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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 18 to 19.
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 differ 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\u2019s 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. 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:
\u2022 IAS 7 \u2018Statement of Cash Flows\u2019 and related notes
\u2022 Disclosure in respect of transactions with wholly-owned subsidiaries
\u2022 The effects of new but not yet effective IFRSs
\u2022 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:
\u2022 The requirements of paragraphs 91\u201399 of IFRS 13 \u2018Fair Value Measurement\u2019 to disclose
information of fair value valuation techniques and inputs
\u2022 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 pages 41 and 42, 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. The Group and Company Balance
Sheets show a net current liability position as at 31 December 2025, the Group position
predominantly due to current borrowings of \u00a3565 million. At 31 December 2025 the Group held
cash and available committed facilities of \u00a31.6 billion (Company: \u00a31.6 billion) with a long-dated debt
maturity profile. This provides significant liquidity for the Group and Company to meet current
liabilities as they fall due including the 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 2025 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 amendments for the first time for their annual
reporting period commencing 1 January 2025:
\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability
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 2025, and have not been applied in preparing these Financial Statements:
\u2022 Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019
\u2022 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and is 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 (the Group), plus the Group\u2019s share of the results and net assets of its joint ventures.
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 remeasured 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 a 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 2025 are:
Balance Sheet: \u00a31 = \u20ac1.15 (2024: \u00a31 = \u20ac1.21). Income Statement: \u00a31 = \u20ac1.17 (2024: \u00a31 = \u20ac1.18).
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
(covered land). 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 derecognition 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 (rent averaging). 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 falls 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 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.
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.
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 judges 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 is 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\u2019s 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "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 18 to 19. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "SEGRO plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "SEGRO plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "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 differ 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\u2019s 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. 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: \u2022 IAS 7 \u2018Statement of Cash Flows\u2019 and related notes \u2022 Disclosure in respect of transactions with wholly-owned subsidiaries \u2022 The effects of new but not yet effective IFRSs \u2022 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: \u2022 The requirements of paragraphs 91\u201399 of IFRS 13 \u2018Fair Value Measurement\u2019 to disclose information of fair value valuation techniques and inputs \u2022 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 pages 41 and 42, 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. The Group and Company Balance Sheets show a net current liability position as at 31 December 2025, the Group position predominantly due to current borrowings of \u00a3565 million. At 31 December 2025 the Group held cash and available committed facilities of \u00a31.6 billion (Company: \u00a31.6 billion) with a long-dated debt maturity profile. This provides significant liquidity for the Group and Company to meet current liabilities as they fall due including the 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 2025 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "The Financial Statements have been prepared on a going concern basis. As discussed in the Financial review on pages 41 and 42, 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. The Group and Company Balance Sheets show a net current liability position as at 31 December 2025, the Group position predominantly due to current borrowings of \u00a3565 million. At 31 December 2025 the Group held cash and available committed facilities of \u00a31.6 billion (Company: \u00a31.6 billion) with a long-dated debt maturity profile. This provides significant liquidity for the Group and Company to meet current liabilities as they fall due including the 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 2025 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "New and amended standards adopted The Group and Company has applied the following amendments for the first time for their annual reporting period commencing 1 January 2025: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability 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 2025, and have not been applied in preparing these Financial Statements: \u2022 Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 \u2022 IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019 \u2022 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019 IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and is 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "New and amended standards adopted The Group and Company has applied the following amendments for the first time for their annual reporting period commencing 1 January 2025: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2025, and have not been applied in preparing these Financial Statements: \u2022 Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 \u2022 IFRS 19, \u2018Subsidiaries without Public Accountability: Disclosures\u2019 \u2022 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019 IFRS 18 will replace IAS 1 \u2018Presentation of Financial Statements\u2019 and is 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "Basis of consolidation The consolidated Financial Statements comprise the Financial Statements of the Company and the Subsidiaries (the Group), plus the Group\u2019s share of the results and net assets of its joint ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "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 remeasured 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "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 remeasured 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "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 remeasured 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "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 a 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 2025 are: Balance Sheet: \u00a31 = \u20ac1.15 (2024: \u00a31 = \u20ac1.21). Income Statement: \u00a31 = \u20ac1.17 (2024: \u00a31 = \u20ac1.18). ", "dimensions": { "concept": "segroplc:DescriptionOfAccountingPolicyForConsolidationOfForeignEntities", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "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 (covered land). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "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 derecognition 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "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 (rent averaging). 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 falls 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "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 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. 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "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. 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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "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 judges 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 is 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\u2019s 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "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 judges 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 is 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\u2019s 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "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 and prior year.
2025 2024
Notes \u00a3m \u00a3m
Gross rental income
4 637 592
Property operating expenses
5 (94) (92)
Net rental income
 543 500
Joint venture management fee income
4 25 26
Management and development fee income
4 3 6
Net service charge and other income
2
 1 (1)
Administrative expenses
6 (73) (76)
Share of joint ventures' Adjusted profit after tax
1
7 78 83
Adjusted operating profit before interest and tax
 577 538
Net finance costs
9 (68) (68)
Adjusted profit before tax
509 470
Adjustments to reconcile to IFRS:
Adjustments to the share of profit from joint ventures
after tax
1
7 31 (30)
Realised and unrealised property gains
8 55 195
Profit on sale of trading properties
8 2 \u2014
Cost of early close-out of debt
9 \u2014 (2)
Net fair value (loss)/gain on interest rate swaps and other
derivatives
9 (35) 3
Solar panel depreciation
2
 (2) \u2014
Total adjustments
 51 166
Profit before tax
 560 636
Tax
On Adjusted profit
10 (14) (12)
In respect of adjustments
10 5 (30)
Total tax adjustments
 (9) (42)
Profit after tax
 551 594
Of which:
Adjusted profit after tax
 495 458
Total adjustments after tax
56 136
1 A detailed breakdown of the adjustments to the share of profit from joint ventures is included in Note 7.
2 Net service charge and other income of \u00a31 million (2024: \u00a31 million expense) is calculated as Service charge and other income
of \u00a351 million (2024: \u00a351 million) shown in Note 4, less Service charge and other expenses of \u00a352 million (2024: \u00a352 million) shown
in Note 5 and adds back solar panel depreciation of \u00a32 million (2024: \u00a3nil). Solar depreciation is shown outside of Adjusted profit
in line with the updated EPRA guidelines for reporting periods after 1 October 2024.
", "dimensions": { "concept": "segroplc:DisclosureOfAdjustedProfit", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
3. Segmental Analysis
The Group\u2019s reportable segments are the two property businesses, United Kingdom (UK) and Continental Europe (CE). These two property businesses are managed and their operating results reported
to the Executive Directors (\u2018chief operating decision maker\u2019, \u2018CODM\u2019) as separate and distinct businesses.
Gross Net Share of joint Valuation surplus Total directly Investments
rental rental ventures' Adjusted Adjusted on investment owned property in joint Capital
income income profit/(loss)
PBIT
2
properties assets ventures
expenditure
3
31 December 2025
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
460
420
(1)
417
23
11,685
98
269
CE
176
135
110
261
31
4,314
2,744
234
Other
1
1
(12)
(31)
(101)
\u2014
\u2014
(1,127)
4
 29
Total
637
543
78
577
54
15,999
1,715
532
Valuation surplus/
Gross Net Share of joint (deficit) on Total directly owned Investments
rental rental ventures' Adjusted Adjusted investment property in joint
income income profit/(loss)
PBIT
2
properties assets ventures
Capital expenditure
3
31 December 2024
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
437
399
\u2014
395
170
11,463
28
562
CE
155
113
111
244
(50)
3,846
2,428
434
Other
1
\u2014
(12)
(28)
(101)
\u2014
\u2014
(904)
4
 24
Total
592
500
83
538
120
15,309
1,552
1,020
1 \u2018Other\u2019 category includes the corporate centre, SELP holding companies and costs relating to the operational business that 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 \u00a3475 million (2024: \u00a3448 million), CE \u00a3241 million (2024: \u00a3227 million).
3 Capital expenditure includes additions and acquisitions of investment and trading properties but does not include tenant incentives and letting fees. The \u2018Other\u2019 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 \u00a3480 million (2024: \u00a3448 million), France \u00a388 million (2024: \u00a386 million), Italy \u00a345 million (2024: \u00a346 million), Germany \u00a360 million
(2024: \u00a357 million), Poland \u00a320 million (2024: \u00a319 million) and the Netherlands \u00a322 million (2024: \u00a38 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "3. Segmental Analysis The Group\u2019s reportable segments are the two property businesses, United Kingdom (UK) and Continental Europe (CE). These two property businesses are managed and their operating results reported to the Executive Directors (\u2018chief operating decision maker\u2019, \u2018CODM\u2019) as separate and distinct businesses.
Gross Net Share of joint Valuation surplus Total directly Investments
rental rental ventures' Adjusted Adjusted on investment owned property in joint Capital
income income profit/(loss)
PBIT
2
properties assets ventures
expenditure
3
31 December 2025
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
460
420
(1)
417
23
11,685
98
269
CE
176
135
110
261
31
4,314
2,744
234
Other
1
1
(12)
(31)
(101)
\u2014
\u2014
(1,127)
4
 29
Total
637
543
78
577
54
15,999
1,715
532
Valuation surplus/
Gross Net Share of joint (deficit) on Total directly owned Investments
rental rental ventures' Adjusted Adjusted investment property in joint
income income profit/(loss)
PBIT
2
properties assets ventures
Capital expenditure
3
31 December 2024
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
437
399
\u2014
395
170
11,463
28
562
CE
155
113
111
244
(50)
3,846
2,428
434
Other
1
\u2014
(12)
(28)
(101)
\u2014
\u2014
(904)
4
 24
Total
592
500
83
538
120
15,309
1,552
1,020
1 \u2018Other\u2019 category includes the corporate centre, SELP holding companies and costs relating to the operational business that 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 \u00a3475 million (2024: \u00a3448 million), CE \u00a3241 million (2024: \u00a3227 million). 3 Capital expenditure includes additions and acquisitions of investment and trading properties but does not include tenant incentives and letting fees. The \u2018Other\u2019 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 \u00a3480 million (2024: \u00a3448 million), France \u00a388 million (2024: \u00a386 million), Italy \u00a345 million (2024: \u00a346 million), Germany \u00a360 million (2024: \u00a357 million), Poland \u00a320 million (2024: \u00a319 million) and the Netherlands \u00a322 million (2024: \u00a38 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
4. Revenue
2025 2024
\u00a3m \u00a3m
Rental income from investment and trading properties
 604 574
Rent averaging
 31 14
Surrender premiums
 2 4
Gross rental income
1
 637 592
Joint venture fee income \u2013 management fees*
 25 26
Joint venture fee income
 25 26
Management and development fee income*
 3 6
Service charge and other income*
2
 51 51
Proceeds from sale of trading properties*
 10 \u2014
Total revenue
726 675
* The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total
\u00a389 million (2024: \u00a383 million).
1 Net rental income of \u00a3543 million (2024: \u00a3500 million) is calculated as gross rental income of \u00a3637 million (2024: \u00a3592 million)
less total property operating expenses of \u00a394 million (2024: \u00a392 million) shown in Note 5.
2 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "* The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total \u00a389 million (2024: \u00a383 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
5. Costs
2025 2024
\u00a3m \u00a3m
Vacant property costs
 20 18
Letting, marketing, legal and professional fees
 15 16
Loss allowance and impairment of receivables
1
 2 1
Other expenses
 11 11
Property management expenses
 48 46
Property administrative expenses
2
 57 56
Costs capitalised
3
 (11) (10)
Total property operating expenses
 94 92
Service charge and other expense
4
 52 52
Trading properties cost of sales
 8 \u2014
Total costs
 154 144
1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables.
2 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in operating
the property portfolio.
3 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio.
4 Other expenses includes expenses relating to the provision of solar energy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "5. Costs
2025 2024
\u00a3m \u00a3m
Vacant property costs
 20 18
Letting, marketing, legal and professional fees
 15 16
Loss allowance and impairment of receivables
1
 2 1
Other expenses
 11 11
Property management expenses
 48 46
Property administrative expenses
2
 57 56
Costs capitalised
3
 (11) (10)
Total property operating expenses
 94 92
Service charge and other expense
4
 52 52
Trading properties cost of sales
 8 \u2014
Total costs
 154 144
1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables. 2 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in operating the property portfolio. 3 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio. 4 Other expenses includes expenses relating to the provision of solar energy. 6. Administrative Expenses 6(i) \u2013 Total administrative expenses
2025 2024
\u00a3m \u00a3m
Directors\u2019 remuneration
 5 6
Depreciation and amortisation
 15 10
Other administrative expenses
 53 60
Total administrative expenses
 73 76
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
2025 2024
\u00a3m \u00a3m
Audit services:
Parent company
 1.1 1.2
Subsidiary undertakings
 0.4 0.4
Total audit fees
 1.5 1.6
Audit related assurance services
 0.1 0.1
Audit and audit related assurance services
1.6 1.7
Other fees:
Other
 0.1 0.2
Total other fees
 0.1 0.2
Total fees in relation to audit and other services
 1.7 1.9
As detailed further in the Audit Committee Report on page 103, PwC are the auditors of the SEGRO European Logistics Partnership S.\u00e0 r.l. (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 2025 (2024: \u00a31.0 million). There were \u00a30.1 million of non-audit fees paid in respect of SELP (2024: \u00a30.1 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 103 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.
2025 2024
\u00a3m \u00a3m
Wages and salaries
 56 55
Social security costs
 8 8
Pension costs
 4 3
Share scheme costs
 5 7
Total
 73 73
Average number of Group employees
 454 461
\u2013 Direct property
 286 294
\u2013 Indirect property and administration
 168 167
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 106 to 124 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a34 million has been recognised as an expense in the Group Income Statement (2024: \u00a33 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "5. Costs
2025 2024
\u00a3m \u00a3m
Vacant property costs
 20 18
Letting, marketing, legal and professional fees
 15 16
Loss allowance and impairment of receivables
1
 2 1
Other expenses
 11 11
Property management expenses
 48 46
Property administrative expenses
2
 57 56
Costs capitalised
3
 (11) (10)
Total property operating expenses
 94 92
Service charge and other expense
4
 52 52
Trading properties cost of sales
 8 \u2014
Total costs
 154 144
1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables. 2 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in operating the property portfolio. 3 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio. 4 Other expenses includes expenses relating to the provision of solar energy. 6. Administrative Expenses 6(i) \u2013 Total administrative expenses
2025 2024
\u00a3m \u00a3m
Directors\u2019 remuneration
 5 6
Depreciation and amortisation
 15 10
Other administrative expenses
 53 60
Total administrative expenses
 73 76
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
2025 2024
\u00a3m \u00a3m
Audit services:
Parent company
 1.1 1.2
Subsidiary undertakings
 0.4 0.4
Total audit fees
 1.5 1.6
Audit related assurance services
 0.1 0.1
Audit and audit related assurance services
1.6 1.7
Other fees:
Other
 0.1 0.2
Total other fees
 0.1 0.2
Total fees in relation to audit and other services
 1.7 1.9
As detailed further in the Audit Committee Report on page 103, PwC are the auditors of the SEGRO European Logistics Partnership S.\u00e0 r.l. (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 2025 (2024: \u00a31.0 million). There were \u00a30.1 million of non-audit fees paid in respect of SELP (2024: \u00a30.1 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 103 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.
