The debentures benefit from a combined collateral pool valued at £1,356,450,000 at 31 March 2009 with a net annual income of £95,549,397. The assets cover ratio at 31 March 2009 is 1.503 times and income cover ratio 1.607 times. The pool has 26 properties and 220 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

City1.0%1.3%
East Anglia5.0%4.7%
East Midlands7.2%7.7%
Greater London1.8%1.8%
North13.2%12.2%
North West11.1%10.4%
Scotland4.9%5.0%
South East15.7%18.1%
South West5.7%5.7%
West End30.5%28.8%
Yorks & Humberside4.0%4.1%
Sector Diversity

Area

Market Value

Rent Diversity

City Offices1.0%1.3%
Retail Warehouses61.2%59.9%
Shopping Centres7.4%10.0%
West End Offices30.5%28.8%
Gross annual income by tenant

The top 10 tenants contribute 42.12% to the pool’s income (by gross annual income) as follows:

 

%

1Sec of State for Communities11.59%
2JP Morgan Chase Bank, NA5.63%
3Homebase Limited5.63%
4Asda Stores Limited4.57%
5DSG Retail Limited3.36%
6Marks & Spencer PLC2.89%
7Next Group PLC2.66%
8JJB Sports PLC2.10%
9Comet Group PLC2.03%
10Hachette UK Ltd1.93%

In addition cash collateral of £214 million is charged.

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