group
In one year or less
2.80
\u2013
41
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
2.80
\u2013
43
\u2013
\u2013
In more than two years but
less than five
3.92
3.92
100
100
\u2013
(1)
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
141
143
\u2013
(1)
Receive fixed, pay
floating contracts:
Group
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
1.82
1.82
83
87
(4)
(6)
In more than five years
1.86
1.86
537
565
(115)
(136)
Total
620
652
(119)
(142)
The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate swaps settle on either a three-month or six-month basis with the floating rate side based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive the difference between the fixed and floating interest rate on a net basis. Interest rate cap contracts The Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates rise above a specified strike rate using interest rate caps. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate floors settle on a three-month basis based on the compounded SONIA rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. The following tables detail the notional principal amounts and remaining terms of interest rate cap contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
2.64
3.73
477
202
1
\u2013
In more than one year
but less than two1
2.32
2.91
248
300
1
3
In more than two years
but less than five2
1.77
2.57
686
215
20
4
In more than five years
\u2013
1.50
\u2013
435
\u2013
30
Total
1,411
1,152
22
37
1 Includes forward starting interest rate caps, with a notional amount totalling \u20ac150 million, 2.07% average strike, and \u00a30.3 million fair value. 2 Includes forward starting interest rate caps, with a notional amount totalling \u20ac232 million, 2.00% average strike, and \u00a31.8 million fair value. The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate caps settle on a three-month basis based on the EURIBOR rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. Interest rate floor contracts The Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates fall below a specified strike rate using interest rate floor contracts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s cash balances which are invested in funds generating a floating rate of interest. The fair value of interest rate floors at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate floor contracts, based on their contractual maturities, outstanding as at the reporting date:
Average strike price
Notional principal amount
Fair value
2024 2023 2024 2023 2024 2023
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
4.69
\u2013
900
\u2013
2
\u2013
In more than one year but
less than two
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than two years but
less than five
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
900
\u2013
2
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3124 million (2023: \u00a3151 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3152 million (2023: \u00a3184 million). The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would decrease the Group\u2019s profit for the year ended 31 December 2024 by \u00a39 million (2023: decrease in the loss by \u00a322 million). A 10 per cent depreciation in the value of sterling against the euro would increase the Group\u2019s profit for the year ended 31 December 2024 by \u00a310 million (2023: increase in the loss by \u00a327 million). Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A 2 per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates. If interest rates had been 2 per cent higher and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a310 million (2023: \u00a310 million increase in loss for the year). If interest rates had been 2 per cent lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2024 would increase by \u00a38 million (2023: \u00a317 million decrease in loss for the year). The interest rate sensitivity described results in a higher profit in 2024 for both an interest rate rise and an interest rate fall. This is because the Group currently has both interest rate caps hedging floating rate debt interest costs, and interest rate floors hedging floating rate cash interest income. Fixed rate debt issues are held at amortised cost and are not revalued in the Balance Sheet to reflect interest rate movements. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than 6 per cent of rental income. Trade receivables were less than 1 per cent of total assets at 31 December 2024 and at 31 December 2023. The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2024
2023
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
7
(1)
6
30\u201360 days
3
(1)
2
1
\u2013
1
60\u201390 days
\u2013
\u2013
\u2013
1
\u2013
1
90\u2013180 days
2
(1)
1
5
(3)
2
>180 days
5
(4)
1
4
(3)
1
Past due
16
(8)
8
18
(7)
11
Not due
58
(1)
57
55
(3)
52
Total trade receivables
74
(9)
65
73
(10)
63
Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2024 includes amounts due for 2024 rent and amounts billed in advance for 2025 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2025 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2024 were \u00a316 million (2023: \u00a318 million), 3 per cent of total gross rental income for the year (2023: 3 per cent). Trade receivables are presented in the Balance Sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment plans granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2024, the Group held a loss allowance provision for trade receivables of \u00a39 million (2023: \u00a310 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing 2 per cent of total gross rental income for the year (2023: 2 per cent). Total impairment losses on trade receivables of \u00a31 million were recognised in the Income Statement for the year ended 31 December 2024 (2023: \u00a33 million). The impairment losses on trade receivables include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The Group held a gross loan due from an associate of \u00a334 million as at 31 December 2023 which was impaired by \u00a328 million to a carrying value of \u00a36 million as at 31 December 2023. During 2024, the associate was acquired by the Group and is a 100 per cent subsidiary as at 31 December 2024 and no impairment has been recognised in the 31 December 2024 Group Income Statement. As set out in Note 2, the impairment of the loan in 2023 was directly related to a wider property transaction entered into by the Group and arose due to a fair value deficit on land held by an associate. As the size and nature of the impairment does not reflect the underlying performance of the business this has been treated as a Company specific adjustment. When considered together the overall transaction has had an accretive impact on net assets since inception. The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward- looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a an A- (or equivalent) credit rating. Cash and cash equivalents were placed with financial institutions with a minimum credit rating of A- (or equivalent). The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than 6 per cent of rental income. Trade receivables were less than 1 per cent of total assets at 31 December 2024 and at 31 December 2023. The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2024
2023
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
7
(1)
6
30\u201360 days
3
(1)
2
1
\u2013
1
60\u201390 days
\u2013
\u2013
\u2013
1
\u2013
1
90\u2013180 days
2
(1)
1
5
(3)
2
>180 days
5
(4)
1
4
(3)
1
Past due
16
(8)
8
18
(7)
11
Not due
58
(1)
57
55
(3)
52
Total trade receivables
74
(9)
65
73
(10)
63
Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2024 includes amounts due for 2024 rent and amounts billed in advance for 2025 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2025 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2024 were \u00a316 million (2023: \u00a318 million), 3 per cent of total gross rental income for the year (2023: 3 per cent). Trade receivables are presented in the Balance Sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment plans granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2024, the Group held a loss allowance provision for trade receivables of \u00a39 million (2023: \u00a310 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing 2 per cent of total gross rental income for the year (2023: 2 per cent). Total impairment losses on trade receivables of \u00a31 million were recognised in the Income Statement for the year ended 31 December 2024 (2023: \u00a33 million). The impairment losses on trade receivables include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The Group held a gross loan due from an associate of \u00a334 million as at 31 December 2023 which was impaired by \u00a328 million to a carrying value of \u00a36 million as at 31 December 2023. During 2024, the associate was acquired by the Group and is a 100 per cent subsidiary as at 31 December 2024 and no impairment has been recognised in the 31 December 2024 Group Income Statement. As set out in Note 2, the impairment of the loan in 2023 was directly related to a wider property transaction entered into by the Group and arose due to a fair value deficit on land held by an associate. As the size and nature of the impairment does not reflect the underlying performance of the business this has been treated as a Company specific adjustment. When considered together the overall transaction has had an accretive impact on net assets since inception. The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward- looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a an A- (or equivalent) credit rating. Cash and cash equivalents were placed with financial institutions with a minimum credit rating of A- (or equivalent). The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2024
2023
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
7
(1)
6
30\u201360 days
3
(1)
2
1
\u2013
1
60\u201390 days
\u2013
\u2013
\u2013
1
\u2013
1
90\u2013180 days
2
(1)
1
5
(3)
2
>180 days
5
(4)
1
4
(3)
1
Past due
16
(8)
8
18
(7)
11
Not due
58
(1)
57
55
(3)
52
Total trade receivables
74
(9)
65
73
(10)
63
Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2024 includes amounts due for 2024 rent and amounts billed in advance for 2025 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2025 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2024 were \u00a316 million (2023: \u00a318 million), 3 per cent of total gross rental income for the year (2023: 3 per cent). Trade receivables are presented in the Balance Sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment plans granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2024, the Group held a loss allowance provision for trade receivables of \u00a39 million (2023: \u00a310 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing 2 per cent of total gross rental income for the year (2023: 2 per cent). Total impairment losses on trade receivables of \u00a31 million were recognised in the Income Statement for the year ended 31 December 2024 (2023: \u00a33 million). The impairment losses on trade receivables include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The Group held a gross loan due from an associate of \u00a334 million as at 31 December 2023 which was impaired by \u00a328 million to a carrying value of \u00a36 million as at 31 December 2023. During 2024, the associate was acquired by the Group and is a 100 per cent subsidiary as at 31 December 2024 and no impairment has been recognised in the 31 December 2024 Group Income Statement. As set out in Note 2, the impairment of the loan in 2023 was directly related to a wider property transaction entered into by the Group and arose due to a fair value deficit on land held by an associate. As the size and nature of the impairment does not reflect the underlying performance of the business this has been treated as a Company specific adjustment. When considered together the overall transaction has had an accretive impact on net assets since inception. The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward- looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a an A- (or equivalent) credit rating. Cash and cash equivalents were placed with financial institutions with a minimum credit rating of A- (or equivalent). The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial review on pages 45 and 46. Liquidity and interest risk tables The following tables detail the Group\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows.
