Securitisations

Three of our major joint ventures are financed by securitisations: Broadgate, Meadowhall and the Sainsbury’s superstore portfolio.

Securitisations are used to raise long-term debt based on the cash flows generated from specific assets or pools of assets. The debt raised in this way is credit rated. The principal is repaid quarterly with the balance outstanding reducing to approximately 20% - 30% of the original amount raised by the final maturity.

The securitisations have no loan to value covenants. The only financial covenant applicable to the securitisations is that income (broadly net rental income and amounts released from cash collateral) must cover 100% of interest and scheduled amortisation (debt repayment).

As at {NUM|LASTSECDATEBG}, the Broadgate securitisation had £{NUM|BONDS-BROAD} million of securitised bonds issued with a weighted average maturity of {NUM|AVMAT-BROAD} years and a weighted average interest rate of {NUM|WAIR-BROAD} supported by the cashflows from certain parts of the Broadgate Estate in the City of London. For more information see joint venture securitisations.

As at {NUM|LASTSECDATEMED}, the Meadowhall securitisation had £{NUM|BONDS-MED} million of securitised bonds issued with a weighted average maturity of {NUM|AVMAT-MED} years and weighted average interest rate of {NUM|WAIR-MED} supported by the cashflow of the Meadowhall shopping centre. For more information see joint venture securitisations.

As at {NUM|LASTSECDATESAINS}, the Sainsbury superstore securitisation had £{NUM|BONDS-SUPER} million of securitised bonds issued with a weighted average maturity of {NUM|AVMAT-SUPER} years and a weighted average interest rate of {NUM|WAIR-SUPER} secured on the cashflows of the superstore portfolio, which comprises {NUM|NOSUPER} stores. For more information see joint venture securitisations.

For more detailed information on these securitisations, see:

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