2025 2024
\u00a3m \u00a3m
Wages and salaries
 56 55
Social security costs
 8 8
Pension costs
 4 3
Share scheme costs
 5 7
Total
 73 73
Average number of Group employees
 454 461
\u2013 Direct property
 286 294
\u2013 Indirect property and administration
 168 167
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 106 to 124 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a34 million has been recognised as an expense in the Group Income Statement (2024: \u00a33 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "6. Administrative Expenses 6(i) \u2013 Total administrative expenses
2025 2024
\u00a3m \u00a3m
Directors\u2019 remuneration
 5 6
Depreciation and amortisation
 15 10
Other administrative expenses
 53 60
Total administrative expenses
 73 76
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
2025 2024
\u00a3m \u00a3m
Directors\u2019 remuneration
 5 6
Depreciation and amortisation
 15 10
Other administrative expenses
 53 60
Total administrative expenses
 73 76
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "6(ii) \u2013 Fees in relation to services provided by the Group\u2019s auditors
2025 2024
\u00a3m \u00a3m
Audit services:
Parent company
 1.1 1.2
Subsidiary undertakings
 0.4 0.4
Total audit fees
 1.5 1.6
Audit related assurance services
 0.1 0.1
Audit and audit related assurance services
1.6 1.7
Other fees:
Other
 0.1 0.2
Total other fees
 0.1 0.2
Total fees in relation to audit and other services
 1.7 1.9
As detailed further in the Audit Committee Report on page 103, PwC are the auditors of the SEGRO European Logistics Partnership S.\u00e0 r.l. (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 2025 (2024: \u00a31.0 million). There were \u00a30.1 million of non-audit fees paid in respect of SELP (2024: \u00a30.1 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 103 of the Audit Committee Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "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.
2025 2024
\u00a3m \u00a3m
Wages and salaries
 56 55
Social security costs
 8 8
Pension costs
 4 3
Share scheme costs
 5 7
Total
 73 73
Average number of Group employees
 454 461
\u2013 Direct property
 286 294
\u2013 Indirect property and administration
 168 167
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 106 to 124 in the Remuneration
Report and form part of these Financial Statements.
The Group also has a number of defined contribution pension schemes for which \u00a34 million has
been recognised as an expense in the Group Income Statement (2024: \u00a33 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "
7. Investments in Joint Ventures and Subsidiaries
7(i) \u2013 Profit from joint ventures after tax
The table below presents a summary Income Statement of the Group\u2019s largest joint ventures, 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.
During 2025, SEGRO formed SEGRO Pure Premier Park Data Centre Limited, a 50:50 joint venture
with Pure Data Centres Group (Pure DC). The joint venture has been created with the intent to
develop and deliver a fully fitted data centre in Park Royal, West London. As part of the transaction,
SEGRO has contributed land into the joint venture at market value. The joint venture is presented
in the \u2018Other\u2019 column in the tables 7(i) and 7(ii).
At 100% At 100% At share At share
SELP Other 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
375
\u2014
375
 370 187 185
Gross rental income
283
\u2014
283
 274 142 137
Property operating expenses:
\u2013 underlying property
operating expenses
(14)
(2)
(16)
 (15) (8) (8)
\u2013 vacant property costs
(4)
\u2014
(4)
 (3) (2) (1)
\u2013 property management fees
2
(24)
\u2014
(24)
 (23) (12) (12)
Net rental income
241
(2)
239
 233 120 116
Management fee income
4
\u2014
4
 4 2 2
Net service charge and other
income
1
\u2014
1
 \u2014 \u2014 \u2014
Administrative expenses
(5)
\u2014
(5)
 (5) (3) (2)
Finance costs (including
adjustments)
(52)
\u2014
(52)
 (44) (26) (22)
Adjusted profit/(loss) before
tax
189
(2)
187
 188 93 94
Tax
(30)
\u2014
(30)
 (22) (15) (11)
Adjusted profit/(loss) after tax
159
(2)
157
 166 78 83
Adjustments:
(Loss)/profit on sale of
investment properties
(1)
\u2014
(1)
 5 (1) 2
Valuation surplus/(deficit) on
investment properties
81
(7)
74
 (60) 37 (30)
Solar panel depreciation
(1)
\u2014
(1)
 \u2014 \u2014 \u2014
Tax in respect of adjustments
(10)
\u2014
(10)
 (5) (5) (2)
Total adjustments
69
(7)
62
 (60) 31 (30)
Profit/(loss) after tax
228
(9)
219
 106 109 53
Other comprehensive income
\u2014
\u2014
\u2014
 \u2014 \u2014 \u2014
Total comprehensive income/
(expense) for the year
228
(9)
219
 106 109 53
1 Total revenue at 100 per cent of \u00a3375 million (2024: \u00a3370 million) includes: Gross rental income of \u00a3283 million (2024: \u00a3274 million);
service charge and other income of \u00a388 million (2024: \u00a392 million); and management fee income of \u00a34 million (2024: \u00a34 million).
Service charge income of \u00a387 million (2024: \u00a392 million) is netted against the equal and opposite service charge expense in
calculating Adjusted profit before tax.
2 Property management fees paid to SEGRO.
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
and 50 per cent of the French subsidiaries\u2019 gains are distributed to their immediate shareholder
(at which point they will be subject to tax). 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
At 100% At 100% At share At share
SELP Other 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
5,888
196
6,084
 5,052 3,042 2,526
Other interests in property
1
\u2014
1
 \u2014 1 \u2014
Property, plant and equipment
25
\u2014
25
 19 13 10
Other receivables
4
\u2014
4
 3 2 1
Total non-current assets
5,918
196
6,114
 5,074 3,058 2,537
Trade and other receivables
65
2
67
 52 34 26
Cash and cash equivalents
61
2
63
 346 32 173
Total current assets
126
4
130
 398 66 199
Total assets
6,044
200
6,244
 5,472 3,124 2,736
Borrowings
1
(1,787)
\u2014
(1,787)
 (1,444) (894) (722)
Deferred tax
(375)
\u2014
(375)
 (359) (188) (179)
Other liabilities
(10)
\u2014
(10)
 \u2014 (5) \u2014
Total non-current liabilities
(2,172)
\u2014
(2,172)
 (1,803) (1,087) (901)
Borrowings
1
(434)
\u2014
(434)
 (413) (217) (207)
Other liabilities
(206)
(3)
(209)
 (152) (105) (76)
Total current liabilities
(640)
(3)
(643)
 (565) (322) (283)
Total liabilities
(2,812)
(3)
(2,815)
 (2,368) (1,409) (1,184)
Net assets
3,232
197
3,429
 3,104 1,715 1,552
1 The external borrowings of the joint ventures are non-recourse to the Group. At 31 December 2025, the fair value of \u00a32,221 million
(2024: \u00a31,857 million) of borrowings was \u00a32,205 million (2024: \u00a31,818 million). This results in a fair value adjustment increase in
EPRA NDV of \u00a316 million (2024: \u00a339 million), at share \u00a38 million (2024: \u00a320 million), see Table 5 of the Supplementary Notes.
Fees SEGRO provides certain services, including venture advisory, development management 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 2025, 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. 7(iii) \u2013 Investments by the Group
2025 2024
\u00a3m \u00a3m
Cost or valuation at 1 January
 1,552 1,636
Exchange movement
 80 (81)
Net investments
1
 37 (27)
Dividends received
2
 (63) (29)
Share of profit after tax
 109 53
Cost or valuation at 31 December
 1,715 1,552
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures during the year. 2 Dividends received from SELP. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "7. Investments in Joint Ventures and Subsidiaries 7(i) \u2013 Profit from joint ventures after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures, 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. During 2025, SEGRO formed SEGRO Pure Premier Park Data Centre Limited, a 50:50 joint venture with Pure Data Centres Group (Pure DC). The joint venture has been created with the intent to develop and deliver a fully fitted data centre in Park Royal, West London. As part of the transaction, SEGRO has contributed land into the joint venture at market value. The joint venture is presented in the \u2018Other\u2019 column in the tables 7(i) and 7(ii).
At 100% At 100% At share At share
SELP Other 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
375
\u2014
375
 370 187 185
Gross rental income
283
\u2014
283
 274 142 137
Property operating expenses:
\u2013 underlying property
operating expenses
(14)
(2)
(16)
 (15) (8) (8)
\u2013 vacant property costs
(4)
\u2014
(4)
 (3) (2) (1)
\u2013 property management fees
2
(24)
\u2014
(24)
 (23) (12) (12)
Net rental income
241
(2)
239
 233 120 116
Management fee income
4
\u2014
4
 4 2 2
Net service charge and other
income
1
\u2014
1
 \u2014 \u2014 \u2014
Administrative expenses
(5)
\u2014
(5)
 (5) (3) (2)
Finance costs (including
adjustments)
(52)
\u2014
(52)
 (44) (26) (22)
Adjusted profit/(loss) before
tax
189
(2)
187
 188 93 94
Tax
(30)
\u2014
(30)
 (22) (15) (11)
Adjusted profit/(loss) after tax
159
(2)
157
 166 78 83
Adjustments:
(Loss)/profit on sale of
investment properties
(1)
\u2014
(1)
 5 (1) 2
Valuation surplus/(deficit) on
investment properties
81
(7)
74
 (60) 37 (30)
Solar panel depreciation
(1)
\u2014
(1)
 \u2014 \u2014 \u2014
Tax in respect of adjustments
(10)
\u2014
(10)
 (5) (5) (2)
Total adjustments
69
(7)
62
 (60) 31 (30)
Profit/(loss) after tax
228
(9)
219
 106 109 53
Other comprehensive income
\u2014
\u2014
\u2014
 \u2014 \u2014 \u2014
Total comprehensive income/
(expense) for the year
228
(9)
219
 106 109 53
1 Total revenue at 100 per cent of \u00a3375 million (2024: \u00a3370 million) includes: Gross rental income of \u00a3283 million (2024: \u00a3274 million); service charge and other income of \u00a388 million (2024: \u00a392 million); and management fee income of \u00a34 million (2024: \u00a34 million). Service charge income of \u00a387 million (2024: \u00a392 million) is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 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 and 50 per cent of the French subsidiaries\u2019 gains are distributed to their immediate shareholder (at which point they will be subject to tax). 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
At 100% At 100% At share At share
SELP Other 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
5,888
196
6,084
 5,052 3,042 2,526
Other interests in property
1
\u2014
1
 \u2014 1 \u2014
Property, plant and equipment
25
\u2014
25
 19 13 10
Other receivables
4
\u2014
4
 3 2 1
Total non-current assets
5,918
196
6,114
 5,074 3,058 2,537
Trade and other receivables
65
2
67
 52 34 26
Cash and cash equivalents
61
2
63
 346 32 173
Total current assets
126
4
130
 398 66 199
Total assets
6,044
200
6,244
 5,472 3,124 2,736
Borrowings
1
(1,787)
\u2014
(1,787)
 (1,444) (894) (722)
Deferred tax
(375)
\u2014
(375)
 (359) (188) (179)
Other liabilities
(10)
\u2014
(10)
 \u2014 (5) \u2014
Total non-current liabilities
(2,172)
\u2014
(2,172)
 (1,803) (1,087) (901)
Borrowings
1
(434)
\u2014
(434)
 (413) (217) (207)
Other liabilities
(206)
(3)
(209)
 (152) (105) (76)
Total current liabilities
(640)
(3)
(643)
 (565) (322) (283)
Total liabilities
(2,812)
(3)
(2,815)
 (2,368) (1,409) (1,184)
Net assets
3,232
197
3,429
 3,104 1,715 1,552
1 The external borrowings of the joint ventures are non-recourse to the Group. At 31 December 2025, the fair value of \u00a32,221 million (2024: \u00a31,857 million) of borrowings was \u00a32,205 million (2024: \u00a31,818 million). This results in a fair value adjustment increase in EPRA NDV of \u00a316 million (2024: \u00a339 million), at share \u00a38 million (2024: \u00a320 million), see Table 5 of the Supplementary Notes.
Fees
SEGRO provides certain services, including venture advisory, development management 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 2025,
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.
7(iii) \u2013 Investments by the Group
2025 2024
\u00a3m \u00a3m
Cost or valuation at 1 January
 1,552 1,636
Exchange movement
 80 (81)
Net investments
1
 37 (27)
Dividends received
2
 (63) (29)
Share of profit after tax
 109 53
Cost or valuation at 31 December
 1,715 1,552
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures during the year.
2 Dividends received from SELP.
7(iv) \u2013 Investments by the Company
2025 2024
\u00a3m \u00a3m
Cost or valuation of subsidiaries at 1 January
 11,896 11,413
Exchange movement
 29 (15)
Additions
1
 61 \u2014
Loan movement
1
 412 578
Decrease/(increase) in provision for investments in and loans to subsidiaries
2
 5 (80)
Cost or valuation at 31 December
 12,403 11,896
1 During 2025, \u00a361 million (2024: \u00a3nil) 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 decrease in provision for impairment of \u00a35 million (2024: \u00a380 million increase) consists of \u00a3nil (2024: \u00a3nil) for investments
and \u00a35 million (2024: \u00a380 million increase) for loans to subsidiaries.
Included in cost or valuation of subsidiaries at 31 December 2025 are investments of \u00a36,462 million
(2024: \u00a36,401 million) and non-current loans of \u00a35,941 million (2024: \u00a35,495 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 26.
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 movement in the
provision for investments and loans held with subsidiaries during the current and prior period is
predominantly due to the movement 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:
2025 2024
\u00a3m \u00a3m
Opening loss allowance at 1 January
 310 230
Increase in loan loss allowance recognised in profit or loss during the year
 69 105
Unused amount reversed in profit or loss during the year
(74) (25)
Closing loss allowance at 31 December
 305 310
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
8. Property Gains and Losses
8(i) \u2013 Realised and Unrealised Property Gains
2025 2024
\u00a3m \u00a3m
Profit on sale of investment properties
 1 75
Valuation surplus on investment properties
1
 54 120
Total realised and unrealised property gain
 55 195
1 Includes \u00a355 million valuation surplus on investment properties (2024: \u00a3121 million) and \u00a31 million valuation loss on head lease ROU
asset (2024: \u00a31 million).
The above table does not include realised gains on sale of trading properties of \u00a32 million
(2024: \u00a3nil) as detailed further in Note 2.
8(ii) \u2013 Total Property Gains (including joint ventures at share)
2025 2024
Joint Joint
Group ventures Total Group ventures Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surplus/(deficit) on
investment properties
54
37
91
120
(30)
90
Total valuation surplus/(deficit) on
investment and trading properties
54
37
91
120
(30)
90
Profit/(loss) on sale
of investment properties
1
(1)
\u2014
75
2
77
Profit on sale of trading properties
2
\u2014
2
\u2014
\u2014
\u2014
Total properties gain/(loss) on
investment and trading properties
57
36
93
195
(28)
167
", "dimensions": { "concept": "segroplc:DisclosureOfPropertyGainsAndLosses", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
9. Net Finance Costs
2025 2024
Finance income
 \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
 25 56
Fair value gain on interest rate swaps and other derivatives
 1 35
Exchange differences
 \u2014 1
Total finance income
 26 92
2025 2024
Finance costs
 \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
 (144) (179)
Cost of early close-out of debt
 \u2014 (2)
Amortisation of issue costs
 (7) (10)
Interest on lease liabilities
(3) (3)
Total borrowing costs
 (154) (194)
Less amounts capitalised on the development of properties
 63 67
Net borrowing costs
 (91) (127)
Fair value loss on interest rate swaps and other derivatives
 (36) (32)
Exchange differences
 (2) \u2014
Total finance costs
 (129) (159)
Net finance costs
 (103) (67)
Net finance costs (including adjustments) in Adjusted profit (Note 2) are \u00a368 million (2024: \u00a368 million).
This excludes net fair value gains and losses on interest rate swaps and other derivatives of \u00a335 million
loss (2024: \u00a33 million gain) and the cost of early close-out of debt of \u00a3nil (2024: \u00a32 million).