2024
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
350
\u2013
\u2013
\u2013
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2013
261
Fixed rate debt instruments
2.48
110
641
1,177
2,864
4,792
Derivative financial instruments:
Net settled interest rate swaps
2.60
53
56
26
\u2013
135
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(2)
\u2013
\u2013
\u2013
(2)
\u2013 Out\ue01flowing
2
\u2013
\u2013
\u2013
2
Total
527
711
1,456
2,973
5,667
2023
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
468
\u2013
\u2013
\u2013
468
Lease liabilities
3.90
4
4
12
118
138
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(571)
\u2013
\u2013
\u2013
(571)
\u2013 Out\ue01flowing
577
\u2013
\u2013
\u2013
577
Total
650
359
2,454
3,190
6,653
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3456 million (2023: \u00a3580 million) includes, accrued interest of \u00a336 million (2023: \u00a338 million) and lease liabilities of \u00a370 million (2023: \u00a374 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial review on pages 45 and 46. Liquidity and interest risk tables The following tables detail the Group\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows.
2024
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
350
\u2013
\u2013
\u2013
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2013
261
Fixed rate debt instruments
2.48
110
641
1,177
2,864
4,792
Derivative financial instruments:
Net settled interest rate swaps
2.60
53
56
26
\u2013
135
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(2)
\u2013
\u2013
\u2013
(2)
\u2013 Out\ue01flowing
2
\u2013
\u2013
\u2013
2
Total
527
711
1,456
2,973
5,667
2023
Weighted
average
interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
1
468
\u2013
\u2013
\u2013
468
Lease liabilities
3.90
4
4
12
118
138
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01flowing
(571)
\u2013
\u2013
\u2013
(571)
\u2013 Out\ue01flowing
577
\u2013
\u2013
\u2013
577
Total
650
359
2,454
3,190
6,653
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3456 million (2023: \u00a3580 million) includes, accrued interest of \u00a336 million (2023: \u00a338 million) and lease liabilities of \u00a370 million (2023: \u00a374 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "18. Share Capital and Share-Based Payments Share capital Group and Company
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2024
1,228
123
Issue of shares \u2013 placing
111
11
Issue of shares \u2013 scrip dividends
13
1
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2024
1,353
135
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2023
1,209
121
Issue of shares \u2013 scrip dividend
18
2
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2023
1,228
123
On 27 February 2024 the Company announced the placing of 111 million ordinary shares of 10 pence each in the capital of the Company at a price of 820.0 pence per share. The Company raised \u00a3907 million, before \u00a318 million expenses resulting in cash proceeds of \u00a3889 million. Consequently, the Company\u2019s share capital increased by \u00a311 million and share premium by \u00a3878 million. Share-based payments The Group operates the share-based payments schemes set out below. 18(i) \u2013 Deferred Share Bonus Plan (DSBP) The DSBP is for Executive Directors and senior managers. A percentage of any payment made under the Bonus Scheme is deferred to shares and held in trust for three years. The percentage subject to deferral for Executive Directors is 50 per cent of the Bonus payment. This scheme is detailed in the Remuneration Report on page 124. If a participant ceases to be employed by the Group, the award will lapse unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be released on the vesting date.
2024 2023
number number
At 1 January
1,187,381
1,034,807
Shares granted DSBP
332,487
479,754
Shares vested
(187,792)
(327,180)
Shares expired/lapsed
(92,722)
\u2013
At 31 December
1,239,354
1,187,381
The 2023 DSBP grant was made on 26 April 2024, based on a 25 April 2024 closing mid-market share price of 843.4 pence. 18(ii) \u2013 Long Term Incentive Plan (LTIP) The LTIP is a discretionary employee share scheme for Executive Directors and senior managers. Vesting of awards is subject to three-year performance conditions and is at the discretion of the Remuneration Committee. The performance conditions of the LTIP are detailed in the Remuneration Report on page 125. If a participant ceases to be employed by the Group, the award will lapse, unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be reduced pro-rata on length of employment in relation to the award date. For Executive Directors a compulsory two-year post-vesting holding period follows the three-year performance period.
2024 2023
number number
At 1 January
4,668,321
3,986,588
Shares granted LTIP
1,476,521
1,639,625
Shares vested
(1,019,115)
(745,044)
Shares expired/lapsed
(478,401)
(212,848)
At 31 December
4,647,326
4,668,321
The 2024 LTIP award was made on 22 March 2024. The calculation of the award was based on a share price of 889.2 pence, the closing mid-market share price on 21 March 2024. No consideration was paid for the grant of any award. The Black-Scholes model has been used to fair value the shares granted currently under award, apart from the TSR elements of the award which uses the Monte Carlo model. The assumptions used are as follows:
26 March 29 March 5 May 24 March 22 March
Date of grant 2020 2021 2022 2023 2024
Market price used for award
786.8p
933.0p
1,162.5p
737.8p
889.2p
Risk-free interest rate
0.12%
0.13%
1.68%
3.33%
4.18%
Dividend yield
2.6%
2.4%
1.9%
3.1%
3.3%
Volatility
17.1%
22.3%
24.7%
28.3%
29.4%
Term
3 years
3 years
3 years
3 years
3 years
Fair value per share
654.4p
375.3p
493.1p
338.9p
520.1p
18(iii) \u2013 Other share schemes The Group also operates the following all-employee share schemes. \u2013 Share Incentive Plan (SIP) \u2013 Global Share Incentive Plan (GSIP) \u2013 Sharesave Further details of these schemes are set out in the Remuneration Report on page 125. The total share-based payment charge for the other share schemes recognised in the 2024 Income Statement was \u00a31 million (2023: \u00a31 million). The total number of outstanding shares and options for these schemes as at 31 December 2024 was 963,176 (2023: 891,652).
19. Share Premium and Other Reserves
Share premium
2024 2023
Group and Company \u00a3m \u00a3m
Balance at 1 January
3,577
3,449
Premium arising on the issue of shares \u2013 placing1
878
\u2013
Premium arising on the issue of shares \u2013 scrip dividend
114
127
Premium arising on the issue of shares \u2013 other
\u2013
1
Balance at 31 December
4,569
3,577
1 See Note 18 for details on the 2024 share placing.
Capital redemption reserve
The capital redemption reserve of \u00a3114 million arose in 2009 where shares were reclassified, cancelled
and consolidated in connection with a rights issue.
Own shares held reserve
The own shares held reserve represent the cost of shares in SEGRO plc bought in the open market
and held by Ocorian Limited and Equiniti Limited, to satisfy various Group share schemes.
Other reserves
Other reserves shown on the Group Balance Sheet of \u00a3124 million (2023: \u00a3204 million) is made up
of the following reserves:
The merger reserve of \u00a3169 million (2023: \u00a3169 million) arose in 2009 in connection with the
acquisition of Brixton plc where the Group acquired 100 per cent of the voting equity of Brixton plc
in a share for share exchange.
The Group translation, hedging and other reserves of \u00a370 million deficit (2023: \u00a37 million surplus)
comprises all foreign exchange differences arising from the translation of the Financial Statements of
foreign operations, as well as from the translation of liabilities that hedge the Group\u2019s net investment
in foreign denominated subsidiaries.
