The debentures benefit from a combined collateral pool valued at £1,959,930,000 at 31 March 2010 with a net annual income of £96,333,942. The assets cover ratio at 31 March is 1.877 times and income cover ratio 1.622 times. The pool has 27 properties and 231 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

City18.6%1.8%
East Anglia4.7%5.1%
East Midlands6.6%7.3%
Greater London1.6%1.7%
North11.0%12.2%
North West8.6%10.4%
Scotland4.4%5.3%
South East12.4%17.4%
South West5.1%5.6%
West End23.6%29.1%
Yorks & Humberside3.6%4.2%
Sector Diversity

Area

Market Value

Rent Diversity

City Offices18.6%1.8%
Retail Warehouses53.0%60.3%
Shopping Centres4.7%8.9%
West End Offices23.6%29.1%
Gross annual income by tenant

The top 10 tenants contribute 42.54% to the pool’s income (by gross annual income) as follows:

 

%

1Sec of State for Communities11.4%
2JP Morgan Chase Bank, NA5.5%
3Homebase Limited5.4%
4Asda Stores Limited4.5%
5Next Group PLC3.7%
6DSG Retail Limited3.3%
7Marks & Spencer PLC2.9%
8Comet Group PLC2.1%
9Hachette UK Ltd1.9%
10Dave Whelan Sports Limited1.8%

The following properties are charged at the debenture pool.

  • 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

  • Oldham Centre Retail Park, Oldham

  • Giltbrook Retail Park, Giltbrook

  • Ropemaker Place, London