The interest capitalisation rates for 2025 ranged from 2.4 per cent to 6.2 per cent (2024: 2.6 per cent
to 6.7 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "9. Net Finance Costs
2025 2024
Finance income
 \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
 25 56
Fair value gain on interest rate swaps and other derivatives
 1 35
Exchange differences
 \u2014 1
Total finance income
 26 92
2025 2024
Finance costs
 \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
 (144) (179)
Cost of early close-out of debt
 \u2014 (2)
Amortisation of issue costs
 (7) (10)
Interest on lease liabilities
(3) (3)
Total borrowing costs
 (154) (194)
Less amounts capitalised on the development of properties
 63 67
Net borrowing costs
 (91) (127)
Fair value loss on interest rate swaps and other derivatives
 (36) (32)
Exchange differences
 (2) \u2014
Total finance costs
 (129) (159)
Net finance costs
 (103) (67)
Net finance costs (including adjustments) in Adjusted profit (Note 2) are \u00a368 million (2024: \u00a368 million). This excludes net fair value gains and losses on interest rate swaps and other derivatives of \u00a335 million loss (2024: \u00a33 million gain) and the cost of early close-out of debt of \u00a3nil (2024: \u00a32 million). The interest capitalisation rates for 2025 ranged from 2.4 per cent to 6.2 per cent (2024: 2.6 per cent to 6.7 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
2025 2024
Finance income
 \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
 25 56
Fair value gain on interest rate swaps and other derivatives
 1 35
Exchange differences
 \u2014 1
Total finance income
 26 92
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
2025 2024
Finance income
 \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
 25 56
Fair value gain on interest rate swaps and other derivatives
 1 35
Exchange differences
 \u2014 1
Total finance income
 26 92
2025 2024
Finance costs
 \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
 (144) (179)
Cost of early close-out of debt
 \u2014 (2)
Amortisation of issue costs
 (7) (10)
Interest on lease liabilities
(3) (3)
Total borrowing costs
 (154) (194)
Less amounts capitalised on the development of properties
 63 67
Net borrowing costs
 (91) (127)
Fair value loss on interest rate swaps and other derivatives
 (36) (32)
Exchange differences
 (2) \u2014
Total finance costs
 (129) (159)
Net finance costs
 (103) (67)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
2025 2024
Finance income
 \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
 25 56
Fair value gain on interest rate swaps and other derivatives
 1 35
Exchange differences
 \u2014 1
Total finance income
 26 92
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
2025 2024
Finance costs
 \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
 (144) (179)
Cost of early close-out of debt
 \u2014 (2)
Amortisation of issue costs
 (7) (10)
Interest on lease liabilities
(3) (3)
Total borrowing costs
 (154) (194)
Less amounts capitalised on the development of properties
 63 67
Net borrowing costs
 (91) (127)
Fair value loss on interest rate swaps and other derivatives
 (36) (32)
Exchange differences
 (2) \u2014
Total finance costs
 (129) (159)
Net finance costs
 (103) (67)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
2025 2024
Finance costs
 \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
 (144) (179)
Cost of early close-out of debt
 \u2014 (2)
Amortisation of issue costs
 (7) (10)
Interest on lease liabilities
(3) (3)
Total borrowing costs
 (154) (194)
Less amounts capitalised on the development of properties
 63 67
Net borrowing costs
 (91) (127)
Fair value loss on interest rate swaps and other derivatives
 (36) (32)
Exchange differences
 (2) \u2014
Total finance costs
 (129) (159)
Net finance costs
 (103) (67)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
10. Tax
10(i) \u2013 Tax on profit
2025 2024
\u00a3m \u00a3m
Tax:
On Adjusted profit
 (14) (12)
In respect of adjustments
 5 (30)
Total tax charge
 (9) (42)
Current tax
United Kingdom
Current tax credit
 7 1
Total UK current tax credit
 7 1
Overseas
Current tax charge
 (6) (33)
Total overseas current tax charge
 (6) (33)
Total current tax credit/(charge)
 1 (32)
Deferred tax
Origination and reversal of temporary differences
 (5) (14)
Released in respect of property disposals in the year
 (2) 14
On valuation movements
 2 (9)
Total deferred tax in respect of investment properties
 (5) (9)
Other deferred tax
 (5) (1)
Total deferred tax charge
 (10) (10)
Total tax charge on profit on ordinary activities
 (9) (42)
UK legislation implementing the OECD Pillar Two global minimum tax rules has been enacted.
The Group operates as a qualifying UK REIT and is treated as an Excluded Entity under these rules.
Accordingly, the Group does not expect the Pillar Two rules to have a material impact on its
Financial Statements.
10(ii) \u2013 Factors affecting tax charge for the year
The tax charge is lower than (2024: tax charge is lower than) the standard rate of UK corporation tax.
The differences are:
2025 2024
\u00a3m \u00a3m
Profit on ordinary activities before tax
 560 636
Exclude valuation surplus in respect of UK properties not deductible
 (23) (170)
537 466
Multiplied by standard rate of UK corporation tax of 25 per cent
(2024: 25 per cent)
 (134) (117)
Effects of:
REIT and SIIC exemption on income and gains
 68 90
Non deductible items
 (1) (5)
Joint venture tax adjustment
1
 28 12
Tax rate differences on international earnings
 6 (1)
Adjustment in respect of prior years
 2 \u2014
Adjustment in respect of assets not recognised
 2 (21)
Deferred tax arising from German rate changes
 12 \u2014
Other
 8 \u2014
Total tax charge on profit on ordinary activities
 (9) (42)
1 The joint venture tax adjustment is required because the profit on ordinary activities before tax includes share of profit from joint
ventures after tax, whereas the total tax balance excludes joint ventures.
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 within the SIIC, 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. Whilst not all French property is within the SIIC regime, 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 advisers 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
Balance
1 January
movement in income
31 December
Group \u2014 2025
\u00a3m
 \u00a3m \u00a3m
\u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
178
9
5
192
Others
14
(1)
5
18
Total deferred tax liabilities
192
8
10
210
Balance
Exchange Recognised in
Balance
1 January
movement income
31 December
Group \u2014 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
The Group has recognised revenue tax losses of \u00a369 million (2024: \u00a371 million) available for offset
against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated
tax allowances' in the table above). Further unrecognised tax losses of \u00a3863 million also exist at
31 December 2025 (2024: \u00a3755 million) of which \u00a31 million (2024: \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's
investment property portfolios and concluded that the Group's 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's 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 and joint ventures. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "10(iv) \u2013 Deferred tax liabilities Movement in deferred tax was as follows:
Balance
Exchange Recognised
Balance
1 January
movement in income
31 December
Group \u2014 2025
\u00a3m
 \u00a3m \u00a3m
\u00a3m
Valuation surpluses and deficits on properties/
accelerated tax allowances
178
9
5
192
Others
14
(1)
5
18
Total deferred tax liabilities
192
8
10
210
Balance
Exchange Recognised in
Balance
1 January
movement income
31 December
Group \u2014 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
The Group has recognised revenue tax losses of \u00a369 million (2024: \u00a371 million) available for offset against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated tax allowances' in the table above). Further unrecognised tax losses of \u00a3863 million also exist at 31 December 2025 (2024: \u00a3755 million) of which \u00a31 million (2024: \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's investment property portfolios and concluded that the Group's 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's 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "
11. Dividends
2025 2024
\u00a3m \u00a3m
Ordinary dividends paid
Interim dividend for 2025 @ 9.7 pence per share
 131 \u2014
Final dividend for 2024 @ 20.2 pence per share
 274 \u2014
Interim dividend for 2024 @ 9.1 pence per share
 \u2014 123
Final dividend for 2023 @ 19.1 pence per share
 \u2014 256
Total dividends
 405 379
Dividends in the Statement of Changes in Equity
 405 379
Dividends settled as shares
 \u2014 (115)
Timing difference relating to payment on withholding tax
 \u2014 13
Dividends disclosed in Cash Flow Statement
 405 277
The Board recommends a final dividend for 2025 of 21.4 pence, which is estimated to result in a
distribution of up to \u00a3290 million. The total dividend paid and proposed per share in respect of the
year ended 31 December 2025 is 31.1 pence (2024: 29.3 pence).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "0.214", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-433": { "value": "290000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-399": { "value": "
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 0.8 million shares (2024: 0.5 million) being the average
number of shares held on trust for employee share schemes and net assets per share calculations
exclude 0.9 million shares (2024: 0.7 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)
2025 2024
Earnings Shares Pence per Earnings Shares Pence per
\u00a3m million share \u00a3m million share
Basic EPS
551
1,352.5
40.7
594
1,328.7
44.7
Dilution
adjustments:
Share schemes
\u2014
2.8
\u2014
\u2014
3.3
(0.1)
Diluted EPS
551
1,355.3
40.7
594
1,332.0
44.6
Basic EPS
551
1,352.5
40.7
594
1,328.7
44.7
Adjustments to
profit before tax
1
(51)
(3.7)
(166)
(12.5)
Tax in respect of
Adjustments
(5)
(0.4)
30
2.3
Adjusted Basic EPS
495
1,352.5
36.6
458
1,328.7
34.5
Adjusted Diluted
EPS
495
1,355.3
36.5
458
1,332.0
34.4
1 Details of adjustments are included in Note 2.
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.
2025 2024
Equity Equity
attributable attributable to
to ordinary ordinary
shareholders Shares Pence per shareholders Shares Pence per
\u00a3m million share \u00a3m million share
Basic NAV
12,273
1,352.6
907
12,049
1,352.2
891
Dilution
adjustments:
Share schemes
\u2014
2.4
(1)
\u2014
3.1
(2)
Diluted NAV
12,273
1,355.0
906
12,049
1,355.3
889
Fair value
adjustment in
respect of interest
rate derivatives \u2013
Group
123
9
95
7
Fair value
adjustment in
respect of trading
properties \u2013 Group
1
\u2014
2
\u2014
Deferred tax in
respect of
depreciation and
valuation surpluses \u2013
Group
1
96
7
90
7
Deferred tax in
respect of
depreciation and
valuation surpluses \u2013
Joint ventures
1
88
6
88
7
Intangible assets
(44)
(3)
(37)
(3)
Adjusted NAV
12,537
1,355.0
925
12,287
1,355.3
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": "segroplc:DisclosureOfEarningsAndNetAssetsPerShare", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "12(i) \u2013 Earnings per ordinary share (EPS)
2025 2024
Earnings Shares Pence per Earnings Shares Pence per
\u00a3m million share \u00a3m million share
Basic EPS
551
1,352.5
40.7
594
1,328.7
44.7
Dilution
adjustments:
Share schemes
\u2014
2.8
\u2014
\u2014
3.3
(0.1)
Diluted EPS
551
1,355.3
40.7
594
1,332.0
44.6
Basic EPS
551
1,352.5
40.7
594
1,328.7
44.7
Adjustments to
profit before tax
1
(51)
(3.7)
(166)
(12.5)
Tax in respect of
Adjustments
(5)
(0.4)
30
2.3
Adjusted Basic EPS
495
1,352.5
36.6
458
1,328.7
34.5
Adjusted Diluted
EPS
495
1,355.3
36.5
458
1,332.0
34.4
1 Details of adjustments are included in Note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "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.
2025 2024
Equity Equity
attributable attributable to
to ordinary ordinary
shareholders Shares Pence per shareholders Shares Pence per
\u00a3m million share \u00a3m million share
Basic NAV
12,273
1,352.6
907
12,049
1,352.2
891
Dilution
adjustments:
Share schemes
\u2014
2.4
(1)
\u2014
3.1
(2)
Diluted NAV
12,273
1,355.0
906
12,049
1,355.3
889
Fair value
adjustment in
respect of interest
rate derivatives \u2013
Group
123
9
95
7
Fair value
adjustment in
respect of trading
properties \u2013 Group
1
\u2014
2
\u2014
Deferred tax in
respect of
depreciation and
valuation surpluses \u2013
Group
1
96
7
90
7
Deferred tax in
respect of
depreciation and
valuation surpluses \u2013
Joint ventures
1
88
6
88
7
Intangible assets
(44)
(3)
(37)
(3)
Adjusted NAV
12,537
1,355.0
925
12,287
1,355.3
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
13. Investment properties
Completed Development Total
\u00a3m \u00a3m \u00a3m
At 1 January 2025
12,827
2,224
15,051
Exchange movement
159
42
201
Property acquisitions
\u2014
24
24
Additions to existing investment properties
2
47
429
476
Disposals
(91)
(19)
(110)
Transfers on completion of development and completed
properties taken back for redevelopment
437
(437)
\u2014
Revaluation surplus/(deficit) during the year
180
(125)
55
At 31 December 2025
13,559
2,138
15,697
Add tenant lease incentives and letting fees
221
\u2014
221
Investment properties excluding head lease ROU assets
at 31 December 2025
13,780
2,138
15,918
Add head lease liabilities (ROU assets)
1
80
\u2014
80
Total investment properties at 31 December 2025
13,860
2,138
15,998
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 properties
2
45
496
541
Disposals
(474)
(68)
(542)
Transfers on completion of development and completed
properties taken back for redevelopment
497
(497)
\u2014
Revaluation surplus/(deficit) during the year
191
(70)
121
At 31 December 2024
12,827
2,224
15,051
Add tenant lease incentives and letting fees
185
\u2014
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
\u2014
67
Total investment properties at 31 December 2024
13,079
2,224
15,303
1 At 31 December 2025 investment properties included \u00a380 million (2024: \u00a367 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 32 and 33.
Investment properties are stated at fair value as at 31 December 2025 based on external valuations
performed by professionally qualified, independent valuers. The Group\u2019s wholly-owned and joint
venture property portfolio is valued on a half-yearly basis, which was carried out by CBRE Ltd in
2025. 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 2025 is \u00a3572 million (2024: \u00a3619 million).
At 31 December 2025 investment properties included \u00a3221 million tenant lease incentives, letting
fees and rent guarantees (2024: \u00a3185 million).
The carrying value of investment properties situated on land held under leaseholds is \u00a3171 million
(excluding head lease ROU assets) (2024: \u00a3170 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