The Group share-based payment reserve of \u00a325 million (2023: \u00a328 million) reflects the increase in
equity in connection with share-based payment transactions accounted for under IFRS 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "18. Share Capital and Share-Based Payments Share capital Group and Company
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2024
1,228
123
Issue of shares \u2013 placing
111
11
Issue of shares \u2013 scrip dividends
13
1
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2024
1,353
135
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2023
1,209
121
Issue of shares \u2013 scrip dividend
18
2
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2023
1,228
123
On 27 February 2024 the Company announced the placing of 111 million ordinary shares of 10 pence each in the capital of the Company at a price of 820.0 pence per share. The Company raised \u00a3907 million, before \u00a318 million expenses resulting in cash proceeds of \u00a3889 million. Consequently, the Company\u2019s share capital increased by \u00a311 million and share premium by \u00a3878 million. Share-based payments The Group operates the share-based payments schemes set out below. 18(i) \u2013 Deferred Share Bonus Plan (DSBP) The DSBP is for Executive Directors and senior managers. A percentage of any payment made under the Bonus Scheme is deferred to shares and held in trust for three years. The percentage subject to deferral for Executive Directors is 50 per cent of the Bonus payment. This scheme is detailed in the Remuneration Report on page 124. If a participant ceases to be employed by the Group, the award will lapse unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be released on the vesting date.
2024 2023
number number
At 1 January
1,187,381
1,034,807
Shares granted DSBP
332,487
479,754
Shares vested
(187,792)
(327,180)
Shares expired/lapsed
(92,722)
\u2013
At 31 December
1,239,354
1,187,381
The 2023 DSBP grant was made on 26 April 2024, based on a 25 April 2024 closing mid-market share price of 843.4 pence.
18(ii) \u2013 Long Term Incentive Plan (LTIP)
The LTIP is a discretionary employee share scheme for Executive Directors and senior managers.
Vesting of awards is subject to three-year performance conditions and is at the discretion of the
Remuneration Committee. The performance conditions of the LTIP are detailed in the Remuneration
Report on page 125.
If a participant ceases to be employed by the Group, the award will lapse, unless the participant is
deemed to be a \u2018good leaver\u2019, in which case the award will be reduced pro-rata on length of employment
in relation to the award date. For Executive Directors a compulsory two-year post-vesting holding
period follows the three-year performance period.
2024 2023
number number
At 1 January
4,668,321
3,986,588
Shares granted LTIP
1,476,521
1,639,625
Shares vested
(1,019,115)
(745,044)
Shares expired/lapsed
(478,401)
(212,848)
At 31 December
4,647,326
4,668,321
The 2024 LTIP award was made on 22 March 2024. The calculation of the award was based on a share
price of 889.2 pence, the closing mid-market share price on 21 March 2024. No consideration was
paid for the grant of any award.
The Black-Scholes model has been used to fair value the shares granted currently under award, apart
from the TSR elements of the award which uses the Monte Carlo model. The assumptions used are
as follows:
26 March 29 March 5 May 24 March 22 March
Date of grant 2020 2021 2022 2023 2024
Market price used for award
786.8p
933.0p
1,162.5p
737.8p
889.2p
Risk-free interest rate
0.12%
0.13%
1.68%
3.33%
4.18%
Dividend yield
2.6%
2.4%
1.9%
3.1%
3.3%
Volatility
17.1%
22.3%
24.7%
28.3%
29.4%
Term
3 years
3 years
3 years
3 years
3 years
Fair value per share
654.4p
375.3p
493.1p
338.9p
520.1p
18(iii) \u2013 Other share schemes
The Group also operates the following all-employee share schemes.
\u2013 Share Incentive Plan (SIP)
\u2013 Global Share Incentive Plan (GSIP)
\u2013 Sharesave
Further details of these schemes are set out in the Remuneration Report on page 125. The total
share-based payment charge for the other share schemes recognised in the 2024 Income Statement
was \u00a31 million (2023: \u00a31 million). The total number of outstanding shares and options for these
schemes as at 31 December 2024 was 963,176 (2023: 891,652).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "
Share capital
Group and Company
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2024
1,228
123
Issue of shares \u2013 placing
111
11
Issue of shares \u2013 scrip dividends
13
1
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2024
1,353
135
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2023
1,209
121
Issue of shares \u2013 scrip dividend
18
2
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2023
1,228
123
On 27 February 2024 the Company announced the placing of 111 million ordinary shares of 10 pence
each in the capital of the Company at a price of 820.0 pence per share. The Company raised
\u00a3907 million, before \u00a318 million expenses resulting in cash proceeds of \u00a3889 million. Consequently,
the Company\u2019s share capital increased by \u00a311 million and share premium by \u00a3878 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "19. Share Premium and Other Reserves Share premium
2024 2023
Group and Company \u00a3m \u00a3m
Balance at 1 January
3,577
3,449
Premium arising on the issue of shares \u2013 placing1
878
\u2013
Premium arising on the issue of shares \u2013 scrip dividend
114
127
Premium arising on the issue of shares \u2013 other
\u2013
1
Balance at 31 December
4,569
3,577
1 See Note 18 for details on the 2024 share placing. Capital redemption reserve The capital redemption reserve of \u00a3114 million arose in 2009 where shares were reclassified, cancelled and consolidated in connection with a rights issue. Own shares held reserve The own shares held reserve represent the cost of shares in SEGRO plc bought in the open market and held by Ocorian Limited and Equiniti Limited, to satisfy various Group share schemes. Other reserves Other reserves shown on the Group Balance Sheet of \u00a3124 million (2023: \u00a3204 million) is made up of the following reserves: The merger reserve of \u00a3169 million (2023: \u00a3169 million) arose in 2009 in connection with the acquisition of Brixton plc where the Group acquired 100 per cent of the voting equity of Brixton plc in a share for share exchange. The Group translation, hedging and other reserves of \u00a370 million deficit (2023: \u00a37 million surplus) comprises all foreign exchange differences arising from the translation of the Financial Statements of foreign operations, as well as from the translation of liabilities that hedge the Group\u2019s net investment in foreign denominated subsidiaries. The Group share-based payment reserve of \u00a325 million (2023: \u00a328 million) reflects the increase in equity in connection with share-based payment transactions accounted for under IFRS 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "
20. Commitments
Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are as follows:
2024 2023
Group \u00a3m \u00a3m
Properties
1
210
236
1 As detailed on page 38 of the Strategic Report, the Group (including joint ventures and associates at share) is expected
to invest approximately \u00a3500 million in development capex during 2025. This amount includes committed and
uncommitted capex.
In addition, commitments in the Group\u2019s joint ventures and associates at 31 December 2024 (at share)
amounted to \u00a32 million (2023: \u00a319 million). The Group also has a \u00a34 million commitment to property
related investment funds at 31 December 2024 (2023: \u00a36 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "20. Commitments Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are as follows:
2024 2023
Group \u00a3m \u00a3m
Properties
1
210
236
1 As detailed on page 38 of the Strategic Report, the Group (including joint ventures and associates at share) is expected to invest approximately \u00a3500 million in development capex during 2025. This amount includes committed and uncommitted capex. In addition, commitments in the Group\u2019s joint ventures and associates at 31 December 2024 (at share) amounted to \u00a32 million (2023: \u00a319 million). The Group also has a \u00a34 million commitment to property related investment funds at 31 December 2024 (2023: \u00a36 million). 21. Contingent Liabilities The Group has given performance guarantees to third parties amounting to \u00a346 million (2023: \u00a354 million) in respect of development contracts of subsidiary undertakings. It is unlikely that these contingencies will crystallise. The Company has guaranteed loans, bank overdrafts and euro bonds of subsidiary undertakings and has indicated its intention to provide the necessary support required by its subsidiaries. The Group and joint ventures are subject to claims and litigation generally and provides guarantees, representations and warranties arising in the ordinary course of its business. Provision is made when liabilities are considered likely to arise and the expected quantum of the exposure is able to be estimated. The risk in relation to such items are monitored on an ongoing basis and provisions amended accordingly. It is not expected that contingent liabilities existing at 31 December 2024 will have a material adverse effect on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "
21. Contingent Liabilities
The Group has given performance guarantees to third parties amounting to \u00a346 million
(2023: \u00a354 million) in respect of development contracts of subsidiary undertakings. It is unlikely
that these contingencies will crystallise.
The Company has guaranteed loans, bank overdrafts and euro bonds of subsidiary undertakings and
has indicated its intention to provide the necessary support required by its subsidiaries.
