The debentures benefit from a combined collateral pool valued at £1,652,750,000 at 30 September 2011 with a net annual income of £91,733,360. The assets cover ratio at 30 September 2011 is 1.751 times and income cover ratio 1.741 times. The pool has 25 properties and 221 tenants. The geographic and sector diversity of the collateral pool by market value and net annual income is shown below:
Geographic Diversity
Area | Market Value | Rent Diversity |
|---|---|---|
| City | 0.8% | 0.5% |
| East Anglia | 6.2% | 5.5% |
| East Midlands | 8.7% | 7.9% |
| Greater London | 1.9% | 1.9% |
| North | 14.4% | 13.2% |
| North West | 6.1% | 6.0% |
| Scotland | 5.6% | 5.6% |
| South East | 15.3% | 17.6% |
| South West | 6.3% | 6.1% |
| West End | 30.3% | 31.0% |
| Yorks & Humberside | 4.4% | 4.7% |
Sector Diversity
Area | Market Value | Rent Diversity |
|---|---|---|
| City Offices | 0.8% | 0.5% |
| Retail Warehouses | 63.3% | 60.3% |
| Shopping Centres | 5.6% | 8.2% |
| West End Offices | 30.3% | 31.0% |
Gross annual income by tenant
The top 10 tenants contribute 44.10% to the pool’s income (by gross annual income) as follows:
| % | |
|---|---|---|
| 1 | Sec of State for Communities | 12.3% |
| 2 | Homebase Limited | 5.9% |
| 3 | Asda Stores Limited | 4.4% |
| 4 | Next Group PLC | 4.1% |
| 5 | JP Morgan Chase Bank, NA | 4.1% |
| 6 | Marks & Spencer PLC | 3.2% |
| 7 | Atos Origin IT Services UK Ltd | 3.1% |
| 8 | DSG Retail Limited | 2.8% |
| 9 | Hachette UK Ltd | 2.2% |
| 10 | The General Medical Council | 2.0% |
The following properties were charged at the debenture pool as at 30 September 2011.
Eastgate Centre, Basildon
Weston Lock Retail Park, Bath
Tollgate Centre, Colchester
St. James Retail Park, Dumbarton
Cuckoo Bridge Retail Park, Dumfries
Eldon House, 2-3 Eldon Street, London
Euston Tower, Euston Road, London
1, 4 and 7 Triton Square, Euston Road, London
Westside Retail Park, Leeds
St. James Retail Park, Northampton
Teesside Retail Park, Stockton
Westgate Retail Park, Wakefield
Teesside Park Phase 2, Stockton
Orbital Shopping Park, Swindon
The Beehive Centre, Cambridge
Homebase, Harrow Weald
Homebase, Walton on Thames
Springfield Retail Park, Elgin
Homebase, Richmond
338 Euston Road, London
Homebase, Camberley
350 Euston Road, London
Denton Crown Point Retail Park, Denton
Orpington Nugent Retail Park, Orpington
Giltbrook Retail Park, Giltbrook