Tax disclosure update: as previously announced, the Group received a notice of adjustment from the French Tax Authority amounting to c.€14.2 million, including interest and penalties. The Group maintains its position that this amount is not payable and has formally appealed the decision. This appeal, submitted as a claim to the French Tax Authority, is expected to be reviewed within a six-month period. If the claim is dismissed, the Group would escalate the matter to a formal court process, which could take up to two years to resolve. Based on professional advice, the Board has decided not to make a provision, as they do not believe that an outflow is probable. The Group will continue to monitor the situation and will provide further updates as necessary.


–     Koninklijke KPN N.V. (“KPN”) has provided verbal indication that it will terminate its lease and vacate the Apeldoorn asset at the end of December 2026. The Company continues to work on solutions for the asset including re-letting to a replacement tenant or obtaining planning approval for alternative uses. As previously highlighted, KPN’s anticipated departure is expected to negatively impact the Company’s future income profile. In the event the Investment Manager is unable to fully offset the loss of income from the Apeldoorn asset, the level of future dividends or earnings cover will likely be impacted. An update regarding the Group’s strategy to maximise value from the Apeldoorn property will be provided when appropriate