The Group and joint ventures are subject to claims and litigation generally and provides guarantees,
representations and warranties arising in the ordinary course of its business. Provision is made when
liabilities are considered likely to arise and the expected quantum of the exposure is able to be
estimated. The risk in relation to such items are monitored on an ongoing basis and provisions
amended accordingly. It is not expected that contingent liabilities existing at 31 December 2024
will have a material adverse effect on the Group\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "
22. Leases
The Group as a lessor
The investment properties are leased to tenants under operating leases with rentals payable on a
monthly or quarterly basis. Lease payments for some contracts include inflationary index increases,
but there are no significant levels of variable lease payments that do not depend on an index or a rate.
Where considered necessary to reduce credit risk, the Group may obtain bank guarantees or tenant
deposits for the term of the lease. The Group is exposed to changes in the residual value of properties
at the end of current lease agreements. The residual value risk borne by the Group is mitigated by
active management of its property portfolio and discussed further in the Asset Management update
on pages 40 to 41. The Group does not hold significant finance leases as a lessor.
Future aggregate minimum rentals receivable under non-cancellable operating leases are:
Joint
ventures and
associates
Group at share 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Not later than one year
499
114
613
606
Later than one year, not later than two years
447
103
550
523
Later than two years, not later than three years
397
91
488
453
Later than three years, not later than four years
346
74
420
399
Later than four years, not later than five years
297
58
355
345
Later than five years
1,911
179
2,090
2,297
Balance at 31 December
3,897
619
4,516
4,623
There are no significant levels of contingent rent in the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "22. Leases The Group as a lessor The investment properties are leased to tenants under operating leases with rentals payable on a monthly or quarterly basis. Lease payments for some contracts include inflationary index increases, but there are no significant levels of variable lease payments that do not depend on an index or a rate. Where considered necessary to reduce credit risk, the Group may obtain bank guarantees or tenant deposits for the term of the lease. The Group is exposed to changes in the residual value of properties at the end of current lease agreements. The residual value risk borne by the Group is mitigated by active management of its property portfolio and discussed further in the Asset Management update on pages 40 to 41. The Group does not hold significant finance leases as a lessor. Future aggregate minimum rentals receivable under non-cancellable operating leases are:
Joint
ventures and
associates
Group at share 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Not later than one year
499
114
613
606
Later than one year, not later than two years
447
103
550
523
Later than two years, not later than three years
397
91
488
453
Later than three years, not later than four years
346
74
420
399
Later than four years, not later than five years
297
58
355
345
Later than five years
1,911
179
2,090
2,297
Balance at 31 December
3,897
619
4,516
4,623
There are no significant levels of contingent rent in the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "24. Notes to the Cash Flow Statements 24(i) \u2013 Reconciliation of cash generated from operations
Group
2024 2023
\u00a3m \u00a3m
Operating profit/(loss)
703
(180)
Adjustments for:
Depreciation of property, plant and equipment and amortisation of intangibles
12
6
Share of (profit)/loss from joint ventures and associates after tax
(53)
76
Profit on sale of properties
(75)
(39)
Revaluation (surplus)/deficit on investment properties
(120)
647
Other provisions
5
8
Increase in impairment of loan held with associate
\u2013
28
472
546
Changes in working capital:
(Increase)/decrease in trading properties
(3)
33
Increase in debtors and tenant incentives
(18)
(22)
Increase in creditors
8
27
Net cash inflow generated from operations
459
584
24(ii) \u2013 Deposits Term deposits for a period of three months or less are included within cash and cash equivalents. 24(iii) \u2013 Analysis of net debt Management defines net debt as total borrowing less cash and cash equivalents.
Cash movements
Non-cash movements
At 1 Cost of Other At 31
January Cash Cash Exchange early close non-cash December
2024
inflow
1
outflow
2
movement out of debt
adjustments
3
2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank loans and loan capital
5,387
419
(999)
(166)
\u2013
\u2013
4,641
Capitalised finance costs
(39)
\u2013
(7)
\u2013
2
10
(34)
Total borrowings
5,348
419
(1,006)
(166)
2
10
4,607
Cash and cash equivalents
(376)
\u2013
13
\u2013
\u2013
\u2013
(363)
Net debt
4,972
419
(993)
(166)
2
10
4,244
1 Proceeds from borrowings of \u00a3419 million. 2 Cash outflow of \u00a31,006 million, comprises repayment of borrowings of \u00a3999 million and capitalised finance costs of \u00a37 million. 3 Total other non-cash adjustment of \u00a310 million relates to the amortisation of issue costs offset against borrowings.
24(iv) \u2013 Analysis of financial liabilities and assets arising from financing activities
For the year ended 31 December 2024
Cash movements
Non-cash movements
Cost of
At 1 Net early Other At 31
January Cash Cash Exchange fair value close of non-cash December
2024 inflow outflow
movement
1
changes
2
debt adjustments 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Total borrowings
(Note 16)
5,348
419
(1,006)
(166)
\u2013
2
10
4,607
Derivatives: (Net) Fair
value of forward foreign
exchange and currency
swap contracts
(Note 17)
(12)
1
\u2013
(16)
\u2013
\u2013
\u2013
(27)
Lease liabilities
(Note 15)
3
74
\u2013
(5)
(3)
\u2013
\u2013
4
70
Total net financial
liabilities arising from
financing activities
5,410
420
(1,011)
(185)
\u2013
2
14
4,650
1 Exchange movement of \u00a3182 million from borrowings and forward foreign exchange and currency swap contracts
consists of: Foreign exchange gain on effective hedge relationships recognised in OCI of \u00a395 million, foreign exchange
gain arising on translation of borrowings held in international operations recognised in OCI of \u00a372 million and foreign
exchange gain recognised within the Income Statement of \u00a315 million. See Note 17(iv).
2 Total net fair value gain of \u00a33 million arising from derivatives per Note 9 also includes fair value gain from interest rate
derivatives of \u00a33 million.
3 Lease liabilities cash outflows of \u00a35 million consists of: \u00a33 million interest payment and \u00a32 million principal
elements payment.
For the year ended 31 December 2023
Cash movements
Non-cash movements
Cost of
At 1 Net early Other At 31
January Cash Cash Exchange fair value close of non-cash December
2023 inflow outflow
movement
1
changes
2
debt adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Total borrowings
(Note 16)
4,884
961
(448)4
(58)
\u2013
1
8
5,348
Derivatives: (Net) Fair
value of forward foreign
exchange and currency
swap contracts (Note 17)
2
\u2013
(2)
(9)
(3)
\u2013
\u2013
(12)
Lease liabilities (Note 15)
3
77
\u2013
(5)
(1)
\u2013
\u2013
3
74
Total net financial
liabilities arising from
financing activities
4,963
961
(455)
(68)
(3)
1
11
5,410
1 Exchange movement of \u00a367 million from borrowings and forward foreign exchange and currency swap contracts
consists of: Foreign exchange gain on effective hedge relationships recognised in OCI of \u00a335 million and foreign
exchange gain arising on translation of borrowings held in international operations recognised in OCI of \u00a325 million
and foreign exchange gain recognised within the Income Statement of \u00a37 million. See Note 17(iv).
2 Total net fair value gain of \u00a324 million arising from derivatives per Note 9 also includes fair value gain from interest rate
swaps and caps of \u00a321 million.
3 Lease liabilities cash outflows of \u00a35 million consists of: \u00a33 million interest payment and \u00a32 million principal
elements payment.
4 Cash outflow from the total borrowings of \u00a3448 million, comprises repayment of borrowings of \u00a3444 million,
cash settlement for early repayment of debt of \u00a31 million and capitalised finance costs of \u00a33 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "
23. Related Party Transactions
Group
Transactions during the year between the Group and its joint ventures are disclosed below:
2024 2023
\u00a3m \u00a3m
Dividends received
29
38
Assets sold to joint ventures
1
\u2013
18
Management fee income
26
29
Performance fee income
\u2013
89
1 During 2023, investment properties with a carrying value of \u00a318 million were sold to SELP. Total proceeds (and total cash
proceeds) received by SEGRO was \u00a318 million. The transaction resulted in the net assets of the Group increasing by \u00a3nil.
