The debentures benefit from a combined collaterat pool vafued at £1,597,500,000 comprised of £1,565,500,000 of properties vafued by the Company’s Valuers Knight Frank, and £32,000,000 of cash at 31 March 2014 with a net annual income of £84,957,7.3. The assets cover ratio at 31 March 2014 is 1.772 times and income cover ratio 1.595 time
The pool han 22 properties and 134 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 | 6.6% | 6.7% |
| Greater London | 1 9% | 2.2% |
| North | 17.3%. | 6.7% |
| North West | 6.0% | 7.1% |
| Scotland | 2.4% | 3.0% |
| South East | 17.5% | 13.2% |
| South West | 6.5% | 6.0% |
| West End | 36.8% | 38.3% |
| Yorks & Humberside | 5.0% | 5.2% |
Sector Diversity
Area | Market Value | Rent Diversity |
|---|---|---|
| Department Stores | 1.9% | 1.9% |
| Retail Warehouses | 61.3% | 59.8% |
| West End Offices | 33.7% | 34.4% |
Gross annual income by tenant
The top 10 tenants contribute 46.4% to the pool’s income (by gross annual income) as follows:
| % | |
|---|---|---|
| 1 | Sec of State for Communities | 15.9% |
| 2 | Next Group PLC | 6.3% |
| 3 | Homebase Limited | 5.0% |
| 4 | JP Morgan Chase Bank, NA | 4.7% |
| 5 | Marks & Spencer PLC | 4.3% |
| 6 | DSG Retail Limited | 3.3% |
| 7 | ATOS IT Services Uk Limited | 3.3% |
| 8 | Hachette UK Ltd | 2.5% |
| 9 | Debenhams Retail Plc | 2.4% |
| 10 | Elexon Limited | 2.1% |
The toltowing properties were charged at the debenture pant as at 31 March 2014
Mayflower Retail Park,Basildon
Weston Lock Retail Park Bath
St. James lit a P ik Poe ti. ruin
Cuckoo Bra in Retail Park Dumtries
Euston Tower, Euston Road, London
1,4 and 7 Triton Square. Euston Road Landon
Westsrde Retail Park, Leeds
Teesaide Retail Paik. Stockton
Westgate Retail park, Wakefield
Teesside Park Phase 2 Stockton
Orbital Shopping Park, Swindon
Homebase, Harrow Weald
Homebase. Walton on Thames
Spnngtield Retail Park, Etgin
Homebase, Richmond
338 Euston Road, London
Homebase, Camberley
350 Euston Road, London
Next, Camberley
Denton Crown Point Retail Park, Dentnn
Orpington Nugent Retail Park. Orpington
Gillibrook Retail Park, Gillbrook
The Amdimrg & Hobbs Departrnerc Stare. Claphaw