LCP Proudreed PLC - Irish Stock Exchange

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APPENDIX 1 Ref No Property Description & Tenure Terms of Tenants Leases 29 Churchill Shopping Centre DUDLEY 31 Sealand Road CHESTER Town centre retail scheme, constructed in three phases during the 1960s, with a department store built in the early 1980s, substantially refurbished in 1993, totalling 19,842 m 2 (213,587 ft 2 )) in 59 units. Freehold. Two industrial / warehouse units totalling 1,857 m 2 (19,992 ft 2 ), constructed in the early 1990s, together with a site of 0.77ha (1.9 acres). Freehold. Forty seven full repairing and insuring leases for terms expiring between 2005 and 2020 subject to 5 yearly reviews. Nine of the leases have a tenant’s break option. Two of the larger stores are let to James Beattie Ltd and Kwik Save on leases expiring in 2066 and 2080 respectively subject to 33 and 5 yearly reviews. There is also additional income from various kiosk licences. Ten units are vacant. Three full repairing and insuring leases for terms expiring between 2014 and 2017 subject to five yearly reviews. One of the leases has a tenant’s break option in 2011. Current Net Rents Receivable – £pa Capital Value as at 15 June 2005 –£ 948,675 12,560,000 115,000 1,500,000 32 Old Hall Estate BROMBOROUGH 25 industrial / warehouse units totalling 10,226 m 2 (110,078 ft 2 ), partly constructed in the 1950s and partly in the 1980s. Freehold. Fourteen full repairing and insuring leases for terms expiring between 2005 and 2018 subject to 3,4 or 5 yearly reviews. One of the leases has a tenant’s break option in 2008. Three of the units are vacant. Twelve full repairing and insuring leases for terms expiring between 2006 and 2025 subject to 5 yearly reviews. Three of the leases have a tenant’s break option. Seven of the units, totalling 3,468 m 2 (37,335 ft 2 ), have been sold on long leases. 321,452 3,950,000 33 King Edward Estate LIVERPOOL 20 industrial / warehouse units totalling 8,185 m 2 (88,113 ft 2 ), constructed in the 1980s. Freehold. 216,536 2,925,000 34 Sandon Industrial Estate LIVERPOOL 21 industrial / warehouse units totalling 7,512 m 2 (80,864 ft 2 ), constructed in the 1980s. Freehold. Sixteen full repairing and insuring leases for terms expiring between 2005 and 2021 subject to 3,4 or 5 yearly reviews. Three of the leases have a tenant’s break option. Three of the units, totalling 1,711 m 2 (18,420 ft 2 ), have been sold on long leases. Fourteen full repairing and insuring leases for terms expiring between 2006 and 2016 subject to 3 or 5 yearly reviews. Two of the leases have a tenant’s break option. One of the units, totalling 325 m 2 (3,495 ft 2 ), has been sold on a long lease. 205,897 3,050,000 35 Erskine Industrial Estate LIVERPOOL 16 industrial / warehouse units totalling 7,154 m 2 (77,005 ft 2 ), constructed in the 1990s. Freehold. 335,920 4,150,000 36 Grain Industrial Estate LIVERPOOL 11 industrial / warehouse units totalling 4,517 m 2 (48,622 ft 2 ), constructed in the 1980s. Freehold. Five full repairing and insuring leases for terms expiring between 2010 and 2020 subject to 5 yearly reviews. All of the leases have a tenant’s break option between 2006 and 2015. Thirteen full repairing and insuring leases for terms expiring between 2007 and 2027 subject to 5 yearly reviews. Three of the leases have a tenant’s break option in 2006 or 2008. One of the units is let for a term expiring 2076, subject to 20 yearly reviews. One unit is vacant. 104,110 1,100,000 38 Shaw Lane Industrial Estate DONCASTER 14 industrial / warehouse units totalling 14,100 m 2 (158,236 ft 2 ), constructed in the 1970s and 1980s. Freehold. 538,387 6,695,000 41 Hardshaw Centre ST HELENS Town centre retail scheme of 16 retail units, four stores and three kiosks constructed in 1982, totalling 10,103 m 2 (108,750 ft 2 ), together with rooftop car parking. Leasehold for a term expiring 2106 at a ground rent of £293,000, geared to 18.5% net rents receivable, calculated on a quarterly basis. Twenty four full repairing and insuring leases for terms expiring between 2005 and 2031 subject to 5 yearly reviews. There is also additional income from various mall barrow licences. 1,323,640 17,730,000 99
Ref No Property Description & Tenure Terms of Tenants Leases 43 Crowne Trading Estate SHEPTON MALLET 6 industrial / warehouse units totalling 7,329 m 2 (78,895 ft 2 ), constructed in the 1980s, together with a separate yard area and a further unit sold on a 999 year ground lease. Freehold. Seven full repairing and insuring leases for terms expiring between 2007 and 2022 subject to 5 yearly reviews. One of the leases has a tenant’s break option in 2007. Current Net Rents Receivable – £pa Capital Value as at 15 June 2005 –£ 292,600 3,680,000 44 Wulfrun Centre WOLVERHAMPTON Town centre retail precinct constructed in the 1960s and refurbished in the early 2000s, providing 69 units totalling 18,103 m 2 (194,868 ft 2 ), together with a 574 space car park. Leasehold for a term expiring 2138 at a ground rent of £180,000, geared to 6% net rents receivable, calculated annually. Sixty six full repairing and insuring leases for terms expiring between 2005 and 2025 subject to 5 yearly reviews. One store let to Littlewoods Organisation Plc until 2093, subject to 21 yearly reviews. Five units are vacant. 