The net cash impact on a proportionally consolidated basis was an inflow of \u00a39 million once the 50 per cent ownership
in SELP is taken into account. No assets were sold to SELP during 2024.
Amounts due from joint ventures and associates are disclosed in Note 14. Investments in joint ventures
and associates at 31 December 2024 of \u00a31,552 million disclosed in Note 7 (2023: \u00a31,636 million)
includes shareholder loans of \u00a384 million (2023: \u00a389 million). Outstanding loans and amounts due are
generally charged interest at market rates and are unsecured. Loans held with joint ventures and
associates are either cash settled or converted into share capital.
Transactions between the Company and its subsidiaries eliminate on consolidation and are not
disclosed in this Note.
Company
Amounts due from subsidiaries are disclosed in Note 7 and amounts due to subsidiaries are disclosed
in Note 15.
None of the above Group or Company balances are secured.
Remuneration of key management personnel
Key management personnel for the Group and Company comprise Executive and Non-Executive
Directors, as outlined in the Governance Report on pages 76 to 78. Key management personnel
compensation is shown in the table below:
2024 2023
\u00a3m \u00a3m
Salaries and short-term benefits
4
5
Share-based payments
2
3
Total remuneration
6
8
More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements,
share options and other long-term incentive plans, as required by the Companies Act 2006, is shown
in the Remuneration Report on pages 105 to 131.
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Great Western, Southall) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Metropolitan Park) 1 England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Asset Management UK England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Nominee 8 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 9 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 26 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 27 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 38 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 39 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 41 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Premier Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Properties Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
27. Related Undertakings
A list of the Group\u2019s related undertakings as at 31 December 2024 is detailed below. Except where the
Group\u2019s percentage holdings is disclosed below, the entire share capital of the subsidiary undertaking
is held by the Group. Unless otherwise stated, the Group\u2019s holding in the subsidiary undertaking
comprise ordinary shares. Where subsidiaries have different classes of shares, the percentage
effective holding shown represents both the Group\u2019s voting rights and equity holding. All subsidiaries
are consolidated in the Group\u2019s Financial Statements. The Group\u2019s related undertakings also includes
its joint ventures and associates, which is primarily SELP.
Audit exemption taken for subsidiaries
Certain UK subsidiaries are exempt from the requirement of the Companies Act 2006 (the Act)
relating to the audit of individual accounts by virtue of Section 479A of the Act. These subsidiaries are
identified with two asterisks (**) on the table below.
Certain UK partnerships are exempt from the requirement to prepare, publish and have audited
individual accounts by virtue of regulation 7 of The Partnership (Accountants) Regulations 2008.
The results of these partnerships are consolidated within the Group accounts and are identified with
three asterisks (***) on the table below.
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Airport Property GP (No. 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property H1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property Partnership***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Amdale Holdings Limited NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
Beira Investments Sp z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Bilton Homes Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bilton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bonsol S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Brixton (Axis Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Coventry & Warwickshire England
Indirect
Two Friargate, Station Square,
Development Partnership LLP
3
and Wales Coventry, England, CV1 2GN
CWDP Investment Limited**
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
Dagenham Park Management England
Indirect
1 New Burlington Place, London,
Company Limited**
,4,8
and Wales W1S 2HR, United Kingdom
De Hoek-Noord S-Park B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
Devon Nominees (No. 1) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
ER 3 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Gateway Rugby Management England
Indirect
1 New Burlington Place, London,
Company Limited**
,4
and Wales W1S 2HR, United Kingdom
Granby Investment Sp. z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
Gront Four s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11, Star\u00e9
Republic M\u011bsto, PS\u010c 110 00, Czech
Republic
Hatton Farm Estates Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Helios Northern Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
HelioSlough Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Holbury Investments Sp. z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
IFP S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
IMPIANTI FTV S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
London Distribution Park No.2 LLP
3
England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Premier Greenford GP Limited
2,5
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Property Management Company England
72
Indirect
1 New Burlington Place, London,
(Croydon) Limited and Wales W1S 2HR, United Kingdom
Reprendre Racines SAS
France
Indirect
20 rue Brunel, 75017 Paris, France
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Roxhill (Maidstone) Limited
1
England
50
Indirect
C/O BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Roxhill Management Rugby Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Roxhill Warth 2 Limited**
England
28
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Roxhill Warth 3 Limited**
England
50
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (225 Bath Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Acton Park Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Beddington Lane) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Belvedere Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Birmingham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Bonded Stores) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coronation Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coventry Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Hatton Farm Site B) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow International) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Iver 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
SEGRO (Kettering) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (New Cross Business Centre) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Northampton Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited and Wales W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Perivale Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Plot 9 SmartParc) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Coventry) Limited**
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
SEGRO (Dagenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Trading Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Management England
82
Indirect
1 New Burlington Place, London,
Company) Limited**,
5
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Rail Freight Terminal) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Great Cambridge Industrial England
Indirect
1 New Burlington Place, London,
Estate) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Rainham, Enterprise 2) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Reading) Limited
6
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rockware Avenue) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Skyline) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (The Portal) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tudor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Victoria Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S2HR, United Kingdom
SEGRO (Watchmoor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Achte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Administration Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Advisory Services S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO APP 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Asset Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Belgium NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Benelux 2 B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Benelux B.V.
7
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Bobigny SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Bourget
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Capital S.\u00e1 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO CHUSA Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Croydon (Mitcham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11, Star\u00e9
Republic M\u011bsto, PS\u010c 110 00, Czech
Republic
SEGRO Dortmund GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Dreiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Dreizehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Italy ER 5 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Logistics Nord SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Logistics Park Aulnay SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Logistics Sud SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Luge S.\u00e0 r.l.
Luxembourg
Indirect
15 Boulevard F.W. Raiffeisen,
Luxembourg, L - 2411,
Luxembourg
SEGRO Luxembourg S.\u00e0 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO Management NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Netherlands B.V.
Netherlands
Indirect
8th Floor, 1082MA Amsterdam,
Gustav Mahlerplein 62, ITO-toren,
Netherlands
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
8th Floor, 1082MS Amsterdam,
Gustav Mahlerplein 62, ITO-toren,
Netherlands
(UK branch)
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Neunte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Neunzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Oosterhout I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, 1082MA,
Amsterdam, Netherlands
SEGRO Overseas Holdings Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel,
75
017, Paris, France
SEGRO plc French Branch
France
Direct
20
Rue Brunel, 75017, Paris, France
SEGRO Plessis SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Poland Sp z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
SEGRO Properties Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Properties Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Reisholz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Rugby LLP***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Sechste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Sechzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Siebte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Dritte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Eindhoven I B.V.
Netherlands
Indirect
2 Rue des Gaulois L-1618
Luxembourg
SEGRO Einundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Elfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Erste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO European Logistics
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Partnership S.\u00e1 r.l. Luxembourg
SEGRO Finance Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Fixtures GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO France Energy SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO France SA
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO F\u00fcnfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO F\u00fcnfundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO F\u00fcnfzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Gennevilliers SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Germany GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Gobelins SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Heerlen I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, 1082MA,
Amsterdam, Netherlands
SEGRO Holdings France SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Industrial Estates Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
IM1 1EE, Isle of Man
SEGRO Investments Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Investments Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Italy S.R.L
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 1 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 2 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 4 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Slough Spare Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Spain Management S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 1 S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 2 S.L.U
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 3 S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spare 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO STE Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Tilliers SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Trading (France) SNC
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics LR1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics MR1 SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR2 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR3 SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Vierte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Vierundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Vierzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO V-Park Grand Union LLP
3
England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Wissous SCI
France
Indirect
20 Rue Brunel,
75
017, Paris, France
SEGRO Zehnte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zwanzigste Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Zweite Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Zw\u00f6lfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SELP (Alpha Holdings) S.\u00e1 r.l.
Luxembourg
50
Indirect
2 Rue des Gaulois L-1618
Luxembourg
SELP (Alpha JV) S.\u00e1 r.l.
