The debentures benefit from a combined collateral pool valued at £2,105,490,000 at 31 March 2011 with a net annual income of £97,017,913. The assets cover ratio at 31 March 2011 is 2.229 times and income cover ratio 1.841 times. The pool has 27 properties and 236 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 |
|---|---|---|
| City | 19.6% | 0.9% |
| East Anglia | 4.8% | 5.3% |
| East Midlands | 6.7% | 7.4% |
| Greater London | 1.5% | 1.8% |
| North | 11.1% | 12.9% |
| North West | 8.6% | 11.1% |
| Scotland | 4.3% | 5.3% |
| South East | 11.9% | 16.1% |
| South West | 4.9% | 5.8% |
| West End | 23.1% | 29.0% |
| Yorks & Humberside | 3.5% | 4.5% |
Sector Diversity
Area | Market Value | Rent Diversity |
|---|---|---|
| City Offices | 19.6% | 0.9% |
| Retail Warehouses | 52.9% | 62.7% |
| Shopping Centres | 4.4% | 7.4% |
| West End Offices | 23.1% | 29.0% |
Gross annual income by tenant
The top 10 tenants contribute 43.50% to the pool’s income (by gross annual income) as follows:
| % | |
|---|---|---|
| 1 | Sec of State for Communities | 11.7% |
| 2 | Homebase Limited | 5.6% |
| 3 | Asda Stores Limited | 4.6% |
| 4 | Next Group PLC | 4.2% |
| 5 | JP Morgan Chase Bank, NA | 3.9% |
| 6 | DSG Retail Limited | 3.5% |
| 7 | Marks & Spencer PLC | 3.1% |
| 8 | Atos Origin IT Services UK Ltd | 2.9% |
| 9 | Comet Group PLC | 2.2% |
| 10 | Hachette UK Ltd | 1.9% |
The following properties were charged at the debenture pool as at 31 March 2011.
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
On 14 June 2011, Ropemaker Place and Oldham Centre Retail Park were each released from the pool of mortgaged property securing the Debentures, the requirements relating to aggregate valuation of the secured mortgaged properties and the net annual income from such properties having been met.