14. Trade and Other Receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
1
 70 65 \u2014 \u2014
Other receivables
2
 97 88 20 34
Prepayments
 11 19 \u2014 \u2014
Amounts due from related parties
 7 6 \u2014 \u2014
Total current trade and other receivables
 185 178 20 34
Non-current
Other receivables
 3 2 \u2014 \u2014
Total non-current other receivables
 3 2 \u2014 \u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
1
 70 65 \u2014 \u2014
Other receivables
2
 97 88 20 34
Prepayments
 11 19 \u2014 \u2014
Amounts due from related parties
 7 6 \u2014 \u2014
Total current trade and other receivables
 185 178 20 34
Non-current
Other receivables
 3 2 \u2014 \u2014
Total non-current other receivables
 3 2 \u2014 \u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
1
 70 65 \u2014 \u2014
Other receivables
2
 97 88 20 34
Prepayments
 11 19 \u2014 \u2014
Amounts due from related parties
 7 6 \u2014 \u2014
Total current trade and other receivables
 185 178 20 34
Non-current
Other receivables
 3 2 \u2014 \u2014
Total non-current other receivables
 3 2 \u2014 \u2014
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
1
 70 65 \u2014 \u2014
Other receivables
2
 97 88 20 34
Prepayments
 11 19 \u2014 \u2014
Amounts due from related parties
 7 6 \u2014 \u2014
Total current trade and other receivables
 185 178 20 34
Non-current
Other receivables
 3 2 \u2014 \u2014
Total non-current other receivables
 3 2 \u2014 \u2014
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
15. Trade and Other Payables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
 5 7 \u2014 \u2014
Other payables
1
 128 130 2 1
Non-capital accruals
2
 112 113 50 55
Capital creditors and capital accruals
 135 136 \u2014 \u2014
Rent in advance
 131 115 \u2014 \u2014
Lease liabilities
 1 1 \u2014 \u2014
Total trade and other payables due within one
year
 512 502 52 56
Due after one year
Other payables
 \u2014 1 \u2014 \u2014
Lease liabilities
 82 69 \u2014 \u2014
Loans due to subsidiaries
 \u2014 \u2014 2,159 2,124
Total other payables due after one year
 82 70 2,159 2,124
1 Group other current payables includes VAT payable and tenant deposits.
2 Includes accrued interest on external borrowings for the Group of \u00a338 million (2024: \u00a336 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "15. Trade and Other Payables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
 5 7 \u2014 \u2014
Other payables
1
 128 130 2 1
Non-capital accruals
2
 112 113 50 55
Capital creditors and capital accruals
 135 136 \u2014 \u2014
Rent in advance
 131 115 \u2014 \u2014
Lease liabilities
 1 1 \u2014 \u2014
Total trade and other payables due within one
year
 512 502 52 56
Due after one year
Other payables
 \u2014 1 \u2014 \u2014
Lease liabilities
 82 69 \u2014 \u2014
Loans due to subsidiaries
 \u2014 \u2014 2,159 2,124
Total other payables due after one year
 82 70 2,159 2,124
1 Group other current payables includes VAT payable and tenant deposits. 2 Includes accrued interest on external borrowings for the Group of \u00a338 million (2024: \u00a336 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
 5 7 \u2014 \u2014
Other payables
1
 128 130 2 1
Non-capital accruals
2
 112 113 50 55
Capital creditors and capital accruals
 135 136 \u2014 \u2014
Rent in advance
 131 115 \u2014 \u2014
Lease liabilities
 1 1 \u2014 \u2014
Total trade and other payables due within one
year
 512 502 52 56
Due after one year
Other payables
 \u2014 1 \u2014 \u2014
Lease liabilities
 82 69 \u2014 \u2014
Loans due to subsidiaries
 \u2014 \u2014 2,159 2,124
Total other payables due after one year
 82 70 2,159 2,124
1 Group other current payables includes VAT payable and tenant deposits. 2 Includes accrued interest on external borrowings for the Group of \u00a338 million (2024: \u00a336 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
 5 7 \u2014 \u2014
Other payables
1
 128 130 2 1
Non-capital accruals
2
 112 113 50 55
Capital creditors and capital accruals
 135 136 \u2014 \u2014
Rent in advance
 131 115 \u2014 \u2014
Lease liabilities
 1 1 \u2014 \u2014
Total trade and other payables due within one
year
 512 502 52 56
Due after one year
Other payables
 \u2014 1 \u2014 \u2014
Lease liabilities
 82 69 \u2014 \u2014
Loans due to subsidiaries
 \u2014 \u2014 2,159 2,124
Total other payables due after one year
 82 70 2,159 2,124
1 Group other current payables includes VAT payable and tenant deposits. 2 Includes accrued interest on external borrowings for the Group of \u00a338 million (2024: \u00a336 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
16. Net Borrowings
16(i) \u2013 Net borrowings by type
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Unsecured borrowings:
Bonds
1.250% bonds 2026 \u20ac650m
 565 535 \u2014 \u2014
2.375% bonds 2029 \u00a3350m
 349 349 349 349
1.875% bonds 2030 \u20ac500m
 431 410 \u2014 \u2014
0.50% bonds 2031 \u20ac500m
 432 409 \u2014 \u2014
3.50% bonds 2032 \u20ac500m
1
 431 408 431 408
5.75% bonds 2035 \u00a3200m
 199 199 199 199
2.875% bonds 2037 \u00a3400m
 397 397 397 397
5.125% bonds 2041 \u00a3350m
 344 344 344 344
3,148 3,051 1,720 1,697
Private placement notes
1
1.77% notes 2027 \u20ac400m
 348 330 348 330
1.82% notes 2028 \u20ac100m
 87 83 87 83
2.00% notes 2029 \u20ac150m
 130 124 130 124
2.27% notes 2032 \u20ac100m
 87 82 87 82
1.35% notes 2032 \u20ac150m
 130 124 130 124
2.37% notes 2033 \u20ac200m
 174 165 174 165
1.45% notes 2035 \u20ac50m
 43 41 43 41
3.87% notes 2037 \u20ac50m
 43 40 43 40
1.83% notes 2040 \u20ac190m (Series C)
164 156 164 156
1.83% notes 2040 \u20ac60m (Series D)
 52 49 52 49
4.14% notes 2042 \u20ac175m
 151 145 151 145
1,409 1,339 1,409 1,339
Bank loans
Revolving credit facilities
 260 72 260 72
Term loans
 134 145 134 145
394 217 394 217
Total borrowings
2
 4,951 4,607 3,523 3,253
Cash and cash equivalents
 (111) (363) (10) (266)
Net borrowings
 4,840 4,244 3,513 2,987
1 These euro denominated bonds and private placement notes are designated in net investment hedge relationships with euro
denominated investments in subsidiaries. Total carrying value before capitalised finance costs \u00a31,848 million (2024: \u00a31,747 million).
See Note 17(iv) for further details.
2 All borrowings are unsecured.
The maturity profile of borrowings is as follows:
Group
Company
2025 2024 2025 2024
Maturity profile of borrowings
 \u00a3m \u00a3m \u00a3m \u00a3m
In one year or less
 565 \u2014 \u2014 \u2014
In more than one year but less than two 482 535 482 \u2014
In more than two years but less than five 1,257 1,103 826 1,103
In more than five years but less than ten 1,496 1,598 1,064 779
In more than ten years 1,151 1,371 1,151 1,371
In more than one year
 4,386 4,607 3,523 3,253
Total borrowings
 4,951 4,607 3,523 3,253
Cash and cash equivalents
1
 (111) (363) (10) (266)
Net borrowings
 4,840 4,244 3,513 2,987
1 Group cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a374 million (2024: \u00a371 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 \u00a34,951 million of borrowings as at 31 December 2025 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 2025 as defined within the principal debt funding arrangements was 39 per cent and significantly lower than the Group's 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 2025 was 4.2 times. Financial covenants are discussed in more detail in the \u2018Gearing and financial covenants' section in the Financial review on page 40 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 April 2025, SEGRO signed a new \u20ac1.6 billion revolving credit facility with its syndicate of eight
relationship banks. The senior unsecured facility has an initial five-year term and may be further
extended to a maximum of seven years, subject to lender approval. The new facility replaced the
previous \u20ac1.0 billion and \u20ac0.6 billion syndicated revolving credit facilities, which were due to mature
in 2027.
In September 2025, SEGRO signed a new \u20ac360 million term loan facility with relationship and
non-relationship banks. The facility is undrawn at year end, has an availability for drawing until
March 2026, and a final maturity date in September 2030.
The debt refinancing is discussed in more detail in the Financial review on page 40.
Group
2025 2024
Maturity profile of undrawn borrowing facilities
 \u00a3m \u00a3m
In one year or less
 9 140
In more than two years but less than five
 1,610 1,413
Total available undrawn borrowing facilities
 1,619 1,553
16(ii) \u2013 Net borrowings by interest rates
The weighted average interest rate profile of Group net borrowings after derivative instruments is
as follows:
2025
Variable
Fixed Fixed Fixed Capped Capped Floored Floored debt/
Interest
rate period debt strike debt strike cash cash Total
rate profile \u2013 Group
% years \u00a3m % \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
9.9
1,390
\u2014
\u2014
\u2014
\u2014
(429)
961
Euros
1.96
4.6
2,615
1.91
982
\u2014
\u2014
393
3,990
Total borrowings
2.61
6.4
4,005
1.91
982
\u2014
\u2014
(36)
4,951
Cash and cash
equivalents
Sterling
\u2014
\u2014
(95)
(95)
Euros
\u2014
\u2014
(16)
(16)
Total cash and cash
equivalents
\u2014
(111)
(111)
Net borrowings
4,005
982
\u2014
(147)
4,840
2024
Variable
Fixed Fixed Fixed Capped Capped Floored Floored debt/
Interest
rate period debt strike debt strike cash cash Total
rate profile \u2013 Group
% years \u00a3m % \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
10.9
1,388
\u2014
\u2014
\u2014
\u2014
(470)
918
Euros
1.98
5.5
2,523
2.20
1,095
\u2014
\u2014
71
3,689
Total borrowings
2.64
7.4
3,911
2.20
1,095
\u2014
\u2014
(399)
4,607
Cash and cash
equivalents
Sterling
4.69
(348)
\u2014
(348)
Euros
\u2014
\u2014
(15)
(15)
Total cash and cash
equivalents
(348)
(15)
(363)
Net borrowings
3,911
1,095
(348)
(414)
4,244
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Group cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a374 million (2024: \u00a371 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "
17. Financial Instruments and Fair Values
17(i) \u2013 Derivative instruments
The Group and Company hold the following derivative instruments at fair value:
Derivative assets
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
 2 \u2014 2 \u2014
Interest rate cap contracts \u2013 non-hedge
 \u2014 1 \u2014 1
Interest rate floor contracts \u2013 non-hedge
 \u2014 2 \u2014 2
Total current derivative assets
 2 3 2 3
Non-current
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
 6 27 6 27
Interest rate cap contracts \u2013 non-hedge
 19 21 19 21
Total non-current derivative assets
 25 48 25 48
Derivative liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
 60 44 60 44
Total current derivative liabilities
 60 44 60 44
Non-current
Interest rates swap contracts \u2013 non-hedge
 82 75 82 75
Total non-current derivative liabilities
 82 75 82 75
17(ii) \u2013 Carrying amount and fair values of financial assets and liabilities
The Group holds the following financial instruments:
Group
2025 2024
Notes \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Lease incentives
1
13 192 158
Trade receivables
14 70 65
Other current receivables
2
14 30 36
Non-current receivables
14 3 2
Cash and cash equivalents
16 111 363
Financial assets at fair value through profit or loss (FVPL)
Other investments
 16 12
Derivative financial instruments
Non-hedge at FVPL
17 27 51
449 687
Financial liabilities
Liabilities at amortised cost
Trade and other payables
2
15 463 456
Borrowings
16 4,951 4,607
Derivative financial instruments
Non-hedge at FVPL
17 142 119
5,556 5,182
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 \u00a385 million (2024: \u00a377 million) included within total Group other receivables per Note 14 and
non-financial liabilities of \u00a3131 million (2024: \u00a3116 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 2025, the fair value of \u00a33,148 million of unsecured bonds issued was \u00a32,957 million
(2024: \u00a33,051 million compared with \u00a32,822 million fair value). At 31 December 2025, the fair value of
\u00a31,409 million of unsecured US private placement notes was \u00a31,292 million (2024: \u00a31,339 million
compared with \u00a31,285 million fair value). This results in a fair value adjustment increase in EPRA NDV
of \u00a3308 million (2024: \u00a3283 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:
\u2022 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).
\u2022 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).
\u2022 The fair value of other investments classified as fair value through profit or loss that is 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) \u2013 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 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) \u2013 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 41.
The Group\u2019s Balance Sheet translation exposure to euros (including the impact of derivative
financial instruments) is summarised below:
2025 2024
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
 6,114 5,535
Gross currency liabilities
 (4,358) (4,170)
Net exposure
 1,756 1,365
2025 Group gross currency liabilities include \u20ac2,226 million (\u00a31,936 million) designated as net
investment hedges (2024: \u20ac2,226 million (\u00a31,831 million)).
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 intercompany
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
\u00a3160 million (2024: \u00a3124 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 \u00a3195 million (2024: \u00a3152 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 2025 by \u00a322 million (2024: decrease of \u00a39 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
2025 by \u00a326 million (2024: increase of \u00a310 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 gains of \u00a327 million
(2024: \u00a314 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 \u00a32 million loss (2024: \u00a31 million gain) 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 (31 per cent at 31 December 2025) and 100 per cent.
At 31 December 2025, the Group had gross foreign currency assets, which were 71 per cent
hedged by gross foreign currency denominated liabilities (2024: 75 per cent).
Further details are provided within the Foreign Currency Translation Risk section of the Financial
review on page 41.
The following table details the forward foreign exchange and currency swap contracts outstanding
as at the year end:
Average Currency contract
exchange rates
(local currency)
Contract value
Fair value
2025 2024 2025 2024 2025 2024
2025 2024 m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash
flow hedges
Sell euros
(buy\ue062sterling)
 1.13 1.15 588 545 519 474 8 27
Buy euros
(sell\ue062sterling)
 1.14 1.20 17 3 15 3 \u2014 \u2014
Net investment
hedges
Sell euros
(buy\ue062sterling)
 1.14 1.21 101 101 88 84 \u2014 \u2014
Total
 8 27
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 2025 and 2024.
There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2025
and 2024 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
2025 2024
Euro forward foreign exchange
 \u00a3m \u00a3m
Carrying amount (current liabilities, Note 17(i))
 \u2014 \u2014
Notional amount
 88 84
Maturity date
Jan 2026 Jan 2025
Hedge ratio
1:1 1:1
Change in discounted spot value of hedging instruments since
1 January \u2013 (loss)/gain
 (4) 20
Change in value of hedged item used to determine hedge
effectiveness \u2013 gain/(loss)
 4 (20)
Weighted average hedged rate for the year (including forward points)
 1.17 1.17
US private placement notes and bonds
There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2025
and 2024 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
2025 2024
Private placement notes and bonds
 \u00a3m \u00a3m
Carrying amount of private placement notes or bonds (non-current
borrowings, Note 16)
 1,848 1,747
Carrying amount of private placement notes or bonds designated as net
investment hedging instruments
 1,848 1,747
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 (loss)/gain
 (92) 75
Change in value of hedged item used to determine hedge
effectiveness \u2013 gain/(loss)
 92 (75)
Weighted average hedged rate for the year (including forward points)
 1.15 1.21
The total fair value movements on derivatives and borrowings in effective hedge relationships
shown in Other Comprehensive Income for the year ended 31 December 2025 is a loss of
\u00a396 million (2024: \u00a395 million gain) and consists of the loss on euro forward foreign exchange
of \u00a34 million (2024: \u00a320 million gain) and loss on US private placement notes and bonds
of \u00a392 million (2024: \u00a375 million gain) shown in the tables above.
17(v) \u2013 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 1 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 1 per cent higher and all other variables were held constant, the Group\u2019s
profit for the year ended 31 December 2025 would increase by \u00a3nil (2024: \u00a35 million increase in
profit for the year). If interest rates had been 1 per cent lower and all other variables were held
constant, the Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a310 million
(2024: \u00a31 million increase in profit for the year). The interest rate sensitivity described results in a
higher profit in 2025 and 2024 for both an interest rate rise and an interest rate fall. This is because
during 2025 and 2024 the Group had 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 Notional principal
fixed interest rate
amount
Fair value
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Pay fixed, receive floating contracts:
Group
In one year or less
 \u2014 2.80 \u2014 41 \u2014 \u2014
In more than one year but less than two
 3.92 \u2014 100 \u2014 (1) \u2014
In more than two years but less than five
 \u2014 3.92 \u2014 100 \u2014 \u2014
In more than five years
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Total
 100 141 (1) \u2014
Receive fixed, pay floating contracts:
Group
In one year or less
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than one year but less than two
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than two years but less than five
 1.82 1.82 87 83 (3) (4)
In more than five years
 1.86 1.86 565 537 (138) (115)
Total
 652 620 (141) (119)
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 table details 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
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
 2.32 2.64 261 477 \u2014 1
In more than one year but less than two
 2.17 2.32 287 248 1 1
In more than two years but less than five
1
 1.94 1.77 783 686 15 20
In more than five years
2
 3.11 \u2014 348 \u2014 3 \u2014
Total
 1,679 1,411 19 22
1 2025 includes forward starting interest rate caps, with a notional amount totalling \u20ac400 million, 2.5 per cent average strike, and \u20ac1
million fair value.
2 2025 includes forward starting interest rate caps, with a notional amount totalling \u20ac400 million, 3.1 per cent average strike, and \u20ac3
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 table details the notional principal amounts and remaining terms of interest rate floor
contracts, based on their contractual maturities, outstanding as at the reporting date:
Notional principal
Average strike price
amount
Fair value
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
 \u2014 4.69 \u2014 900 \u2014 2
In more than one year but less than two
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than two years but less than five
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than five years
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Total
 \u2014 900 \u2014 2
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) \u2013 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 2025 and at 31 December 2024.
The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set
out below.