Luxembourg
50
Indirect
2 Rue des Gaulois L-1618
Luxembourg
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SELP Finance S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Investments S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Management Limited
9
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Slough Trading Estate Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Smartparc SEGRO Spondon Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Steamhouse Group Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Tenedor S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
The UK Logistics (Nominee 1) England
Indirect
1 New Burlington Place, London,
Limited
2
and Wales W1S 2HR, United Kingdom
The UK Logistics (Nominee 2) England
Indirect
1 New Burlington Place, London,
Limited
2
and Wales W1S 2HR, United Kingdom
The UK Logistics General Partner England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
The UK Logistics Limited Partnership
3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Trafford Park 1 Limited
Guernsey
Indirect
1st and 2nd Floors, Elizabeth
House, Les Ruettes Brayes,
St Peter Port, GY1 1EW, Guernsey
Trafford Park Estates Limited
1
England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
UK Logistics Fund Unit Trust
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Jersey
UK Logistics Properties No 1 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Trust Jersey
UK Logistics Properties No 2 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Trust Jersey
UK Logistics Trustees Limited
Jersey
Indirect
Ogier House, The Esplanade,
St Helier, JE4 9WG, Jersey
UK Property Unit Trust No. 41
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 42
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 43
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 44
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 45
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
Unitair General Partner Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Unitair Limited Partnership***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Vailog France SCI
France
Indirect
20 Rue
Brunel,
75
017, Paris, France
Vimercate DC S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Woodside GP Limited
2
England
33.33
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Zinc One S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Zinc Seven S.R.L
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Zinc Six S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
1. Company is in liquidation as at 31 December 2024.
2. Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
3. Partnerships and Limited Liability Partnerships (LLPs) do not have a share capital and unless otherwise stated, the Group
holds 100 per cent interest in these entities.
4. Companies limited by guarantee do not have a share capital and unless otherwise stated the Group holds 100 per cent
interest in these entities.
5. Ownership held in class A and B shares.
6. Ownership held in Ordinary and Deferred shares.
7. Ownership held in class G shares, K shares, S shares and Preference shares.
8. There are five external members of Dagenham Park Management Company Limited. All members are liable up to the
value of \u00a31.00.
9. SELP Management Limited is an appointed representative of Langham Hall Fund Management LLP, which is authorised
and regulated by the Financial Conduct Authority of the UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "23. Related Party Transactions Group Transactions during the year between the Group and its joint ventures are disclosed below:
2024 2023
\u00a3m \u00a3m
Dividends received
29
38
Assets sold to joint ventures
1
\u2013
18
Management fee income
26
29
Performance fee income
\u2013
89
1 During 2023, investment properties with a carrying value of \u00a318 million were sold to SELP. Total proceeds (and total cash proceeds) received by SEGRO was \u00a318 million. The transaction resulted in the net assets of the Group increasing by \u00a3nil. The net cash impact on a proportionally consolidated basis was an inflow of \u00a39 million once the 50 per cent ownership in SELP is taken into account. No assets were sold to SELP during 2024. Amounts due from joint ventures and associates are disclosed in Note 14. Investments in joint ventures and associates at 31 December 2024 of \u00a31,552 million disclosed in Note 7 (2023: \u00a31,636 million) includes shareholder loans of \u00a384 million (2023: \u00a389 million). Outstanding loans and amounts due are generally charged interest at market rates and are unsecured. Loans held with joint ventures and associates are either cash settled or converted into share capital. Transactions between the Company and its subsidiaries eliminate on consolidation and are not disclosed in this Note. Company Amounts due from subsidiaries are disclosed in Note 7 and amounts due to subsidiaries are disclosed in Note 15. None of the above Group or Company balances are secured. Remuneration of key management personnel Key management personnel for the Group and Company comprise Executive and Non-Executive Directors, as outlined in the Governance Report on pages 76 to 78. Key management personnel compensation is shown in the table below:
2024 2023
\u00a3m \u00a3m
Salaries and short-term benefits
4
5
Share-based payments
2
3
Total remuneration
6
8
More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term incentive plans, as required by the Companies Act 2006, is shown in the Remuneration Report on pages 105 to 131. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "Remuneration of key management personnel Key management personnel for the Group and Company comprise Executive and Non-Executive Directors, as outlined in the Governance Report on pages 76 to 78. Key management personnel compensation is shown in the table below:
2024 2023
\u00a3m \u00a3m
Salaries and short-term benefits
4
5
Share-based payments
2
3
Total remuneration
6
8
More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term incentive plans, as required by the Companies Act 2006, is shown in the Remuneration Report on pages 105 to 131. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "
25. Property Valuation Techniques, Sustainability and Climate Change Considerations and
Related Quantitative Information
All of the Group\u2019s properties are level 3, as defined by IFRS 13, in the fair value hierarchy as at
31 December 2024 and there were no transfers between levels during the year. Level 3 inputs used in
valuing the properties are those which are unobservable, as opposed to level 1 (inputs from quoted
prices) and level 2 (observable inputs either directly, i.e. as prices, or indirectly, i.e. derived from prices).
Valuation techniques
Based on different approaches for different properties, the following valuation techniques can be
used for the same class of assets:
The yield methodology valuation technique is used when valuing the Group\u2019s assets which uses
market rental values capitalised with a market capitalisation rate. The resulting valuations are cross-
checked against the initial yields and the fair market values per square metre derived from actual
market transactions for similar assets.
Sensitivity analysis
An increase/decrease to ERV will increase/decrease valuations, while an increase/decrease to yield
will decrease/increase valuations. Sensitivity analysis showing the impact on valuations of changes
in yields and ERV on the property portfolio (including joint ventures and associates at share) and the
impact on valuations of changes in development costs on the development property and land
portfolio (including joint ventures and associates at share) is shown below.
Management still considers a +/- 25bp change in yield, a +/- 5 per cent change in ERV and a +/- 10 per
cent change in development costs to be reasonably possible changes to the assumptions.
Impact on valuation Impact on valuation of 5% Impact on valuation of 10%
of 25bp change in change in estimated rental change in estimated
equivalent yield value (ERV) development costs
Group Increase Decrease Increase Decrease Increase Decrease
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Completed property
15,453
(734)
807
576
(571)
\u2013
\u2013
Development property
and land
2,317
(190)
203
287
(287)
(351)
351
Group total property
portfolio
1 7,7 70
(924)
1,010
863
(858)
(351)
351
Impact on valuation Impact on valuation of 5% Impact on valuation of 10%
of 25bp change in change in estimated rental change in estimated
equivalent yield value (ERV) development costs
Group Increase Decrease Increase Decrease Increase Decrease
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Completed property
15,255
(742)
819
570
(563)
\u2013
\u2013
Development property
and land
2,507
(210)
225
310
(310)
(385)
385
Group total property
portfolio
17,762
(952)
1,044
880
(873)
(385)
385
There are inter-relationships between all these inputs as they are determined by market conditions.
The existence of an increase in more than one input would be to magnify the impact on the valuation.
The impact on the valuation will be mitigated by the inter-relationship of two inputs in opposite
directions, for example, an increase in rent may be offset by an increase in yield. The yield sensitivity is
based on the equivalent yield which closely aligns with the net true equivalent yield inputs shown in
the tables below. The tables below includes the Group\u2019s wholly-owned and joint venture and associate
assets at share in order to include the entire portfolio. The equivalent analysis for the range of inputs
on a wholly-owned basis would not be significantly different.
For properties under construction and the majority of land held for development, properties are
valued using a residual method valuation. Under this methodology, the valuer assesses the
investment value (using the above mentioned methodology for completed buildings). Deductions are
then made for the total estimated costs to complete, including notional finance costs and developer\u2019s
profit, to take into account the hypothetical purchaser\u2019s management of the remaining development
process and their perception of risk with regard to construction and the property market (e.g. as
regards potential cost overruns and letting risk). Land values are cross-checked against the rate per
hectare derived from actual market transactions. Other land is also valued on this comparative basis.
Land values per hectare range from \u00a30.1 million \u2013 \u00a341.5 million (2023: \u00a30.1 million \u2013 \u00a341.5 million) for
the UK and \u00a30.1 million \u2013 \u00a311.4 million (2023: \u00a30.1 million \u2013 \u00a312.7 million) for Continental Europe.
