LCP Proudreed PLC - Irish Stock Exchange

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previously seen environmental reports. However, we are not aware of any subsequent contamination which may have taken place at any of the sites and therefore have not reflected this in our figures. For the purposes of this valuation we have assumed that there are no such issues of contamination associated with any of the sites. 5.0 CONFIDENTIALITY 5.1 This Valuation Certificate is provided for the use only of the party to whom it is addressed and no responsibility is accepted to any third party for the whole or any part of its content. 5.2 Neither the whole nor any part of this Valuation Certificate nor any reference thereto may be included in any published document, circular or statement, nor published in any way without our written approval of the form and context in which it may appear, save that we agree to this Report being included in the Offering Circular. Yours faithfully J P ASQUITH BSc FRICS KING STURGE 115
APPENDIX 1 Ref No Property Description & Tenure Terms of Tenants Leases 373 Longshot Lane Industrial Estate BRACKNELL 374 Riverside Industrial Estate DARTFORD 375 Deacon Trading Estate STROOD 376 22/27a The Green STUBBINGTON 377 Acorn House Flackwell Heath HIGH WYCOMBE 378 5 Dolphin Park SITTINGBOURNE 379 Brighton Hill Shopping Centre BASINGSTOKE 380 Alperton House WEMBLEY 9 industrial / warehouse units totalling 5,110 m 2 (55,005 ft 2 ), excluding unit 43 sold on a ground lease, constructed in the early 1980s. Freehold. 14 industrial / warehouse units totalling 6,985 m 2 (75,190 ft 2 ), excluding 3 units sold on ground leases, constructed in the early 1960s / 1970s. Freehold. 3 industrial / warehouse units totalling 1,306 m 2 (14,056 ft 2 ), constructed in the early 1980s. Freehold. 6 retail units together with a first floor snooker hall, totalling 1,229 m 2 (13,225 ft 2 ), constructed in the 1970s. Leasehold for a term expiring 2124 at a current rent of £20,850p.a., subject to 7 yearly reviews to 6/29 th rental value. 6 retail units together with first floor offices totalling 758 m 2 (8,157 ft 2 ), constructed in the mid 1980s. Freehold. A self contained warehouse unit totalling 2,798 m 2 (30,114 ft 2 ), constructed in the 1970s Freehold. A supermarket and 13 retail units with residential and office accommodation over, totalling 9,832 m 2 (105,828 ft 2 ), constructed in the 1980s and, in the case of the supermarket, 2003. Freehold. 6 storey office building, totalling 7,668 m 2 (82,544 ft 2 ), constructed in the 1960s and recently partly refurbished. Freehold. 8 full repairing and insuring leases expiring between 2009 and 2014 subject to 5 yearly reviews. Three of the leases have tenants break options in 2005, 2008 and 2009. One ground lease expiring 2982 at a peppercorn rent. 10 full repairing and insuring leases expiring between 2007 and 2010 subject to 5 yearly reviews. Three 999 year ground leases at a peppercorn rent. One unit vacant. 3 full repairing and insuring leases expiring in 2007 and 2008 subject to 5 yearly reviews. 7 full repairing and insuring leases expiring in 2009 and 2010 subject to 5 yearly reviews. 12 full repairing and insuring leases expiring between 2005 and 2019 subject to 5 yearly reviews. Four of the leases have tenants break options in 2006, 2007 and 2010. Single full repairing and insuring lease to US Eurolink Plc, for a term expiring in 2007. Supermarket let to Asda Stores for 35 years from May 2003, subject to a tenants break option in 2029 and to five yearly reviews, the first three of which are to a minimum 3%p.a. compound. Residential units let on a ground lease expiring 2121. Remainder let on 14 full repairing and insuring leases expiring between 2007 and 2023 subject to 5 yearly reviews. Three of the leases have tenants break options in 2009 and 2015. 43 full repairing and insuring leases and short term licences and tenancy agreements expiring between 2005 and 2022 subject to reviews and tenants break options between 2005 and 2008. Current Net Rents Receivable -£pa Capital Value as at 15 June 2005 -£ 427,875 5,910,000 431,706 6,270,000 87,172 1,150,000 85,400 1,075,000 136,016 1,690,000 120,000 1,340,000 1,686,870 33,460,000 959,750 13,000,000 381 Waun-y-Pound Industrial Estate EBBW VALE Industrial complex totalling 17,560 m 2 (189,013 ft 2 ), constructed in phases between the 1970s and 1990s. Freehold. 3 full repairing and insuring leases to Continental Teves (UK) Ltd expiring in 2014 subject to a fixed rental increase in 2009. 397,668 4,640,000 116
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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
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3. Legal and regulatory considerati
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A company is eligible for a morator
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displayed and (c) applicable provis
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Withholding tax in respect of the C
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SUMMARY OF PRINCIPAL DOCUMENTS Belo
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on the two Loan Calculation Dates i
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substantially as it has been conduc
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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 104 and 105: APPENDIX 1 Ref No Property Descript
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 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’’
Page 154 and 155: General Interpretation (b) In these
Page 156 and 157: Form of Definitive Notes (f) Defini
Page 158 and 159: Default), the Cash Manager shall on
Page 160 and 161: (ii) (iii) (iv) (v) that such amoun
Page 162 and 163: Separateness (k) permit or consent
Page 164 and 165: (i) determine the Rate of Interest
Page 166 and 167: (iii) (iv) Agreement or such other
Page 168 and 169: 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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