2025 2024
Gross Loss Net carrying Loss Net carrying
amount allowance amount Gross amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
6
(2)
4
30\u201360 days
1
(1)
\u2014
3
(1)
2
60\u201390 days
3
(1)
2
\u2014
\u2014
\u2014
90\u2013180 days
3
(1)
2
2
(1)
1
>180 days
6
(5)
1
5
(4)
1
Past due
19
(10)
9
16
(8)
8
Not due
61
\u2014
61
58
(1)
57
Total trade
receivables
80
(10)
70
74
(9)
65
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 2025 includes amounts due for 2025 rent and amounts billed in
advance for 2026 rent. Both amounts have been considered in measuring expected credit losses
(ECLs) detailed further below. The amounts billed in advance for 2026 rent are included within the
\u2018Not due\u2019 category in the table above.
Total gross trade receivables \u2018past due\u2019 at 31 December 2025 were \u00a319 million (2024: \u00a316 million),
3 per cent of total gross rental income for the year (2024: 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 2025, the Group held a loss allowance provision for trade receivables
of \u00a310 million (2024: \u00a39 million) and the impairment risk remains low with the loss allowance
of \u00a310 million representing 2 per cent of total gross rental income for the year (2024: 2 per cent).
Total impairment losses on trade receivables of \u00a32 million were recognised in the Income Statement
for the year ended 31 December 2025 (2024: \u00a31 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 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 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) \u2013 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 page 41.
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.
2025
Weighted
average
interest Under 1-2 2-5 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial
liabilities:
Trade and other payables
1
342
\u2014
\u2014
\u2014
342
Lease liabilities
3.90
5
5
14
133
157
Variable rate debt instruments
4.73
16
152
295
\u2014
463
Fixed rate debt instruments
2.46
672
451
1,277
2,466
4,866
Derivative financial
instruments:
Net settled interest rate swaps
1.47
71
81
3
3
158
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(15)
\u2014
\u2014
\u2014
(15)
\u2013 Outflowing
15
\u2014
\u2014
\u2014
15
Total
1,106
689
1,589
2,602
5,986
2024
Weighted
average
interest Under 1-2 2-5 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
\u2014
\u2014
\u2014
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2014
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
\u2014
135
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(2)
\u2014
\u2014
\u2014
(2)
\u2013 Outflowing
2
\u2014
\u2014
\u2014
2
Total
527
711
1,456
2,973
5,667
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3463 million (2024: \u00a3456 million) includes accrued interest of \u00a338 million (2024: \u00a336 million) and lease liabilities of \u00a383 million (2024: \u00a370 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "17(i) \u2013 Derivative instruments The Group and Company hold the following derivative instruments at fair value: Derivative assets
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
 2 \u2014 2 \u2014
Interest rate cap contracts \u2013 non-hedge
 \u2014 1 \u2014 1
Interest rate floor contracts \u2013 non-hedge
 \u2014 2 \u2014 2
Total current derivative assets
 2 3 2 3
Non-current
Forward foreign exchange and currency swap
contracts \u2013 non-hedge
 6 27 6 27
Interest rate cap contracts \u2013 non-hedge
 19 21 19 21
Total non-current derivative assets
 25 48 25 48
Derivative liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
 60 44 60 44
Total current derivative liabilities
 60 44 60 44
Non-current
Interest rates swap contracts \u2013 non-hedge
 82 75 82 75
Total non-current derivative liabilities
 82 75 82 75
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "17(ii) \u2013 Carrying amount and fair values of financial assets and liabilities The Group holds the following financial instruments:
Group
2025 2024
Notes \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Lease incentives
1
13 192 158
Trade receivables
14 70 65
Other current receivables
2
14 30 36
Non-current receivables
14 3 2
Cash and cash equivalents
16 111 363
Financial assets at fair value through profit or loss (FVPL)
Other investments
 16 12
Derivative financial instruments
Non-hedge at FVPL
17 27 51
449 687
Financial liabilities
Liabilities at amortised cost
Trade and other payables
2
15 463 456
Borrowings
16 4,951 4,607
Derivative financial instruments
Non-hedge at FVPL
17 142 119
5,556 5,182
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 \u00a385 million (2024: \u00a377 million) included within total Group other receivables per Note 14 and non-financial liabilities of \u00a3131 million (2024: \u00a3116 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 2025, the fair value of \u00a33,148 million of unsecured bonds issued was \u00a32,957 million (2024: \u00a33,051 million compared with \u00a32,822 million fair value). At 31 December 2025, the fair value of \u00a31,409 million of unsecured US private placement notes was \u00a31,292 million (2024: \u00a31,339 million compared with \u00a31,285 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3308 million (2024: \u00a3283 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: \u2022 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). \u2022 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). \u2022 The fair value of other investments classified as fair value through profit or loss that is not traded on active liquid markets is determined by management (level 3). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "17(ii) \u2013 Carrying amount and fair values of financial assets and liabilities The Group holds the following financial instruments:
Group
2025 2024
Notes \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Lease incentives
1
13 192 158
Trade receivables
14 70 65
Other current receivables
2
14 30 36
Non-current receivables
14 3 2
Cash and cash equivalents
16 111 363
Financial assets at fair value through profit or loss (FVPL)
Other investments
 16 12
Derivative financial instruments
Non-hedge at FVPL
17 27 51
449 687
Financial liabilities
Liabilities at amortised cost
Trade and other payables
2
15 463 456
Borrowings
16 4,951 4,607
Derivative financial instruments
Non-hedge at FVPL
17 142 119
5,556 5,182
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 \u00a385 million (2024: \u00a377 million) included within total Group other receivables per Note 14 and non-financial liabilities of \u00a3131 million (2024: \u00a3116 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 2025, the fair value of \u00a33,148 million of unsecured bonds issued was \u00a32,957 million (2024: \u00a33,051 million compared with \u00a32,822 million fair value). At 31 December 2025, the fair value of \u00a31,409 million of unsecured US private placement notes was \u00a31,292 million (2024: \u00a31,339 million compared with \u00a31,285 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3308 million (2024: \u00a3283 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: \u2022 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). \u2022 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). \u2022 The fair value of other investments classified as fair value through profit or loss that is 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "17(iii) \u2013 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "17(iii) \u2013 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 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) \u2013 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 41. The Group\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2025 2024
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
 6,114 5,535
Gross currency liabilities
 (4,358) (4,170)
Net exposure
 1,756 1,365
2025 Group gross currency liabilities include \u20ac2,226 million (\u00a31,936 million) designated as net investment hedges (2024: \u20ac2,226 million (\u00a31,831 million)). 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 intercompany 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 \u00a3160 million (2024: \u00a3124 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 \u00a3195 million (2024: \u00a3152 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 2025 by \u00a322 million (2024: decrease of \u00a39 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 2025 by \u00a326 million (2024: increase of \u00a310 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 gains of \u00a327 million (2024: \u00a314 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 \u00a32 million loss (2024: \u00a31 million gain) 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 (31 per cent at 31 December 2025) and 100 per cent. At 31 December 2025, the Group had gross foreign currency assets, which were 71 per cent hedged by gross foreign currency denominated liabilities (2024: 75 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 41. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average Currency contract
exchange rates
(local currency)
Contract value
Fair value
2025 2024 2025 2024 2025 2024
2025 2024 m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash
flow hedges
Sell euros
(buy\ue062sterling)
 1.13 1.15 588 545 519 474 8 27
Buy euros
(sell\ue062sterling)
 1.14 1.20 17 3 15 3 \u2014 \u2014
Net investment
hedges
Sell euros
(buy\ue062sterling)
 1.14 1.21 101 101 88 84 \u2014 \u2014
Total
 8 27
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 2025 and 2024. There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2025 and 2024 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
2025 2024
Euro forward foreign exchange
 \u00a3m \u00a3m
Carrying amount (current liabilities, Note 17(i))
 \u2014 \u2014
Notional amount
 88 84
Maturity date
Jan 2026 Jan 2025
Hedge ratio
1:1 1:1
Change in discounted spot value of hedging instruments since
1 January \u2013 (loss)/gain
 (4) 20
Change in value of hedged item used to determine hedge
effectiveness \u2013 gain/(loss)
 4 (20)
Weighted average hedged rate for the year (including forward points)
 1.17 1.17
US private placement notes and bonds There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2025 and 2024 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
2025 2024
Private placement notes and bonds
 \u00a3m \u00a3m
Carrying amount of private placement notes or bonds (non-current
borrowings, Note 16)
 1,848 1,747
Carrying amount of private placement notes or bonds designated as net
investment hedging instruments
 1,848 1,747
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 (loss)/gain
 (92) 75
Change in value of hedged item used to determine hedge
effectiveness \u2013 gain/(loss)
 92 (75)
Weighted average hedged rate for the year (including forward points)
 1.15 1.21
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2025 is a loss of \u00a396 million (2024: \u00a395 million gain) and consists of the loss on euro forward foreign exchange of \u00a34 million (2024: \u00a320 million gain) and loss on US private placement notes and bonds of \u00a392 million (2024: \u00a375 million gain) shown in the tables above. 17(v) \u2013 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 1 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 1 per cent higher and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a3nil (2024: \u00a35 million increase in profit for the year). If interest rates had been 1 per cent lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a310 million (2024: \u00a31 million increase in profit for the year). The interest rate sensitivity described results in a higher profit in 2025 and 2024 for both an interest rate rise and an interest rate fall. This is because during 2025 and 2024 the Group had 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 Notional principal
fixed interest rate
amount
Fair value
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Pay fixed, receive floating contracts:
Group
In one year or less
 \u2014 2.80 \u2014 41 \u2014 \u2014
In more than one year but less than two
 3.92 \u2014 100 \u2014 (1) \u2014
In more than two years but less than five
 \u2014 3.92 \u2014 100 \u2014 \u2014
In more than five years
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Total
 100 141 (1) \u2014
Receive fixed, pay floating contracts:
Group
In one year or less
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than one year but less than two
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than two years but less than five
 1.82 1.82 87 83 (3) (4)
In more than five years
 1.86 1.86 565 537 (138) (115)
Total
 652 620 (141) (119)
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 table details 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
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
 2.32 2.64 261 477 \u2014 1
In more than one year but less than two
 2.17 2.32 287 248 1 1
In more than two years but less than five
1
 1.94 1.77 783 686 15 20
In more than five years
2
 3.11 \u2014 348 \u2014 3 \u2014
Total
 1,679 1,411 19 22
1 2025 includes forward starting interest rate caps, with a notional amount totalling \u20ac400 million, 2.5 per cent average strike, and \u20ac1 million fair value. 2 2025 includes forward starting interest rate caps, with a notional amount totalling \u20ac400 million, 3.1 per cent average strike, and \u20ac3 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 table details the notional principal amounts and remaining terms of interest rate floor contracts, based on their contractual maturities, outstanding as at the reporting date:
Notional principal
Average strike price
amount
Fair value
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
 \u2014 4.69 \u2014 900 \u2014 2
In more than one year but less than two
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than two years but less than five
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than five years
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Total
 \u2014 900 \u2014 2
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) \u2013 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 2025 and at 31 December 2024. The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2025 2024
Gross Loss Net carrying Loss Net carrying
amount allowance amount Gross amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
6
(2)
4
30\u201360 days
1
(1)
\u2014
3
(1)
2
60\u201390 days
3
(1)
2
\u2014
\u2014
\u2014
90\u2013180 days
3
(1)
2
2
(1)
1
>180 days
6
(5)
1
5
(4)
1
Past due
19
(10)
9
16
(8)
8
Not due
61
\u2014
61
58
(1)
57
Total trade
receivables
80
(10)
70
74
(9)
65
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 2025 includes amounts due for 2025 rent and amounts billed in advance for 2026 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2026 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2025 were \u00a319 million (2024: \u00a316 million), 3 per cent of total gross rental income for the year (2024: 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 2025, the Group held a loss allowance provision for trade receivables of \u00a310 million (2024: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing 2 per cent of total gross rental income for the year (2024: 2 per cent). Total impairment losses on trade receivables of \u00a32 million were recognised in the Income Statement for the year ended 31 December 2025 (2024: \u00a31 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 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 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) \u2013 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 page 41. 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.