Sustainability valuation considerations
The Group\u2019s valuers, CBRE, note in their valuation report that the impact of sustainability factors on
valuations have been considered. In a valuation context, \u2018sustainability\u2019 encompasses a wide range
of physical, social, environmental, and economic factors that can affect value of an asset, even if not
explicitly recognised. The valuers consider the following areas to have the most potential to impact
on the value of an asset: Energy Performance; Green Certification; Sources of Fuel and Renewable
Energy Sources and Physical Risk/Climate Risk. The valuers have considered in particular the EPC
ratings and the appropriate capital expenditure which will be required to obtain the necessary EPC
rating to attract and maintain the tenants required in the future. The valuers are also aware of the
impact of flood risk and have noted the impact this has had on potential purchasers.
Climate risk legislation
The UK Government and the EU is currently producing legislation on the transition to net-zero. The UK
Government is currently producing legislation which enforces the transition to net-zero by 2050, and
the stated 78 per cent reduction of greenhouse gases by 2035. This is understood to include an
update to the Minimum Energy Efficiency Standards, stated to increase the minimum requirements
for non-domestic properties from an E to a B in 2030. The UK Government also intends to introduce
an operational rating. It is not yet clear how this will be legislated, but fossil fuels used in buildings,
such as natural gas for heating, are incompatible with the UK\u2019s commitment to be net-zero carbon
by 2050. This upcoming legislation could have a potential impact to future asset value.
The introduction of mandatory climate-related disclosures in the UK and EU (including \u2018Task Force on
Climate-related Financial Disclosures\u2019 (TCFD) in the UK and \u2018Sustainable Finance Disclosure Regulations\u2019
(SFDR) and \u2018Corporate Sustainability Reporting Directive\u2019 (CSRD) in the EU), including the assessment
of physical and transition climate risks, may potentially have an impact on how the market views such
risks and incorporates them into the sale and letting of assets.
Sustainability and climate risk legislation has an impact on the value of an asset, even if not explicitly
recognised. Where the valuers recognise the value impacts of sustainability and legislation, they are
reflecting their understanding of how market participants include sustainability and legislation
requirements in their bids and the impact on market valuations.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed
development
1
portfolio
ERV
2
ERV range
2
yield
3
yield range
3
2024
By asset type
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Big box warehouses
5,050
\u2013
5,050
64.8
33.1\u2013204.5
5.6
4 .6 \u20137.2
Urban warehouses
8,759
\u2013
8,759
166.0
25.0\u2013395.6
5.2
4.4\u20139.7
Data centres
1,284
\u2013
1,284
306.5
146.4\u2013387.4
5.4
4.6\u20135.6
Other uses of
industrial land
4
360
\u2013
360
215.3
49.6\u2013645.8
7.4
4.5\u201311.8
15,453
2,317
17,7 70
99.9
25.0\u2013645.8
5.4
4.4\u201311.8
By ownership
Wholly-owned
5
13,015
2,229
15,244
143.1
25.0\u2013645.8
5.3
4.4\u201311.8
Joint ventures and
associates
2,438
88
2,526
58.4
35.7\u2013314.8
5.6
4.6 \u20137.2
Group Total
15,453
2,317
1 7,7 70
99.9
25.0\u2013645.8
5.4
4.4\u201311.8
1 Land and development valuations by asset type are not available as land sites are not categorised by asset type.
Combined property portfolio column will not cast down but row does cast across.
2 On a fully occupied basis.
3 In relation to the completed properties only.
4 Other uses of industrial land includes offices and retail uses, such as trade counters, car showrooms and
self-storage facilities.
5 Included in the completed portfolio, the wholly-owned assets are: big box \u00a32,702 million; urban warehouses
\u00a38,672 million; data centres \u00a31,284 million; and other uses of industrial land \u00a3357 million.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed development portfolio
ERV
1
ERV range
1
yield
2
yield range
2
2024
By geography
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
UK
10,039
1,452
11,491
195.8
45.0\u2013645.8
5.3
4.5\u201311.8
CE
5,414
865
6,279
64.5
25.0\u2013248.1
5.6
4.4\u20139.7
Group Total
15,453
2,317
1 7,7 70
99.9
25.0\u2013645.8
5.4
4.4\u201311.8
Investment properties
\u2013 Group (Note 13)
3
15,236
Investment properties
\u2013 Joint ventures and
associates (Note 7(ii))
2,526
Trading properties
\u2013 Group
4
8
Group Total
17,770
1 On a fully occupied basis.
2 In relation to the completed properties only.
3 Excludes head lease ROU assets of \u00a367 million.
4 Includes valuation surplus not recognised on trading properties of \u00a32 million.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed
development
1
portfolio
ERV
2
ERV range
2
yield
3
yield range
3
2023
By asset type
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Big box warehouses
4,837
\u2013
4,837
63.3
34.8\u2013203.3
5.4
4.5\u20136.8
Urban warehouses
8,832
\u2013
8,832
163.6
26.3\u2013497.4
5.1
4.3\u20139.7
Data centres
1,229
\u2013
1,229
303.2
146.4\u2013387.4
5.4
4.4\u20135.6
Other uses of
industrial land
4
357
\u2013
357
207.5
52.2\u2013538.2
7.2
4.3\u201310.6
15,255
2,507
17,762
98.0
26.3\u2013538.2
5.3
4.3\u201310.6
By ownership
Wholly-owned
5
12,463
2,384
14,847
147.4
26.3\u2013538.2
5.2
4.3\u201310.6
Joint ventures and
associates
2,792
123
2,915
58.3
36.5\u2013133.5
5.5
4.5\u20138.5
Group Total
15,255
2,507
17,762
98.0
26.3\u2013538.2
5.3
4.3\u201310.6
1 Land and development valuations by asset type are not available as land sites are not categorised by asset type.
Combined property portfolio column will not cast down but row does cast across.
2 On a fully occupied basis.
3 In relation to the completed properties only.
4 Other uses of industrial land includes offices and retail uses, such as trade counters, car showrooms and
self-storage facilities.
5 Included in the completed portfolio, the wholly-owned assets are: big box \u00a32,099 million; urban warehouses
\u00a38,780 million; data centres \u00a31,229 million; and other uses of industrial land \u00a3355 million.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed development portfolio
ERV
1
ERV range
1
yield
2
yield range
2
2023
By geography
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
UK
9,635
1,546
11,181
194.3
45.0\u2013538.2
5.2
4.3\u201310.6
CE
5,620
961
6,581
64.7
26.3\u2013210.9
5.6
4.3\u20139.7
Group Total
15,255
2,507
17,762
98.0
26.3\u2013538.2
5.3
4.3\u201310.6
Investment properties
\u2013 Group (Note 13)
3
14,843
Investment properties
\u2013 Joint ventures and
associates (Note 7(ii))
2,915
Trading properties
\u2013 Group
4
4
Group Total
17,762
1 On a fully occupied basis.
2 In relation to the completed properties only.
3 Excludes head lease ROU assets of \u00a371 million.
4 Includes valuation surplus not recognised on trading properties of \u00a31 million.
", "dimensions": { "concept": "segroplc:DisclosureOfPropertyValuationTechniquesSustainabilityAndClimateChangeConsiderationsAndRelatedQuantitativeInformation", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "
26. Subsequent Events
On 28 January 2025, the Group\u2019s joint venture SEGRO European Logistics Partnership (SELP)
exchanged on the purchase of a portfolio of six assets from Titanium Ruth Holdco Limited (formerly
known as Tritax EuroBox plc). The transaction values 100 per cent of the assets at \u20ac470 million,
including relevant property taxes and subject to customary adjustments. The transaction is
conditional on European Union anti-trust clearance, which is expected in the first quarter of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "A list of the Group\u2019s related undertakings as at 31 December 2024 is detailed below. Except where the Group\u2019s percentage holdings is disclosed below, the entire share capital of the subsidiary undertaking is held by the Group. Unless otherwise stated, the Group\u2019s holding in the subsidiary undertaking comprise ordinary shares. Where subsidiaries have different classes of shares, the percentage effective holding shown represents both the Group\u2019s voting rights and equity holding. All subsidiaries are consolidated in the Group\u2019s Financial Statements. The Group\u2019s related undertakings also includes its joint ventures and associates, which is primarily SELP. Audit exemption taken for subsidiaries Certain UK subsidiaries are exempt from the requirement of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act. These subsidiaries are identified with two asterisks (**) on the table below. Certain UK partnerships are exempt from the requirement to prepare, publish and have audited individual accounts by virtue of regulation 7 of The Partnership (Accountants) Regulations 2008. The results of these partnerships are consolidated within the Group accounts and are identified with three asterisks (***) on the table below.