2,779,459 41,920,000 65 Irton House CHALGROVE A single industrial / warehouse unit totalling 16,240 m 2 (174,807 ft 2 ), constructed in the 1970s. Freehold. Two full repairing and insuring leases to Ofquest and Graham Packaging for terms expiring in 2010 and 2016 subject to 5 yearly reviews. The shorter lease has a tenant’s break option in 2008. 776,000 9,500,000 82 Adwest Central Site Woodley READING A single industrial / warehouse unit with ancillary offices, totalling 2,284.1 m 2 (25,662 ft 2 ), constructed in the 1940s. Freehold. One full repairing and insuring lease to Dura Holdings Plc expiring in 2021 and subject to 5 yearly rent reviews. The lease has a tenant’s break option in 2009. 95,016 1,210,000 83 Adwest Eastern Site Woodley READING 2 industrial / warehouse units with ancillary offices, totalling 22,389 m 2 (241,000 ft 2 ), constructed in the 1930s and 1940s. Freehold. One full repairing and insuring lease to Linpac Metal Packaging Ltd expiring in 2009 and subject to 5 yearly rent reviews. 845,000 10,635,000 84 Adwest Western Site Woodley READING 3 industrial / warehouse properties and 1 multi-let office building totalling 12,500.7 m 2 (134,561ft 2 ), constructed in 1930s, 1950s and 1970s. Freehold. Twenty-three full repairing and insuring leases for terms expiring between 2005 and 2011 subject to 5 yearly reviews. Two leases to Fieldmouse Ltd and one to Orange PCS Ltd have tenant’s break options in 2005. 477,085 5,410,000 86 Headley Park 9 Woodley READING 7 industrial / warehouse units totalling 4330 m 2 (46,609 ft 2 ), constructed in the late 1970s. Freehold. Seven full repairing and tenant-insuring leases for terms expiring between 2007 and 2017. Two of the leases have tenant breaks options in 2007 and 2008. All leases are subject to 5 yearly reviews with units 2,3 and 5 having provision for fixed uplifts. 332,259 4,350,000 88 Loddon Vale Centre Woodley READING 25 units comprising retail, offices and residential uses, totalling 2,668 m 2 ( 28718 ft 2 ) excluding the residential units, constructed in the 1980s. Freehold. Ten residential ground leases expiring in 2086 and subject to rent review in 2020. 14 commercial leases on full repairing and insuring terms, the majority of which either expire or are subject to a tenant’s break option in the next 1-3 years. One vacant unit. 331,634 4,370,000 89 Blackdown Park WILLAND 15 industrial / warehouse units totalling 5,274 m 2 (56,775 ft 2 ), constructed in about 1990. Freehold. Two full repairing and tenant-insuring leases to Trillium for terms expiring in 2013 subject to 5 yearly reviews. 185,200 2,500,000 103 Princess Street Bedminster BRISTOL 6 industrial / warehouse units totalling 5,784 m 2 (62,260 ft 2 ), constructed in the late 1960s, together with a further unit sold on a 999 year ground lease. Freehold. Four full repairing and insuring leases for terms expiring in 2008 and 2013 (with a tenants break in 2008) subject to 5 yearly reviews. One unit sold on a 999 year ground lease. 234,840 2,740,000 100
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LCP Proudreed PLC incorporated with
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The Issuer accepts responsibility f
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CONTENTS SECTION PAGE PRINCIPAL CHA
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PRINCIPAL CHARACTERISTICS OF THE CO
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Security: Insurance: Valuation: 70
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TRANSACTION OVERVIEW The informatio
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TRANSACTION PARTIES The Issuer LCP
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SPV Management Limited’s appointm
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Statistical Analysis Unless stated
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Property Name Property Address Type
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Property Number 2 Property Name Arc
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Property Number 6 Property Name Adw
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Property Number 10 Property Name Sh
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7. Property Size The figures cited
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Property Number 2 Property Name Alp
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3. Tenant Concentration (Top 10 Ten
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8. Sectoral Weightings: (Industrial
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Interest Payment Date falling in Fe
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RISK FACTORS The following is a sum
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available to be applied by the Issu
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maturity of the Notes, enforcement
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emoval, rebuilding, reinstating and
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assurance that a Borrower will exer
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which is intended to ensure that th
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egulations will not occur in the fu
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landlord to forfeit the Headlease i