2025
Weighted
average
interest Under 1-2 2-5 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial
liabilities:
Trade and other payables
1
342
\u2014
\u2014
\u2014
342
Lease liabilities
3.90
5
5
14
133
157
Variable rate debt instruments
4.73
16
152
295
\u2014
463
Fixed rate debt instruments
2.46
672
451
1,277
2,466
4,866
Derivative financial
instruments:
Net settled interest rate swaps
1.47
71
81
3
3
158
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(15)
\u2014
\u2014
\u2014
(15)
\u2013 Outflowing
15
\u2014
\u2014
\u2014
15
Total
1,106
689
1,589
2,602
5,986
2024
Weighted
average
interest Under 1-2 2-5 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
\u2014
\u2014
\u2014
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2014
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
\u2014
135
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(2)
\u2014
\u2014
\u2014
(2)
\u2013 Outflowing
2
\u2014
\u2014
\u2014
2
Total
527
711
1,456
2,973
5,667
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3463 million (2024: \u00a3456 million) includes accrued
interest of \u00a338 million (2024: \u00a336 million) and lease liabilities of \u00a383 million (2024: \u00a370 million). Accrued interest is shown in debt
instruments in the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "17(iv) \u2013 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 41. The Group\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2025 2024
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
 6,114 5,535
Gross currency liabilities
 (4,358) (4,170)
Net exposure
 1,756 1,365
2025 Group gross currency liabilities include \u20ac2,226 million (\u00a31,936 million) designated as net investment hedges (2024: \u20ac2,226 million (\u00a31,831 million)). 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 intercompany 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 \u00a3160 million (2024: \u00a3124 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 \u00a3195 million (2024: \u00a3152 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 2025 by \u00a322 million (2024: decrease of \u00a39 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 2025 by \u00a326 million (2024: increase of \u00a310 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 gains of \u00a327 million (2024: \u00a314 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 \u00a32 million loss (2024: \u00a31 million gain) 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 (31 per cent at 31 December 2025) and 100 per cent. At 31 December 2025, the Group had gross foreign currency assets, which were 71 per cent hedged by gross foreign currency denominated liabilities (2024: 75 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 41. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average Currency contract
exchange rates
(local currency)
Contract value
Fair value
2025 2024 2025 2024 2025 2024
2025 2024 m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash
flow hedges
Sell euros
(buy\ue062sterling)
 1.13 1.15 588 545 519 474 8 27
Buy euros
(sell\ue062sterling)
 1.14 1.20 17 3 15 3 \u2014 \u2014
Net investment
hedges
Sell euros
(buy\ue062sterling)
 1.14 1.21 101 101 88 84 \u2014 \u2014
Total
 8 27
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 2025 and 2024. There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2025 and 2024 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
2025 2024
Euro forward foreign exchange
 \u00a3m \u00a3m
Carrying amount (current liabilities, Note 17(i))
 \u2014 \u2014
Notional amount
 88 84
Maturity date
Jan 2026 Jan 2025
Hedge ratio
1:1 1:1
Change in discounted spot value of hedging instruments since
1 January \u2013 (loss)/gain
 (4) 20
Change in value of hedged item used to determine hedge
effectiveness \u2013 gain/(loss)
 4 (20)
Weighted average hedged rate for the year (including forward points)
 1.17 1.17
US private placement notes and bonds There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2025 and 2024 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
2025 2024
Private placement notes and bonds
 \u00a3m \u00a3m
Carrying amount of private placement notes or bonds (non-current
borrowings, Note 16)
 1,848 1,747
Carrying amount of private placement notes or bonds designated as net
investment hedging instruments
 1,848 1,747
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 (loss)/gain
 (92) 75
Change in value of hedged item used to determine hedge
effectiveness \u2013 gain/(loss)
 92 (75)
Weighted average hedged rate for the year (including forward points)
 1.15 1.21
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2025 is a loss of \u00a396 million (2024: \u00a395 million gain) and consists of the loss on euro forward foreign exchange of \u00a34 million (2024: \u00a320 million gain) and loss on US private placement notes and bonds of \u00a392 million (2024: \u00a375 million gain) shown in the tables above. 17(v) \u2013 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 1 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 1 per cent higher and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a3nil (2024: \u00a35 million increase in profit for the year). If interest rates had been 1 per cent lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a310 million (2024: \u00a31 million increase in profit for the year). The interest rate sensitivity described results in a higher profit in 2025 and 2024 for both an interest rate rise and an interest rate fall. This is because during 2025 and 2024 the Group had 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 Notional principal
fixed interest rate
amount
Fair value
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Pay fixed, receive floating contracts:
Group
In one year or less
 \u2014 2.80 \u2014 41 \u2014 \u2014
In more than one year but less than two
 3.92 \u2014 100 \u2014 (1) \u2014
In more than two years but less than five
 \u2014 3.92 \u2014 100 \u2014 \u2014
In more than five years
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Total
 100 141 (1) \u2014
Receive fixed, pay floating contracts:
Group
In one year or less
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than one year but less than two
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than two years but less than five
 1.82 1.82 87 83 (3) (4)
In more than five years
 1.86 1.86 565 537 (138) (115)
Total
 652 620 (141) (119)
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 table details 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
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
 2.32 2.64 261 477 \u2014 1
In more than one year but less than two
 2.17 2.32 287 248 1 1
In more than two years but less than five
1
 1.94 1.77 783 686 15 20
In more than five years
2
 3.11 \u2014 348 \u2014 3 \u2014
Total
 1,679 1,411 19 22
1 2025 includes forward starting interest rate caps, with a notional amount totalling \u20ac400 million, 2.5 per cent average strike, and \u20ac1 million fair value. 2 2025 includes forward starting interest rate caps, with a notional amount totalling \u20ac400 million, 3.1 per cent average strike, and \u20ac3 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 table details the notional principal amounts and remaining terms of interest rate floor contracts, based on their contractual maturities, outstanding as at the reporting date:
Notional principal
Average strike price
amount
Fair value
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
 \u2014 4.69 \u2014 900 \u2014 2
In more than one year but less than two
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than two years but less than five
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
In more than five years
 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Total
 \u2014 900 \u2014 2
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "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 \u00a3160 million (2024: \u00a3124 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 \u00a3195 million (2024: \u00a3152 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 2025 by \u00a322 million (2024: decrease of \u00a39 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 2025 by \u00a326 million (2024: increase of \u00a310 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 1 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 1 per cent higher and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a3nil (2024: \u00a35 million increase in profit for the year). If interest rates had been 1 per cent lower and all other variables were held constant, the Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a310 million (2024: \u00a31 million increase in profit for the year). The interest rate sensitivity described results in a higher profit in 2025 and 2024 for both an interest rate rise and an interest rate fall. This is because during 2025 and 2024 the Group had 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "17(vi) \u2013 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 2025 and at 31 December 2024. The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2025 2024
Gross Loss Net carrying Loss Net carrying
amount allowance amount Gross amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
6
(2)
4
30\u201360 days
1
(1)
\u2014
3
(1)
2
60\u201390 days
3
(1)
2
\u2014
\u2014
\u2014
90\u2013180 days
3
(1)
2
2
(1)
1
>180 days
6
(5)
1
5
(4)
1
Past due
19
(10)
9
16
(8)
8
Not due
61
\u2014
61
58
(1)
57
Total trade
receivables
80
(10)
70
74
(9)
65
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 2025 includes amounts due for 2025 rent and amounts billed in advance for 2026 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2026 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2025 were \u00a319 million (2024: \u00a316 million), 3 per cent of total gross rental income for the year (2024: 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 2025, the Group held a loss allowance provision for trade receivables of \u00a310 million (2024: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing 2 per cent of total gross rental income for the year (2024: 2 per cent). Total impairment losses on trade receivables of \u00a32 million were recognised in the Income Statement for the year ended 31 December 2025 (2024: \u00a31 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 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "17(vi) \u2013 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 2025 and at 31 December 2024. The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2025 2024
Gross Loss Net carrying Loss Net carrying
amount allowance amount Gross amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
6
(2)
4
30\u201360 days
1
(1)
\u2014
3
(1)
2
60\u201390 days
3
(1)
2
\u2014
\u2014
\u2014
90\u2013180 days
3
(1)
2
2
(1)
1
>180 days
6
(5)
1
5
(4)
1
Past due
19
(10)
9
16
(8)
8
Not due
61
\u2014
61
58
(1)
57
Total trade
receivables
80
(10)
70
74
(9)
65
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 2025 includes amounts due for 2025 rent and amounts billed in advance for 2026 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2026 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2025 were \u00a319 million (2024: \u00a316 million), 3 per cent of total gross rental income for the year (2024: 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 2025, the Group held a loss allowance provision for trade receivables of \u00a310 million (2024: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing 2 per cent of total gross rental income for the year (2024: 2 per cent). Total impairment losses on trade receivables of \u00a32 million were recognised in the Income Statement for the year ended 31 December 2025 (2024: \u00a31 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 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "The ageing of the Group\u2019s trade receivables and the carrying amount net of loss allowances is set out below.
2025 2024
Gross Loss Net carrying Loss Net carrying
amount allowance amount Gross amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
0\u201330 days
6
(2)
4
6
(2)
4
30\u201360 days
1
(1)
\u2014
3
(1)
2
60\u201390 days
3
(1)
2
\u2014
\u2014
\u2014
90\u2013180 days
3
(1)
2
2
(1)
1
>180 days
6
(5)
1
5
(4)
1
Past due
19
(10)
9
16
(8)
8
Not due
61
\u2014
61
58
(1)
57
Total trade
receivables
80
(10)
70
74
(9)
65
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 2025 includes amounts due for 2025 rent and amounts billed in advance for 2026 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2026 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2025 were \u00a319 million (2024: \u00a316 million), 3 per cent of total gross rental income for the year (2024: 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 2025, the Group held a loss allowance provision for trade receivables of \u00a310 million (2024: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing 2 per cent of total gross rental income for the year (2024: 2 per cent). Total impairment losses on trade receivables of \u00a32 million were recognised in the Income Statement for the year ended 31 December 2025 (2024: \u00a31 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 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "17(vii) \u2013 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 page 41. 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.
2025
Weighted
average
interest Under 1-2 2-5 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial
liabilities:
Trade and other payables
1
342
\u2014
\u2014
\u2014
342
Lease liabilities
3.90
5
5
14
133
157
Variable rate debt instruments
4.73
16
152
295
\u2014
463
Fixed rate debt instruments
2.46
672
451
1,277
2,466
4,866
Derivative financial
instruments:
Net settled interest rate swaps
1.47
71
81
3
3
158
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(15)
\u2014
\u2014
\u2014
(15)
\u2013 Outflowing
15
\u2014
\u2014
\u2014
15
Total
1,106
689
1,589
2,602
5,986
2024
Weighted
average
interest Under 1-2 2-5 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
\u2014
\u2014
\u2014
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2014
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
\u2014
135
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(2)
\u2014
\u2014
\u2014
(2)
\u2013 Outflowing
2
\u2014
\u2014
\u2014
2
Total
527
711
1,456
2,973
5,667
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3463 million (2024: \u00a3456 million) includes accrued interest of \u00a338 million (2024: \u00a336 million) and lease liabilities of \u00a383 million (2024: \u00a370 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "17(vii) \u2013 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 page 41. 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.
2025
Weighted
average
interest Under 1-2 2-5 Over
rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial
liabilities:
Trade and other payables
1
342
\u2014
\u2014
\u2014
342
Lease liabilities
3.90
5
5
14
133
157
Variable rate debt instruments
4.73
16
152
295
\u2014
463
Fixed rate debt instruments
2.46
672
451
1,277
2,466
4,866
Derivative financial
instruments:
Net settled interest rate swaps
1.47
71
81
3
3
158
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(15)
\u2014
\u2014
\u2014
(15)
\u2013 Outflowing
15
\u2014
\u2014
\u2014
15
Total
1,106
689
1,589
2,602
5,986
2024
Weighted
average
interest Under 1-2 2-5 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
\u2014
\u2014
\u2014
350
Lease liabilities
3.90
4
4
12
109
129
Variable rate debt instruments
5.22
10
10
241
\u2014
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
\u2014
135
Gross settled foreign exchange
\u2013 Forward and currency
swap contracts
\u2013 Inflowing
(2)
\u2014
\u2014
\u2014
(2)
\u2013 Outflowing
2
\u2014
\u2014
\u2014
2
Total
527
711
1,456
2,973
5,667
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3463 million (2024: \u00a3456 million) includes accrued interest of \u00a338 million (2024: \u00a336 million) and lease liabilities of \u00a383 million (2024: \u00a370 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "18. Share Capital and Share-based Payments Share capital Group and Company
Number Per value
of shares of shares
Issued and fully paid
million \u00a3m
Ordinary shares of 10p each at 1 January 2025
1,353
135
Issue of shares \u2013 placing
\u2014
\u2014
Issue of shares \u2013 scrip dividends
\u2014
\u2014
Issue of shares \u2013 other
\u2014
\u2014
Ordinary shares of 10p each at 31 December 2025
1,353
135
Number Per 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
\u2014
Ordinary shares of 10p each at 31 December 2024
1,353
135
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 awarded in shares and deferred 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 114. 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.
2025 2024
number number
At 1 January
 1,239,354 1,187,381
Shares granted DSBP
 592,301 332,487
Shares vested
 (440,603) (187,792)
Shares expired/lapsed
 (9,000) (92,722)
At 31 December
 1,382,052 1,239,354
The 2024 DSBP grant was made on 28 April 2025, based on a 25 April 2025 closing mid-market share price of 691.8 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 112 and 115. 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.
2025 2024
number number
At 1 January
 4,647,326 4,668,321
Shares granted LTIP
 2,178,187 1,476,521
Shares vested
 (519,480) (1,019,115)
Shares expired/lapsed
 (954,015) (478,401)
At 31 December
 5,352,018 4,647,326
The 2025 LTIP award was made on 19 February 2025. The calculation of the award was based on a share price of 714.0 pence, the closing mid-market share price on 18 February 2025. Additionally, an LTIP award was made on 2 December 2025 using the same share price as the award made on 19 February 2025. An additional recruitment LTIP award was made on 2 December 2025. The calculation of the recruitment LTIP award was based on a share price of 710.8 pence, the closing mid-market share price on 1 December 2025. Further details can be found in the Remuneration Report on page 123. 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:
29 March 5 May 24 March 22 March 19 February
Date of grant
2021 2022 2023 2024 2025
Market price used for award
933.0p
1,162.5p
737.8p
889.2p
714.0p
Risk-free interest rate
0.13%
1.68%
3.33%
4.18%
 4.09%
Dividend yield
2.4%
1.9%
3.1%
3.3%
 3.3%
Volatility
22.3%
24.7%
28.3%
29.4%
 28.2%
Term
3 years
3 years
3 years
3 years
3 years
Fair value per share
375.3p
493.1p
338.9p
520.1p
267.6p
18(iii) \u2013 Other share schemes The Group also operates the following all-employee share schemes. \u2022 Share Incentive Plan (SIP) - for UK based employees \u2022 Global Share Incentive Plan (GSIP) - for Continental European based employees \u2022 Sharesave Further details of these schemes are set out in the Remuneration Report on page 116. The total share--based payment charge for the other share schemes recognised in the 2025 Income Statement was \u00a31 million (2024: \u00a31 million). The total number of outstanding shares and options for these schemes as at 31 December 2025 was 1,089,005 (2024: 963,176). 19. Share Premium and Other Reserves Share premium
2025 2024
Group and Company
 \u00a3m \u00a3m
Balance at 1 January
 4,569 3,577
Premium arising on the issue of shares \u2013 placing
 \u2014 878
Premium arising on the issue of shares \u2013 scrip dividend
 \u2014 114
Balance at 31 December
 4,569 4,569
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 represents 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 \u00a3196 million (2024: \u00a3124 million) are made up of the following reserves: The merger reserve of \u00a3169 million (2024: \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 \u00a37 million surplus (2024: \u00a370 million deficit) 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 \u00a320 million (2024: \u00a325 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "18. Share Capital and Share-based Payments Share capital Group and Company
Number Per value
of shares of shares
Issued and fully paid
million \u00a3m
Ordinary shares of 10p each at 1 January 2025
1,353
135
Issue of shares \u2013 placing
\u2014
\u2014
Issue of shares \u2013 scrip dividends
\u2014
\u2014
Issue of shares \u2013 other
\u2014
\u2014
Ordinary shares of 10p each at 31 December 2025
1,353
135
Number Per 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
\u2014
Ordinary shares of 10p each at 31 December 2024
1,353
135
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 awarded in shares and deferred 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 114. 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.
2025 2024
number number
At 1 January
 1,239,354 1,187,381
Shares granted DSBP
 592,301 332,487
Shares vested
 (440,603) (187,792)
Shares expired/lapsed
 (9,000) (92,722)
At 31 December
 1,382,052 1,239,354
The 2024 DSBP grant was made on 28 April 2025, based on a 25 April 2025 closing mid-market share price of 691.8 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 112 and 115.
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.
2025 2024
number number
At 1 January
 4,647,326 4,668,321
Shares granted LTIP
 2,178,187 1,476,521
Shares vested
 (519,480) (1,019,115)
Shares expired/lapsed
 (954,015) (478,401)
At 31 December
 5,352,018 4,647,326
The 2025 LTIP award was made on 19 February 2025. The calculation of the award was based on a
share price of 714.0 pence, the closing mid-market share price on 18 February 2025.
Additionally, an LTIP award was made on 2 December 2025 using the same share price as the award
made on 19 February 2025. An additional recruitment LTIP award was made on 2 December 2025.
The calculation of the recruitment LTIP award was based on a share price of 710.8 pence, the
closing mid-market share price on 1 December 2025. Further details can be found in the
Remuneration Report on page 123.
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:
29 March 5 May 24 March 22 March 19 February
Date of grant
2021 2022 2023 2024 2025
Market price used for award
933.0p
1,162.5p
737.8p
889.2p
714.0p
Risk-free interest rate
0.13%
1.68%
3.33%
4.18%
 4.09%
Dividend yield
2.4%
1.9%
3.1%
3.3%
 3.3%
Volatility
22.3%
24.7%
28.3%
29.4%
 28.2%
Term
3 years
3 years
3 years
3 years
3 years
Fair value per share
375.3p
493.1p
338.9p
520.1p
267.6p
18(iii) \u2013 Other share schemes
The Group also operates the following all-employee share schemes.
\u2022 Share Incentive Plan (SIP) - for UK based employees
\u2022 Global Share Incentive Plan (GSIP) - for Continental European based employees
\u2022 Sharesave
Further details of these schemes are set out in the Remuneration Report on page 116. The total
share--based payment charge for the other share schemes recognised in the 2025 Income Statement
was \u00a31 million (2024: \u00a31 million). The total number of outstanding shares and options for these
schemes as at 31 December 2025 was 1,089,005 (2024: 963,176).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
Share capital
Group and Company
Number Per value
of shares of shares
Issued and fully paid
million \u00a3m
Ordinary shares of 10p each at 1 January 2025
1,353
135
Issue of shares \u2013 placing
\u2014
\u2014
Issue of shares \u2013 scrip dividends
\u2014
\u2014
Issue of shares \u2013 other
\u2014
\u2014
Ordinary shares of 10p each at 31 December 2025
1,353
135
Number Per 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
\u2014
Ordinary shares of 10p each at 31 December 2024
1,353
135
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "19. Share Premium and Other Reserves Share premium
2025 2024
Group and Company
 \u00a3m \u00a3m
Balance at 1 January
 4,569 3,577
Premium arising on the issue of shares \u2013 placing
 \u2014 878
Premium arising on the issue of shares \u2013 scrip dividend
 \u2014 114
Balance at 31 December
 4,569 4,569
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 represents 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 \u00a3196 million (2024: \u00a3124 million) are made up of the following reserves: The merger reserve of \u00a3169 million (2024: \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 \u00a37 million surplus (2024: \u00a370 million deficit) 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 \u00a320 million (2024: \u00a325 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "
20. Commitments
Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are as
follows:
2025 2024
Group
 \u00a3m \u00a3m
Properties
1
 581 210
1 As detailed on page 34 of the Strategic Report, the Group (including joint ventures at share) is expected to invest approximately
\u00a3450-\u00a3550 million in development capex during 2026. This amount includes committed and uncommitted capex.
