General Information
The Company had three tranches of debentures outstanding as at 31/03/2023:
£310 million 5.357% First Mortgage Debenture Bonds due 2028 (£218 million outstanding)
£330 million 5.264% First Mortgage Debenture Bonds due 2035 (£330 million outstanding)
£110 million 5.0055% First Mortgage Amortising Debenture Bonds due 2035 (£88 million outstanding)
The Company is required to deliver to the trustee, each year, a valuation of, and a report by the auditors on the net annual income from, the charged properties. If such valuation shows the aggregate value of the charged properties is more than one and two-thirds times the nominal value of Bonds outstanding and that the net annual income is not less than the gross annual interest on the Bonds, then the Company may withdraw mortgaged properties provided that these tests continue to be met. If such valuation shows that the aggregate value of the charged properties is less than one and one-half times the nominal value of Bonds outstanding or that the net annual income is less than the gross annual interest on the Bonds, the Company is obliged to provide additional security so that these tests are met. The company has the right to substitute properties of equal value and income in the security pool. (See information collateral pool below)
Trustee
Royal Exchange Trust Company Limited
6th Floor
140 London Wall
London
EC2Y 5DN
Registrar
Link Market Services Limited
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Telephone: 0871 664 0300
Principal Paying Agent
The Bank of New York Mellon
One Canada Square
Canary Wharf
London E14 5AL
Information on collateral pool
The debentures benefit from a combined collateral pool valued at £1,782,600,000, comprised of £1,782,600,000 of properties valued by the Company's Valuers Knight Frank, at Friday, September 30, 2016 with a net annual income, certified by the auditors, of £85,804,968. The assets cover ratio at Friday, September 30, 2016 is 2.260 times and income cover ratio 2.022 times. The pool has 19 properties and 142 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 |
|---|---|---|
| East Midlands | 7.2% | 6.1% |
| Greater London | 2.1% | 2.2% |
| North | 17.8% | 17.6% |
| North West | 5.7% | 6.1% |
| South East | 16.8% | 15.9% |
| South West | 6.7% | 7.6% |
| West End | 38.8% | 38.8% |
| Yorks & Humberside | 4.9% | 5.7% |
Sector Diversity
Area | Market Value | Rent Diversity |
|---|---|---|
| Department Stores | 2.1% | 1.9% |
| Retail Warehouses | 59.1% | 59.4% |
| West End Offices | 38.8% | 38.7% |
Gross annual income by tenant
The top 10 tenants contribute 49.2% to the pool’s income (by gross annual income) as follows:
|
| % |
|---|---|---|
| 1 | Sec of State for Communities | 14.9% |
| 2 | Next Group PLC | 5.5% |
| 3 | Facebook UK Limited | 4.9% |
| 4 | Homebase Limited | 4.8% |
| 5 | Marks & Spencer Plc | 4.6% |
| 6 | JPMorgan Chase Bank, NA | 4.4% |
| 7 | ATOS IT Services UK Limited | 3.1% |
| 8 | DSG Retail Limited | 2.7% |
| 9 | Debenhams Retail Plc | 2.4% |
| 10 | TJX UK | 2.1% |
The following properties were charged to the debenture pool as at September 30 2016.
Mayflower Retail Park, Basildon
Weston Lock Retail Park, Bath
Tollgate Centre, Colchester
Euston Tower, Euston Road, London
1, 4 and 7 Triton Square, Euston Road, London
Westside Retail Park, Leeds
Teesside Retail Park, Stockton
Westgate Retail Park, Wakefield
Teesside Park Phase 2, Stockton
Orbital Shopping Park, Swindon
Homebase, Harrow Weald
Homebase, Walton on Thames
Homebase, Richmond
338 Euston Road, London
350 Euston Road, London
Denton Crown Point Retail Park, Denton
Orpington Nugent Retail Park, Orpington
Giltbrook Retail Park, Giltbrook
The Arding & Hobbs Department Store, Clapham