Page 54 and 55: 3. Legal and regulatory considerati
Page 56 and 57: A company is eligible for a morator
Page 58 and 59: displayed and (c) applicable provis
Page 60 and 61: Withholding tax in respect of the C
Page 62 and 63: SUMMARY OF PRINCIPAL DOCUMENTS Belo
Page 64 and 65: on the two Loan Calculation Dates i
Page 66 and 67: substantially as it has been conduc
Page 68 and 69: A breach of a Financial Covenant ma
Page 70 and 71: • not to carry out and/or agree t
Page 72 and 73: (f) (g) (h) (i) (j) (k) (l) (m) (n)
Page 74 and 75: (vi) in the case of Same-Day Substi
Page 76 and 77: of the Approved Valuer) structural
Page 78 and 79: (a) a certificate is provided by th
Page 80 and 81: Floating charges held by the Borrow
Page 82 and 83: Each Accountholder will pay to each
Page 84 and 85: (D) details of any steps being take
Page 86 and 87: (iii) to provide collateral to secu
Page 88 and 89: in the prepayment of the Commercial
Page 90 and 91: a view to achieving a reasonable re
Page 92 and 93: Where amounts are to be provided fo
Page 94 and 95: (a) first, in or towards satisfacti
Page 96 and 97: (d) fourth, in or towards satisfact
Page 98 and 99: 5. The Hedging Agreements For a fur
Page 100 and 101: VALUATION REPORTS London & Cambridg
Page 102 and 103: 4.0 VALUATION ASSUMPTIONS 4.1 SOURC
Page 106 and 107: Ref No Property Description & Tenur
Page 114 and 115: APPENDIX 2 Properties Requiring Mea
Page 116 and 117: 295 SWINTON, Swinton Hall Industria
Page 118 and 119: issued by the Royal Institution of
Page 120 and 121: previously seen environmental repor
Page 122 and 123: APPENDIX 2 Properties Requiring Mea
Page 124 and 125: Directors and Secretary The directo
Page 126 and 127: Accountants Report to the Members o
Page 128 and 129: THE BORROWERS L.C.P. Real Estate Li
Page 130 and 131: Name Business Address Other Princip
Page 132 and 133: The accompanying notes are an integ
Page 134 and 135: Proudreed Real Estate Limited Intro
Page 136 and 137: Independent Auditors’ Report to t
Page 138 and 139: 5. Reconciliation of Shareholders
Page 140 and 141: THE HEDGING PROVIDERS AND THE LIQUI
Page 142 and 143: 1. DEFINITIONS AND PRINCIPLES OF CO
Page 144 and 145: ‘‘Definitive Note’’ means i
Page 146 and 147: (ii) the making of an administratio
Page 148 and 149: the Issuer Account Bank and Cash Ma
Page 150 and 151: (ii) in relation to any Definitive
Page 152 and 153: ‘‘Principal Paying Agent’’
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General Interpretation (b) In these
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Form of Definitive Notes (f) Defini
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Default), the Cash Manager shall on
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(ii) (iii) (iv) (v) that such amoun
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Separateness (k) permit or consent
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(i) determine the Rate of Interest
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(iii) (iv) Agreement or such other
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insufficient after payment of all o
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Change in Currency (k) (i) If at an
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11. ENFORCEMENT (a) (b) At any time
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Separate meetings of different Clas
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Removal and Replacement of Note Tru
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Although a Meeting of Noteholders c
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FORM OF THE NOTES General The Notes
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purposes as realising profits, gain
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In addition, until 40 days after th
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(b) the Valuation Reports; (c) the
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(c) in the case of shares, such for
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Class A Notes means the Original Cl
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Environment means all or any of the
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Further Class C Notes has the meani
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(ii) any fees and expenses payable
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Investor Presentation Materials mea
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to prime banks in the London inter-
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provided that, in determining wheth
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Obligor Transaction Documents means
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provided that for each of the follo
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Preliminary Offering Circular means
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Period, the Reference Amount will b
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Tax Deeds of Covenant means the two
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Capital Printing Systems (UK) Limit
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LCP Proudreed PLC - Irish Stock Exchange

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