In addition, commitments in the Group\u2019s joint ventures at 31 December 2025 (at share) amounted
to \u00a344 million (2024: \u00a32 million). The Group also has a \u00a35 million commitment to property related
investment funds at 31 December 2025 (2024: \u00a34 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "20. Commitments Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are as follows:
2025 2024
Group
 \u00a3m \u00a3m
Properties
1
 581 210
1 As detailed on page 34 of the Strategic Report, the Group (including joint ventures at share) is expected to invest approximately \u00a3450-\u00a3550 million in development capex during 2026. This amount includes committed and uncommitted capex. In addition, commitments in the Group\u2019s joint ventures at 31 December 2025 (at share) amounted to \u00a344 million (2024: \u00a32 million). The Group also has a \u00a35 million commitment to property related investment funds at 31 December 2025 (2024: \u00a34 million). 21. Contingent Liabilities The Group has given performance guarantees to third parties amounting to \u00a348 million (2024: \u00a346 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 provide guarantees, indemnities, 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 is monitored on an ongoing basis and provisions amended accordingly. It is not expected that contingent liabilities existing at 31 December 2025 will have a material adverse effect on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
21. Contingent Liabilities
The Group has given performance guarantees to third parties amounting to \u00a348 million
(2024: \u00a346 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 provide guarantees,
indemnities, 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 is monitored on an ongoing basis
and provisions amended accordingly. It is not expected that contingent liabilities existing at
31 December 2025 will have a material adverse effect on the Group\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "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 is discussed further in the Asset
Management update on pages 30 to 32. The Group does not hold significant finance leases as
a lessor.
Future aggregate minimum rentals receivable under non-cancellable operating leases are:
Joint
ventures
Group at share 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Not later than one year
566
141
707
 613
Later than one year, not later than two years
509
128
637
 550
Later than two years, not later than three years
443
105
548
 488
Later than three years, not later than four years
384
84
468
 420
Later than four years, not later than five years
318
70
388
 355
Later than five years
2,165
215
2,380
 2,090
Balance at 31 December
4,385
743
5,128
 4,516
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "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 is discussed further in the Asset Management update on pages 30 to 32. The Group does not hold significant finance leases as a lessor. Future aggregate minimum rentals receivable under non-cancellable operating leases are:
Joint
ventures
Group at share 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Not later than one year
566
141
707
 613
Later than one year, not later than two years
509
128
637
 550
Later than two years, not later than three years
443
105
548
 488
Later than three years, not later than four years
384
84
468
 420
Later than four years, not later than five years
318
70
388
 355
Later than five years
2,165
215
2,380
 2,090
Balance at 31 December
4,385
743
5,128
 4,516
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "
23. Related Party Transactions
Group
Transactions during the year between the Group and its joint ventures are disclosed below:
2025 2024
\u00a3m \u00a3m
Dividends received
 63 29
Proceeds from assets sold to joint ventures
1
 73 \u2014
Management fee income
 25 26
1 During 2025, proceeds from assets sold joint ventures includes land contributed into the SEGRO Pure Premier Park Data Centre
joint venture and assets sold to the SELP joint venture. No assets were sold to joint ventures during 2024.
Amounts due from joint ventures are disclosed in Note 14. Investments in joint ventures at
31 December 2025 of \u00a31,715 million disclosed in Note 7 (2024: \u00a31,552 million) include shareholder
loans of \u00a389 million (2024: \u00a384 million). Outstanding loans and amounts due are generally charged
interest at market rates and are unsecured. Loans held with joint ventures 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 74 to 76. Key management personnel
compensation is shown in the table below:
2025 2024
\u00a3m \u00a3m
Salaries and short-term benefits
 5 4
Share-based payments
 \u2014 2
Total remuneration
 5 6
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 106 to 124.
26. Related Undertakings A list of the Group\u2019s related undertakings as at 31 December 2025 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, 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)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Airport Property H1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Airport Property Partnership***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England and
Direct
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Bilton Limited**
England and
Direct
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton (Great Western, Southall)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Metropolitan Park) 1
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton Asset Management UK
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton Limited**
England and
Direct
1 New Burlington Place, London,
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)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 27 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 38 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 39 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
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
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton Properties Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Coventry & Warwickshire
England and
Indirect
Two Friargate, Station Square,
Development Partnership LLP
3
Wales
Coventry, England, CV1 2GN
CWDP Investment Limited**
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
Dagenham Park Management
England and
Indirect
1 New Burlington Place, London ,
Company Limited**
,4,8
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 and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited
2
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited
2
England and
Indirect
1 New Burlington Place, London ,
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 and
Indirect
1 New Burlington Place, London ,
Company Limited**
,4
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,
Republic
Star\u00e9 M\u011bsto, PS\u010c 110 00,
Czech Republic
Hatton Farm Estates Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Helios Northern Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
HelioSlough Limited**
England and
Indirect
1 New Burlington Place, London ,
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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
London Distribution Park No.2 LLP
3
England and
50%
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
Nichelino DC S.R.L.
Italy
Indirect
Strada 3 Palazza, B3 20057,
Assago Milanofiori, Milan, Italy
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Pilsen One s.r.o
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11,
Republic
Star\u00e9 M\u011bsto, PS\u010c 110 00, Czech
Republic
Premier Greenford GP Limited
2,5
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Property Management Company
England and
72%
Indirect
1 New Burlington Place, London,
(Croydon) Limited
Wales
W1S 2HR, United Kingdom
Reprendre Racines SAS
France
Indirect
20 rue Brunel, 75017 Paris,
France
Roxhill Management Rugby
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
San Colombano DC S.R.L.
Italy
Indirect
Strada 3 Palazza, B3 20057,
Assago Milanofiori, Milan, Italy
SEGRO (225 Bath Road) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Acton Park Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 3) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Beddington Lane)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Belvedere Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Birmingham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO (Bonded Stores) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Coronation Road)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Coventry Gateway
England and
Indirect
1 New Burlington Place, London,
Management Company) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Coventry) Limited**
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Dagenham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (East Plus) Trading
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Management
England and
82%
Indirect
1 New Burlington Place, London,
Company) Limited**,
5
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (EMG Rail Freight Terminal)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Great Cambridge
England and
Indirect
1 New Burlington Place, London,
Industrial Estate) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Grendon) 1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site B)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Heathrow International)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Iver 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Kettering) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (New Cross Business
England and
Indirect
1 New Burlington Place, London,
Centre) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Northampton Gateway
England and
Indirect
1 New Burlington Place, London,
Management Company) Limited
2
Wales
W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO (Perivale Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton)
England and
Indirect
1 New Burlington Place, London,
Limited
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 9 SmartParc) Limited
2
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 2)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Reading) Limited
5
,
6
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rockware Avenue)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Skyline) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (The Portal) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tudor) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Victoria Industrial Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Watchmoor) Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Administration Limited
England and
Direct
1 New Burlington Place, London ,
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 and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO Asset Management
England and
Indirect
1 New Burlington Place, London ,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MA
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
SEGRO Benelux B.V.
7
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MA
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 and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO Croydon (Mitcham)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11,
Republic
Star\u00e9 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 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,
Partnership S.\u00e1 r.l.
L-1931,
Luxembourg
SEGRO Finance Limited
England and
Direct
1 New Burlington Place, London,
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\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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
SEGRO Investments Limited**
England and
Indirect
1 New Burlington Place, London,
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
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
35 Avenue de la Libert\u00e9, L-1931,
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
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MA
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MS
SEGRO Netherlands Holding B.V.
England and
Indirect
1 New Burlington Place, London,
(UK branch)
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel, 75017, 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 and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Properties Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Pure Premier Park Data
England and
50%
Indirect
5 Fleet Place, London, EC4M
Centre Limited
Wales
7RD
SEGRO Pure Premier Park Data
England and
50%
Indirect
5 Fleet Place, London, EC4M
Centre Holdings Limited
Wales
7RD
SEGRO Reisholz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Rugby LLP***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Sechste Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Sechsundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH
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
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Shelf I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MS
SEGRO Slough Spare Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO STE Limited
England and
Indirect
1 New Burlington Place, London,
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 V-Park Grand Union LLP
3
England and
50%
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Wissous SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Slough Trading Estate Limited
England and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Smartparc SEGRO Spondon
England and
Indirect
1 New Burlington Place, London,
Limited
Wales
W1S 2HR, United Kingdom
Steamhouse Group Limited**
England and
Indirect
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Limited
2
Wales
W1S 2HR, United Kingdom
The UK Logistics (Nominee 2)
England and
Indirect
1 New Burlington Place, London,
Limited
2
Wales
W1S 2HR, United Kingdom
The UK Logistics General Partner
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
The UK Logistics Limited
England and
Indirect
1 New Burlington Place, London,
Partnership
3
Wales
W1S 2HR, United Kingdom
Trafford Park 1 Limited
Guernsey
Indirect
Ground Floor,Plaza House ,
Admiral Park , St Peter Port ,
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
Trust
9WG, Jersey
UK Logistics Properties No 2 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4
Trust
9WG, 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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Unitair Limited Partnership***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Vailog France SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
Vimercate DC S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Woodside GP Limited
2
England and
33.33%
Indirect
1 New Burlington Place, London,
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 2025.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "23. Related Party Transactions Group Transactions during the year between the Group and its joint ventures are disclosed below:
2025 2024
\u00a3m \u00a3m
Dividends received
 63 29
Proceeds from assets sold to joint ventures
1
 73 \u2014
Management fee income
 25 26
1 During 2025, proceeds from assets sold joint ventures includes land contributed into the SEGRO Pure Premier Park Data Centre joint venture and assets sold to the SELP joint venture. No assets were sold to joint ventures during 2024. Amounts due from joint ventures are disclosed in Note 14. Investments in joint ventures at 31 December 2025 of \u00a31,715 million disclosed in Note 7 (2024: \u00a31,552 million) include shareholder loans of \u00a389 million (2024: \u00a384 million). Outstanding loans and amounts due are generally charged interest at market rates and are unsecured. Loans held with joint ventures 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 74 to 76. Key management personnel compensation is shown in the table below:
2025 2024
\u00a3m \u00a3m
Salaries and short-term benefits
 5 4
Share-based payments
 \u2014 2
Total remuneration
 5 6
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 106 to 124. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "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 74 to 76. Key management personnel compensation is shown in the table below:
2025 2024
\u00a3m \u00a3m
Salaries and short-term benefits
 5 4
Share-based payments
 \u2014 2
Total remuneration
 5 6
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 106 to 124. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "
24. Notes to the Cash Flow Statements
24(i) \u2013 Reconciliation of cash generated from operations
Group
2025 2024
\u00a3m \u00a3m
Operating profit
 663 703
Adjustments for:
Depreciation of property, plant and equipment and amortisation of
intangibles
 17 12
Share of profit from joint ventures after tax
 (109) (53)
Profit on sale of properties
 (1) (75)
Revaluation surplus on investment properties
 (54) (120)
Other provisions
 4 5
520 472
Changes in working capital:
Decrease/(increase) in trading properties
 5 (3)
Increase in debtors and tenant incentives
 (47) (18)
Increase in creditors
 14 8
Net cash inflow generated from operations
 492 459
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
Cost of Other At
1 January
Cash Cash Exchange early close non-cash 31 December
2025
inflow
1
outflow
2
movement out of debt
adjustments
3
2025
\u00a3m
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank loans and loan
capital
4,641
268
(88)
166
\u2014
\u2014
 4,987
Capitalised finance
costs
(34)
\u2014
(9)
\u2014
\u2014
7
 (36)
Total borrowings
4,607
268
(97)
166
\u2014
7
 4,951
Cash and cash
equivalents
(363)
\u2014
252
\u2014
\u2014
\u2014
 (111)
Net debt
4,244
268
155
166
\u2014
7
 4,840
1 Proceeds from borrowings of \u00a3268 million.
2 Cash outflow of \u00a397 million, comprises repayment of borrowings of \u00a388 million and capitalised finance costs of \u00a39 million.
3 Total other non-cash adjustment of \u00a37 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 2025
Cash movements
Non-cash movements
Cost of
At
Net early Other At
1 January
Cash Cash Exchange fair value close of non-cash 31 December
2025
inflow outflow
movement
1
changes
2
debt adjustments 2025
\u00a3m
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Total
borrowings
(Note 16)
4,607
268
(97)
166
\u2014
\u2014
7
4,951
Derivatives:
(Net) Fair value
of forward
foreign
exchange and
currency swap
contracts
(Note\ue06217)
(27)
\u2014
(15)
\u2014
30
4
\u2014
\u2014
(8)
Lease liabilities
(Note 15)
3
70
\u2014
(5)
\u2014
4
\u2014
\u2014
14
83
Total net
financial
liabilities
arising from
financing
activities
4,650
268
(117)
\u2014
200
4
\u2014
21
5,026
1 Exchange movement of \u00a3196 million from borrowings and forward foreign exchange and currency swap contracts consists of:
foreign exchange loss on effective hedge relationships recognised in OCI of \u00a396 million, foreign exchange loss arising on
translation of borrowings held in international operations recognised in OCI of \u00a371 million, and foreign exchange loss recognised
within the Income Statement of \u00a329 million. See Note 17(iv).
2 Total net fair value loss of \u00a335 million arising from derivatives per Note 9 also includes fair value loss from interest rate derivatives
of \u00a331 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 2024
Cash movements
Non-cash movements
Cost of
At Net early Other At
1 January Cash Cash Exchange fair value close of non-cash 31 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)
\u2014
2
10
4,607
Derivatives:
(Net) Fair value
of forward
foreign
exchange and
currency swap
contracts
(Note\ue06217)
(12)
1
\u2014
(16)
\u2014
\u2014
\u2014
(27)
Lease liabilities
(Note 15)
3
74
\u2014
(5)
(3)
\u2014
\u2014
4
70
Total net
financial
liabilities
arising from
financing
activities
5,410
420
(1,011)
(185)
\u2014
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "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 2025 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.
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 (2024: \u00a30.1 million
\u2013 \u00a341.5 million) for the UK and \u00a30.1 million \u2013 \u00a310.8 million (2024: \u00a30.1 million \u2013 \u00a311.4 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 that 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 that 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 Task Force
on Climate-related Financial Disclosures (TCFD) in the UK and Sustainable Finance Disclosure
Regulations (SFDR) and Corporate Sustainability Reporting Directive (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.
Sensitivity analysis
An increase/decrease to estimated rental value (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 at
share) and the impact on valuations of changes in development costs on the development property
and land portfolio (including joint ventures 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 Impact on valuation of
of 25bp change in 5% change in estimated 10% change in estimated
equivalent yield rental value (ERV) development costs
Group Increase Decrease Increase Decrease Increase Decrease
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Completed
property
16,664
(782)
849
607
(597)
\u2014
\u2014
Development
property and land
2,298
(168)
179
265
(265)
(318)
318
Group total
property
portfolio
18,962
(950)
1,028
872
(862)
(318)
318
Impact on valuation Impact on valuation of Impact on valuation of
of 25bp change in 5% change in estimated 10% change in estimated
equivalent yield rental 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)
\u2014
\u2014
Development property
and land
2,317
(190)
203
287
(287)
(351)
351
Group total property
portfolio
17,770
(924)
1,010
863
(858)
(351)
351
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 that 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 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.
Valuation
Inputs
Net true
Combined Net true equivalent
Land &
property equivalent yield
2025
Completed
development
1
portfolio
ERV
2
ERV range
2
yield
3
range
3
By asset type
 \u00a3m
\u00a3m
 \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Big box
warehouses
5,790
\u2014
5,790
69.4
34.4-231.4
5.6
4.5-7.4
Urban
warehouses
9,215
\u2014
9,215
173.9
31.3-403.6
5.3
4.5-9.7
Data centres
1,294
\u2014
1,294
322.8
146.4-398.1
5.5
5.1-5.7
Other uses of
industrial land
4
365
\u2014
365
216.7
52.2-699.7
7.4
4.6-10.3
16,664
2,298
18,962
103.6
31.3-699.7
5.5
4.5-10.3
By ownership
Wholly-owned
5
13,782
2,138
15,920
148.1
31.3-699.7
5.4
4.5-10.3
Joint ventures
2,882
160
3,042
63.2
37.6-263.7
5.7
4.5-7.3
Group total
16,664
2,298
18,962
103.6
31.3-699.7
5.5
4.5-10.3
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 \u00a32,995 million; urban warehouses \u00a39,130 million; data
centres \u00a31,294 million; and other uses of industrial land \u00a3363 million.
Valuation
Inputs
Net true
Combined Net true equivalent
Land &
property
ERV
1
equivalent yield
2025
Completed
development
portfolio \u00a3 per sq
ERV range
1
yield
2
range
2
By geography
 \u00a3m
\u00a3m
 \u00a3m m \u00a3 per sq m % %
UK
10,463
1,321
11,784
199.0
45.0-699.7
5.4
4.5-10.3
CE
6,201
977
7,178
69.5
31.3-261.0
5.6
4.5-9.7
Group total
16,664
2,298
18,962
103.6
31.3-699.7
5.5
4.5-10.3
Investment
properties \u2013 Group
(Note 13)
3
 15,918
Investment
properties \u2013 Joint
ventures (Note 7(ii))
 3,042
Trading properties \u2013
Group
4
 2
Group total
 18,962
1 On a fully occupied basis.
2 In relation to the completed properties only.
3 Excludes head lease ROU assets of \u00a380 million.
4 Includes valuation surplus not recognised on trading properties of \u00a31 million.
Valuation
Inputs
Combined Net true Net true
Land &
property equivalent equivalent
2024
Completed
development
1
portfolio
ERV
2
ERV range
2
yield
3
yield range
3
By asset type
 \u00a3m
\u00a3m
 \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Big box warehouses
5,050
\u2014
5,050
64.8
33.1\u2013204.5
5.6
4.6\u20137.2
Urban warehouses
8,759
\u2014
8,759
166.0
25.0\u2013395.6
5.2
4.4\u20139.7
Data centres
1,284
\u2014
1,284
306.5
146.4\u2013387.4
5.4
4.6\u20135.6
Other uses of
industrial land
4
360
\u2014
360
215.3
49.6\u2013645.8
7.4
4.5\u201311.8
15,453
2,317
17,770
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
2,438
88
2,526
58.4
35.7\u2013314.8
5.6
4.6\u20137.2
Group total
15,453
2,317
17,770
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
2024
Completed
development
portfolio
ERV
1
ERV range
1
yield
2
yield range
2
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
17,770
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
(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.
", "dimensions": { "concept": "segroplc:DisclosureOfPropertyValuationTechniquesSustainabilityAndClimateChangeConsiderationsAndRelatedQuantitativeInformation", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
26. Related Undertakings
A list of the Group\u2019s related undertakings as at 31 December 2025 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, 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)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Airport Property H1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Airport Property Partnership***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England and
Direct
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Bilton Limited**
England and
Direct
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton (Great Western, Southall)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Metropolitan Park) 1
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton Asset Management UK
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton Limited**
England and
Direct
1 New Burlington Place, London,
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)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 27 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 38 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 39 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
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
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective holding if Direct/ Company Name Jurisdiction not 100% Indirect Registered Office Brixton Properties Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom Brixton Sub-Holdings Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom Coventry & Warwickshire England and Indirect Two Friargate, Station Square, Development Partnership LLP3 Wales Coventry, England, CV1 2GN CWDP Investment Limited** England and Indirect Two Friargate, Station Square, Wales Coventry, England, CV1 2GN Dagenham Park Management England and Indirect 1 New Burlington Place, London Company Limited**,4,8 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 and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom Devon Nominees (No. 2) Limited 2 England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom Devon Nominees (No. 3) Limited 2 England and Indirect 1 New Burlington Place, London 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 and Indirect 1 New Burlington Place, London Company Limited**,4 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, Republic Star\u00e9 M\u011bsto, PS\u010c 110 00, Czech Republic Hatton Farm Estates Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom Helios Northern Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom HelioSlough Limited** England and Indirect 1 New Burlington Place, London 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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
London Distribution Park No.2 LLP
3
England and
50%
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
Nichelino DC S.R.L.
Italy
Indirect
Strada 3 Palazza, B3 20057,
Assago Milanofiori, Milan, Italy
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Pilsen One s.r.o
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11,
Republic
Star\u00e9 M\u011bsto, PS\u010c 110 00, Czech
Republic
Premier Greenford GP Limited
2,5
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Property Management Company
England and
72%
Indirect
1 New Burlington Place, London,
(Croydon) Limited
Wales
W1S 2HR, United Kingdom
Reprendre Racines SAS
France
Indirect
20 rue Brunel, 75017 Paris,
France
Roxhill Management Rugby
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
San Colombano DC S.R.L.
Italy
Indirect
Strada 3 Palazza, B3 20057,
Assago Milanofiori, Milan, Italy
SEGRO (225 Bath Road) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Acton Park Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 3) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Beddington Lane)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Belvedere Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Birmingham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO (Bonded Stores) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Coronation Road)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Coventry Gateway
England and
Indirect
1 New Burlington Place, London,
Management Company) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Coventry) Limited**
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Dagenham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (East Plus) Trading
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Management
England and
82%
Indirect
1 New Burlington Place, London,
Company) Limited**,
5
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (EMG Rail Freight Terminal)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Great Cambridge
England and
Indirect
1 New Burlington Place, London,
Industrial Estate) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Grendon) 1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site B)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Heathrow International)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Iver 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Kettering) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (New Cross Business
England and
Indirect
1 New Burlington Place, London,
Centre) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Northampton Gateway
England and
Indirect
1 New Burlington Place, London,
Management Company) Limited
2
Wales
W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO (Perivale Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton)
England and
Indirect
1 New Burlington Place, London,
Limited
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 9 SmartParc) Limited
2
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 2)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Reading) Limited
5
,
6
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rockware Avenue)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Skyline) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (The Portal) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tudor) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Victoria Industrial Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S2HR, United Kingdom
% effective holding if Direct/ Company Name Jurisdiction not 100% Indirect Registered Office SEGRO (Watchmoor) Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO (Welham Green) Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO (Westway Estate) Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO Achtzehnte Grundbesitz Germany Indirect Fichtenstrasse 33, 40233, GmbH D\u00fcsseldorf, Germany SEGRO Administration Limited England and Direct 1 New Burlington Place, London 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 and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO APP 2 Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO APP 3 Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO APP 4 Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO APP Management Limited** England and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom SEGRO Asset Management England and Indirect 1 New Burlington Place, London Limited** Wales W1S 2HR, United Kingdom SEGRO B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO- toren, 8th Floor, 1082MA 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 SEGRO Benelux B.V. 7 Netherlands Indirect Gustav Mahlerplein 62, ITO- toren, 8th Floor, 1082MA 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 and Indirect 1 New Burlington Place, London Wales W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO Croydon (Mitcham)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11,
Republic
Star\u00e9 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 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,
Partnership S.\u00e1 r.l.
L-1931,
Luxembourg
SEGRO Finance Limited
England and
Direct
1 New Burlington Place, London,
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\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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
SEGRO Investments Limited**
England and
Indirect
1 New Burlington Place, London,
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
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
35 Avenue de la Libert\u00e9, L-1931,
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
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MA
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MS
SEGRO Netherlands Holding B.V.
England and
Indirect
1 New Burlington Place, London,
(UK branch)
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel, 75017, 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 and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Properties Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Pure Premier Park Data
England and
50%
Indirect
5 Fleet Place, London, EC4M
Centre Limited
Wales
7RD
SEGRO Pure Premier Park Data
England and
50%
Indirect
5 Fleet Place, London, EC4M
Centre Holdings Limited
Wales
7RD
SEGRO Reisholz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Rugby LLP***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Sechste Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Sechsundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH
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
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Shelf I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MS
SEGRO Slough Spare Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO STE Limited
England and
Indirect
1 New Burlington Place, London,
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 V-Park Grand Union LLP
3
England and
50%
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Wissous SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Slough Trading Estate Limited
England and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Smartparc SEGRO Spondon
England and
Indirect
1 New Burlington Place, London,
Limited
Wales
W1S 2HR, United Kingdom
Steamhouse Group Limited**
England and
Indirect
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Limited
2
Wales
W1S 2HR, United Kingdom
The UK Logistics (Nominee 2)
England and
Indirect
1 New Burlington Place, London,
Limited
2
Wales
W1S 2HR, United Kingdom
The UK Logistics General Partner
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
The UK Logistics Limited
England and
Indirect
1 New Burlington Place, London,
Partnership
3
Wales
W1S 2HR, United Kingdom
Trafford Park 1 Limited
Guernsey
Indirect
Ground Floor,Plaza House ,
Admiral Park , St Peter Port ,
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
Trust
9WG, Jersey
UK Logistics Properties No 2 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4
Trust
9WG, 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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Unitair Limited Partnership***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Vailog France SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
Vimercate DC S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Woodside GP Limited
2
England and
33.33%
Indirect
1 New Burlington Place, London,
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 2025. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "26. Related Undertakings A list of the Group\u2019s related undertakings as at 31 December 2025 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, 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)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Airport Property H1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Airport Property Partnership***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England and
Direct
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Bilton Limited**
England and
Direct
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton (Great Western, Southall)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Metropolitan Park) 1
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton Asset Management UK
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Brixton Limited**
England and
Direct
1 New Burlington Place, London,
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)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 27 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 38 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 39 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey)
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
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
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton Properties Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Coventry & Warwickshire
England and
Indirect
Two Friargate, Station Square,
Development Partnership LLP
3
Wales
Coventry, England, CV1 2GN
CWDP Investment Limited**
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
Dagenham Park Management
England and
Indirect
1 New Burlington Place, London ,
Company Limited**
,4,8
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 and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited
2
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited
2
England and
Indirect
1 New Burlington Place, London ,
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 and
Indirect
1 New Burlington Place, London ,
Company Limited**
,4
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,
Republic
Star\u00e9 M\u011bsto, PS\u010c 110 00,
Czech Republic
Hatton Farm Estates Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
Helios Northern Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
HelioSlough Limited**
England and
Indirect
1 New Burlington Place, London ,
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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
London Distribution Park No.2 LLP
3
England and
50%
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa
Nichelino DC S.R.L.
Italy
Indirect
Strada 3 Palazza, B3 20057,
Assago Milanofiori, Milan, Italy
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Pilsen One s.r.o
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11,
Republic
Star\u00e9 M\u011bsto, PS\u010c 110 00, Czech
Republic
Premier Greenford GP Limited
2,5
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Property Management Company
England and
72%
Indirect
1 New Burlington Place, London,
(Croydon) Limited
Wales
W1S 2HR, United Kingdom
Reprendre Racines SAS
France
Indirect
20 rue Brunel, 75017 Paris,
France
Roxhill Management Rugby
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
San Colombano DC S.R.L.
Italy
Indirect
Strada 3 Palazza, B3 20057,
Assago Milanofiori, Milan, Italy
SEGRO (225 Bath Road) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Acton Park Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking 3) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Barking) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Beddington Lane)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Belvedere Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Birmingham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO (Bonded Stores) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Coronation Road)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Coventry Gateway
England and
Indirect
1 New Burlington Place, London,
Management Company) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Coventry) Limited**
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Dagenham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (East Plus) Trading
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Management
England and
82%
Indirect
1 New Burlington Place, London,
Company) Limited**,
5
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (EMG Rail Freight Terminal)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Great Cambridge
England and
Indirect
1 New Burlington Place, London,
Industrial Estate) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Grendon) 1 Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site B)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Heathrow International)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Iver 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England and
Indirect
Two Friargate, Station Square,
Wales
Coventry, England, CV1 2GN
SEGRO (Kettering) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (New Cross Business
England and
Indirect
1 New Burlington Place, London,
Centre) Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Northampton Gateway
England and
Indirect
1 New Burlington Place, London,
Management Company) Limited
2
Wales
W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO (Perivale Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton)
England and
Indirect
1 New Burlington Place, London,
Limited
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Plot 9 SmartParc) Limited
2
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 2)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Reading) Limited
5
,
6
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Rockware Avenue)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Skyline) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (The Portal) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Tudor) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Victoria Industrial Estate)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Watchmoor) Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Administration Limited
England and
Direct
1 New Burlington Place, London ,
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 and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
SEGRO Asset Management
England and
Indirect
1 New Burlington Place, London ,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MA
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
SEGRO Benelux B.V.
7
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MA
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 and
Indirect
1 New Burlington Place, London ,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
SEGRO Croydon (Mitcham)
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na p\u0159\u00edkop\u011b 393/11,
Republic
Star\u00e9 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 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,
Partnership S.\u00e1 r.l.
L-1931,
Luxembourg
SEGRO Finance Limited
England and
Direct
1 New Burlington Place, London,
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\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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
SEGRO Investments Limited**
England and
Indirect
1 New Burlington Place, London,
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
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
35 Avenue de la Libert\u00e9, L-1931,
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
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MA
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MS
SEGRO Netherlands Holding B.V.
England and
Indirect
1 New Burlington Place, London,
(UK branch)
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel, 75017, 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 and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Properties Spain S.L.
Spain
Direct
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Pure Premier Park Data
England and
50%
Indirect
5 Fleet Place, London, EC4M
Centre Limited
Wales
7RD
SEGRO Pure Premier Park Data
England and
50%
Indirect
5 Fleet Place, London, EC4M
Centre Holdings Limited
Wales
7RD
SEGRO Reisholz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Rugby LLP***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Sechste Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Sechsundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH
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
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH
D\u00fcsseldorf, Germany
SEGRO Shelf I B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-
toren, 8th Floor, 1082MS
SEGRO Slough Spare Limited**
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO STE Limited
England and
Indirect
1 New Burlington Place, London,
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 V-Park Grand Union LLP
3
England and
50%
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
SEGRO Wissous SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Slough Trading Estate Limited
England and
Direct
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Smartparc SEGRO Spondon
England and
Indirect
1 New Burlington Place, London,
Limited
Wales
W1S 2HR, United Kingdom
Steamhouse Group Limited**
England and
Indirect
1 New Burlington Place, London,
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 and
Indirect
1 New Burlington Place, London,
Limited
2
Wales
W1S 2HR, United Kingdom
The UK Logistics (Nominee 2)
England and
Indirect
1 New Burlington Place, London,
Limited
2
Wales
W1S 2HR, United Kingdom
The UK Logistics General Partner
England and
Indirect
1 New Burlington Place, London,
Limited**
Wales
W1S 2HR, United Kingdom
The UK Logistics Limited
England and
Indirect
1 New Burlington Place, London,
Partnership
3
Wales
W1S 2HR, United Kingdom
Trafford Park 1 Limited
Guernsey
Indirect
Ground Floor,Plaza House ,
Admiral Park , St Peter Port ,
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
Trust
9WG, Jersey
UK Logistics Properties No 2 Unit
Jersey
Indirect
44 Esplanade, St. Helier, JE4
Trust
9WG, 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
% effective
holding if
Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
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 and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Unitair Limited Partnership***
,3
England and
Indirect
1 New Burlington Place, London,
Wales
W1S 2HR, United Kingdom
Vailog France SCI
France
Indirect
20 Rue Brunel, 75017, Paris,
France
Vimercate DC S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20057
Assago Milanofiori, Milan, Italy
Woodside GP Limited
2
England and
33.33%
Indirect
1 New Burlington Place, London,
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 2025. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "1 New Burlington Place London W1S 2HR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }