General Information
The Company had three tranches of debentures outstanding as at Saturday, September 30, 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 (£87 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
125 London Wall
London
EC2Y 5AS
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 £1,124,100,000, comprised of £1,124,100,000 of properties valued by the Company’s Valuers CBRE and Jones Lang LaSalle Limited at Saturday, September 30, 2023 with a net annual income, certified by the auditors, of £58,997,236. The assets cover ratio at Saturday, September 30, 2023 is 1.772 times and income cover ratio 1.768 times. The pool has 13 properties and 246 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 |
|---|---|---|
| East Midlands | 7.9% | 8.5% |
| Greater London | 22.2% | 23.7% |
| North | 13.5% | 16.4% |
| South East | 10.0% | 10.0% |
| South West | 5.5% | 6.6% |
| West End | 36.4% | 26.4% |
| Yorks & Humberside | 4.5% | 8.4% |
Sector Diversity
Type | Market Value | Rent |
|---|---|---|
| Retail | 63.6% | 73.6% |
| West End Offices | 36.4% | 26.4% |
Gross annual income by tenant
The top 10 tenants contribute 39.7% to the pool’s income (by gross annual income) as follows:
|
| % |
|---|---|---|
| 1 | Dentsu International Limited | 10.3% |
| 2 | Marks & Spencer Plc | 6.7% |
| 3 | Next Holdings Limited | 6.0% |
| 4 | Boots UK Limited | 3.3% |
| 5 | First Trenitalia WCR Limited | 3.1% |
| 6 | Elexon Limited | 2.9% |
| 7 | Currys Group Limited | 2.2% |
| 8 | Decathlon UK Limited | 2.0% |
| 9 | JD Sports Fashion plc | 1.7% |
| 10 | TJX UK | 1.5% |
The following properties were charged to the debenture pool as at Saturday, September 30, 2023.
Mayflower Retail Park, Basildon
Tollgate Centre, Colchester
Teesside Retail Park, Stockton
Teesside Park Phase 2, Stockton
Orbital Shopping Park, Swindon
338 Euston Road, London
350 Euston Road, London
Orpington Nugent Retail Park, Orpington
Giltbrook Retail Park, Giltbrook
Woolwich Arsenal Estate, London
10 Triton Street, London
St Stephens Shopping Centre, Hull
Ealing Broadway Centre, London