Key Figures 20251
FY 2025 delivered a materially improved operating and valuation outcome. Loss before tax narrowed to €13.6m, valuations stabilised, and condominium sales increase materially to €36.0m, supporting the transition to a portfolio realisation strategy.
Financial and operational highlights
-
Rental income declined to €22.7m (2024: €28.1m), reflecting asset disposals, intentional vacancy to support condominium sales, and the December 2024 asset sale
-
Loss before tax narrowed to €(13.6)m (2024: €(39.5)m), driven by stabilising valuations, stronger operational execution, and the absence of prior-year valuation shocks.
-
Portfolio valuation was €540.1m in 2025, up 1.5% on a like-for-like per sqm basis, marking a second consecutive year of positive LFL growth.
-
Net LTV remained stable at c.41%, reflecting disciplined capital management through disposals and completion of the November 2025 refinancing.
-
Condominium sales increased to €36.0m across 122 units (2024: €9.4m), exceeding the €30m target by 20%, at an average price of €4,132/sqm. Vacant units (€4,585/sqm) achieved a significant premium to occupied units (€3,909/sqm), reinforcing the value-creation arbitrage.
-
LFL rental growth moderated to 0.8%, and EPRA vacancy increased to c.4.1%, reflecting lower reletting activity and intentional vacancy for condominium preparation rather than softer underlying rental demand.
Financial Summary1
| Income Statement (€m) | 2025 | 2024 |
| Gross rental income (€m) | 22.7 | 28.1 |
| (Loss) before tax (€m) | (13.6) | (39.5) |
| Balance Sheet | 2025 | 2024 |
| Portfolio valuation (€m) | 540.1 | 552.8 |
| EPRA NTA per share (€)1 | 3.40 | 3.55 |
| EPRA NTA per share (£)1 2 | 2.97 | 2.49 |
| EPRA NTA per share total return (€%) | (4.2) | (10.4) |
| IFRS NAV per share (€) | 2.94 | 3.01 |
| IFRS NAV per share (£)2 | 2.56 | 2.49 |
| IFRS NAV per share total return for the period (€%)4 | (2.3) | (12.2) |
| Net LTV (%)3 | 41.0 | 40.3 |
| Operational | 2025 | 2024 |
| Portfolio valuation per sqm (€) | 3,686 | 3,633 |
| Condominium sales notarised (€m) | 36.0 | 9.4 |
| Condominium sales notarised per sqm (€) | 4,132 | 4,295 |
| Vacant condominiums notarised per sqm (€) | 4,585 | 5,027 |
| Occupied condominiums notarised per sqm (€) | 3,909 | 3,430 |
| Annual like-for-like rent per sqm growth (%)4 | 0.8 | 1.6 |
| EPRA vacancy (%) | 4.1 | 1.5 |
1 – EPRA metrics defined and calculated in the notes to the financial statements.
2 – Calculated at FX rate GBP/EUR 1:1.146416 as at 31 December 2025 (31 December 2024: GBP/EUR 1:1.2097).
3 – Net LTV uses nominal loan balances rather than the loan balances on the Consolidated Statement of Financial Position, which include capitalised finance
arrangement fees.
4 – Like-for-like excludes the impact of disposals in the period
Disclaimer
By clicking on the "I agree" button below, you certify that:
- you are not in the United States or any other Restricted Jurisdiction;
- you are not a U.S. Person or otherwise resident in the United States or any other Restricted Jurisdiction;
- you are not investing or otherwise acting for the account or benefit of a U.S. Person or a resident of the United States or any other Restricted Jurisdiction;
- you represent and warrant that you are accessing these webpages for information purposes only; and
- you represent and warrant that you have read, understood and agree to the disclaimer above.
Do you agree to be bound by the terms and conditions of "our Disclaimer"
I agree Disagree