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Airport Property GP (No. 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property H1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property Partnership***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Amdale Holdings Limited NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
Beira Investments Sp z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Bilton Homes Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bilton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bonsol S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Brixton (Axis Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Great Western, Southall) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Metropolitan Park) 1 England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Asset Management UK England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Nominee 8 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 9 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 26 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 27 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 38 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 39 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 41 (Jersey) Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Premier Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Properties Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Coventry & Warwickshire England
Indirect
Two Friargate, Station Square,
Development Partnership LLP
3
and Wales Coventry, England, CV1 2GN
CWDP Investment Limited**
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
Dagenham Park Management England
Indirect
1 New Burlington Place, London,
Company Limited**
,4,8
and Wales W1S 2HR, United Kingdom
De Hoek-Noord S-Park B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
Devon Nominees (No. 1) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
ER 3 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Gateway Rugby Management England
Indirect
1 New Burlington Place, London,
Company Limited**
,4
and Wales W1S 2HR, United Kingdom
Granby Investment Sp. z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
Gront Four s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11, Star\u00e9
Republic M\u011bsto, PS\u010c 110 00, Czech
Republic
Hatton Farm Estates Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Helios Northern Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
HelioSlough Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Holbury Investments Sp. z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
IFP S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
IMPIANTI FTV S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
London Distribution Park No.2 LLP
3
England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Premier Greenford GP Limited
2,5
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Property Management Company England
72
Indirect
1 New Burlington Place, London,
(Croydon) Limited and Wales W1S 2HR, United Kingdom
Reprendre Racines SAS
France
Indirect
20 rue Brunel, 75017 Paris, France
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Roxhill (Maidstone) Limited
1
England
50
Indirect
C/O BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Roxhill Management Rugby Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Roxhill Warth 2 Limited**
England
28
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Roxhill Warth 3 Limited**
England
50
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (225 Bath Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Acton Park Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Beddington Lane) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Belvedere Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Birmingham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Bonded Stores) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coronation Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coventry Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Hatton Farm Site B) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow International) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Iver 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
SEGRO (Kettering) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (New Cross Business Centre) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Northampton Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited and Wales W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Perivale Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Plot 9 SmartParc) Limited
2
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Coventry) Limited**
England
Indirect
Two Friargate, Station Square,
and Wales Coventry, England, CV1 2GN
SEGRO (Dagenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Trading Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Management England
82
Indirect
1 New Burlington Place, London,
Company) Limited**,
5
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Rail Freight Terminal) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Great Cambridge Industrial England
Indirect
1 New Burlington Place, London,
Estate) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Rainham, Enterprise 2) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Reading) Limited
6
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rockware Avenue) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Skyline) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (The Portal) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tudor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Victoria Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S2HR, United Kingdom
SEGRO (Watchmoor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Achte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Administration Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Advisory Services S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO APP 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Asset Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Belgium NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Benelux 2 B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Benelux B.V.
7
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Bobigny SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Bourget
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Capital S.\u00e1 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO CHUSA Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Croydon (Mitcham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11, Star\u00e9
Republic M\u011bsto, PS\u010c 110 00, Czech
Republic
SEGRO Dortmund GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Dreiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Dreizehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Italy ER 5 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Logistics Nord SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Logistics Park Aulnay SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Logistics Sud SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Luge S.\u00e0 r.l.
Luxembourg
Indirect
15 Boulevard F.W. Raiffeisen,
Luxembourg, L - 2411,
Luxembourg
SEGRO Luxembourg S.\u00e0 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO Management NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Netherlands B.V.
Netherlands
Indirect
8th Floor, 1082MA Amsterdam,
Gustav Mahlerplein 62, ITO-toren,
Netherlands
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
8th Floor, 1082MS Amsterdam,
Gustav Mahlerplein 62, ITO-toren,
Netherlands
(UK branch)
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Neunte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Neunzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Oosterhout I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, 1082MA,
Amsterdam, Netherlands
SEGRO Overseas Holdings Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel,
75
017, Paris, France
SEGRO plc French Branch
France
Direct
20
Rue Brunel, 75017, Paris, France
SEGRO Plessis SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Poland Sp z.o.o.
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
SEGRO Properties Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Properties Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Reisholz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Rugby LLP***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Sechste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Sechzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Siebte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Dritte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Eindhoven I B.V.
Netherlands
Indirect
2 Rue des Gaulois L-1618
Luxembourg
SEGRO Einundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Elfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Erste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO European Logistics
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Partnership S.\u00e1 r.l. Luxembourg
SEGRO Finance Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Fixtures GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO France Energy SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO France SA
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO F\u00fcnfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO F\u00fcnfundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO F\u00fcnfzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Gennevilliers SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Germany GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Gobelins SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Heerlen I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, 1082MA,
Amsterdam, Netherlands
SEGRO Holdings France SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Industrial Estates Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
IM1 1EE, Isle of Man
SEGRO Investments Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Investments Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Italy S.R.L
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 1 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 2 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
SEGRO Italy ER 4 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Slough Spare Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Spain Management S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 1 S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 2 S.L.U
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 3 S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spare 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO STE Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Tilliers SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Trading (France) SNC
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics LR1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics MR1 SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR2 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics PR3 SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO Vierte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Vierundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Vierzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO V-Park Grand Union LLP
3
England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Wissous SCI
France
Indirect
20 Rue Brunel,
75
017, Paris, France
SEGRO Zehnte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zwanzigste Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Zweite Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Zw\u00f6lfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SELP (Alpha Holdings) S.\u00e1 r.l.
Luxembourg
50
Indirect
2 Rue des Gaulois L-1618
Luxembourg
SELP (Alpha JV) S.\u00e1 r.l.
Luxembourg
50
Indirect
2 Rue des Gaulois L-1618
Luxembourg
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SELP Finance S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Investments S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Management Limited
9
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Slough Trading Estate Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Smartparc SEGRO Spondon Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Steamhouse Group Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Tenedor S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
The UK Logistics (Nominee 1) England
Indirect
1 New Burlington Place, London,
Limited
2
and Wales W1S 2HR, United Kingdom
The UK Logistics (Nominee 2) England
Indirect
1 New Burlington Place, London,
Limited
2
and Wales W1S 2HR, United Kingdom
The UK Logistics General Partner England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
The UK Logistics Limited Partnership
3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Trafford Park 1 Limited
Guernsey
Indirect
1st and 2nd Floors, Elizabeth
House, Les Ruettes Brayes,
St Peter Port, GY1 1EW, Guernsey
Trafford Park Estates Limited
1
England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
UK Logistics Fund Unit Trust
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Jersey
UK Logistics Properties No 1 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Trust Jersey
UK Logistics Properties No 2 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4 9WG,
Trust Jersey
UK Logistics Trustees Limited
Jersey
Indirect
Ogier House, The Esplanade,
St Helier, JE4 9WG, Jersey
UK Property Unit Trust No. 41
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 42
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 43
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 44
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 45
Jersey
Indirect
47 Esplanade, St Helier, JE1 0BD,
Jersey
Unitair General Partner Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Unitair Limited Partnership***
,3
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Vailog France SCI
France
Indirect
20 Rue
Brunel,
75
017, Paris, France
Vimercate DC S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Woodside GP Limited
2
England
33.33
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Zinc One S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Zinc Seven S.R.L
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Zinc Six S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
1. Company is in liquidation as at 31 December 2024. 2. Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies. 3. Partnerships and Limited Liability Partnerships (LLPs) do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 4. Companies limited by guarantee do not have a share capital and unless otherwise stated the Group holds 100 per cent interest in these entities. 5. Ownership held in class A and B shares. 6. Ownership held in Ordinary and Deferred shares. 7. Ownership held in class G shares, K shares, S shares and Preference shares. 8. There are five external members of Dagenham Park Management Company Limited. All members are liable up to the value of \u00a31.00. 9. SELP Management Limited is an appointed representative of Langham Hall Fund Management LLP, which is authorised and regulated by the Financial Conduct Authority of the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "1 New Burlington Place London W1S 2HR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }