Statistical Analysis Unless stated otherwise, (a) all references in the tables below to Market Value, Estimated Rental Value, Vacant Possession Value, Net Initial Yield, Reversionary Yield and Net Equivalent Yield of a Property Portfolio are to those existing as at 15 June 2005 and are contained in the Valuation Reports, and (b) all references in the tables below to Passing Rent, Square Footage, Occupancy, Year Built, Year Refurbished, Total Net Internal Floor Area, Number of Units, Number of Tenants, Property Tenure, Ground Rent, Total Vacant Area and Lettable Area of a Property Portfolio are to those existing as at 31 May 2005. <strong>LCP</strong> Real Estate 1. Summary description of the Property Portfolio Property Name Property Address Type Region Passing Rent (GBP) ERV (GBP) Market Value (GBP) Area (sq ft) Occupancy Wulfrun Centre Wolverhampton Retail West Midlands Arcadian Centre Hardshaw Centre Hurst Street, Birmingham St. Helens, Merseyside Retail Retail West Midlands Northwest England Butterley Park Ripley, Derbyshire. Retail East Midlands Churchill Shopping Centre Adwest Eastern Site Irton House Enterprise City Mill View Shaw Lane Ind Estate Adwest Western Site West Point Marina Drive/ Rivington Road Sturlas Way Dudley Retail West Midlands Headley Rd East, Woodley, Reading Worpsgrove Lane, Chalgrove, Oxford Spennymoor, Co. Durham March, Cambridgeshire Shaw Lane & Ogden Road, Doncaster Headley Road East, Woodley, Reading New Hythe Lane, Larkfield, Kent Industrial/ Warehouse Industrial/ Warehouse Industrial/ Warehouse Retail Industrial/ Warehouse Southeast England Southeast England North England Southeast England Yorks & Humber Warehouse/ Distribution Southeast England Industrial/ Warehouse Southeast England Ellesmere Port Retail Northwest England Waltham Cross, Hertfordshire Retail New Street Chelmsford, Essex Industrial/ Warehouse Avon Riverside Estate Victoria Road, Avonmouth Industrial/ Warehouse Southeast England Southeast England Southwest England Morton/West Way Maghull Retail Northwest England The Willows Downend Road, Downend, Bristol Retail Southwest England Front Street Arnold, Nottingham Retail East Midlands Erskine Industrial Estate Liverpool Industrial/ Warehouse Headley Park Woodley, Reading Industrial/ Warehouse Northwest England Southeast England Loddon Vale Centre Woodley, Reading Retail Southeast England Bridge Street/ Church Street Nuneaton Retail West Midlands Old Hall Estate Bromborough Industrial/ Warehouse Roman Way Retail Park Kingsfield Park Kidderminster Rd, Droitwich Gladstone Road, Northampton Retail Industrial/ Warehouse Northwest England West Midlands Southeast England 3,154,236 3,310,134 41,920,000 194,871 99.2% 2,320,200 2,325,964 27,740,000 117,744 100.0% 1,616,461 1,736,104 17,730,000 143,046 100.0% 1,281,171 1,281,149 24,230,000 75,363 100.0% 1,116,588 1,212,873 12,560,000 213,587 91.0% 845,000 843,500 10,635,000 241,000 100.0% 776,000 781,124 9,500,000 173,980 100.0% 673,919 755,776 7,100,000 305,329 93.7% 533,696 533,696 10,090,000 33,355 100.0% 523,960 558,764 6,695,000 169,601 95.2% 501,090 523,045 5,410,000 135,238 99.9% 478,240 515,911 7,195,000 80,314 100.0% 472,912 480,222 6,980,000 36,145 100.0% 400,000 502,237 8,600,000 34,480 100.0% 371,500 375,279 3,230,000 81,615 100.0% 361,368 352,550 3,660,000 74,800 100.0% 354,040 361,889 4,800,000 37,174 100.0% 351,238 354,988 5,400,000 36,365 100.0% 339,250 342,160 5,385,000 50,180 100.0% 335,920 364,404 4,150,000 77,005 100.0% 332,259 331,398 4,350,000 46,909 100.0% 331,634 327,015 4,370,000 36,076 95.7% 326,740 365,735 4,220,000 27,343 94.0% 321,452 383,330 3,950,000 110,078 87.0% 312,050 343,250 5,185,000 31,205 100.0% 298,000 307,876 3,900,000 78,925 100.0% 13
Property Name Property Address Type Region Passing Rent (GBP) ERV (GBP) Market Value (GBP) Area (sq ft) Occupancy Caker Stream Rd Mill Lane, Alton Industrial Southeast 293,564 426,394 5,435,000 80,259 77.1% England 324/326, Station Road Harrow, London Retail London 292,875 299,520 3,980,000 14,860 100.0% Crowne Estate Pimbo Industrial Estate Watlington Industrial Estate Central Trading Estate Sandon Estate Hungerford Trading Estate Shepton Mallet, Somerset Pitt Hay Place/Penrose Place, Skelmersdale Watlington Oxford Cole Avenue, Laindon Gloucester Sandon Way Liverpool Hungerford, Berks Industrial Industrial/ Warehouse Industrial/ Warehouse Industrial/ Warehouse Industrial/ Warehouse Industrial/ Warehouse Southwest England Northwest England Southeast England Southwest England Northwest England Southeast England Princess Street Bedminster, Bristol Warehouse/ Distribution Southwest England 38-44 Witton Street Northwich, Cheshire Retail Northwest England High Street, Epping Epping Retail Southeast England King Edward Estate Liverpool Industrial/ Warehouse Southern Cross Trading Estate Trans-Pennine Trading Estate High Street, Orpington Phoenix Trading Estate No.s 88-100, The Paddocks Binley Industrial Estate Manor Park Industrial Estate Shripney Road, Bognor Regis, Sussex Gorrels Way, Rochdale Northwest England Warehouse/ Distribution Southeast England Industrial/ Warehouse Northwest England Orpington, Kent Retail Southeast England Bilton Road, Perivale Industrial/ Warehouse Catton, Norwich Retail Southeast England Coventry Industrial West Midlands Kettlebridge Rd, Sheffield Industrial/ Warehouse 292,600 289,280 3,680,000 78,895 100.0% 265,900 266,204 2,600,000 112,874 100.0% 264,358 291,871 3,575,000 47,917 100.0% 260,351 291,491 3,800,000 57,373 100.0% 246,072 292,150 3,050,000 80,864 100.0% 238,800 240,374 3,120,000 41,798 100.0% 234,840 237,500 2,740,000 69,409 100.0% 232,645 236,262 3,310,000 14,752 100.0% 217,850 232,747 3,200,000 17,827 100.0% 216,536 257,083 2,925,000 88,113 100.0% 212,600 221,100 2,350,000 39,210 100.0% 205,654 222,033 2,410,000 62,117 100.0% 201,000 223,082 3,170,000 17,858 100.0% London 199,100 213,089 2,880,000 36,192 100.0% Yorks & Humber St. James Mill Northampton Warehouse/ Distribution Southeast England Ambrose Lloyd Centre Wrexham Street, Mold Blackdown Park Willand, Devon Warehouse/ Distribution Southwest England Fortune Industrial Estate Laindon Pipps Hill Industrial Estate Fortune Industrial Estate, Basildon Howard Chase, Basildon 197,500 194,624 3,060,000 33,979 100.0% 195,000 195,000 2,460,000 53,146 100.0% 194,055 224,226 2,590,000 55,881 87.5% 192,500 214,651 2,590,000 51,999 100.0% Retail Wales 187,370 197,201 2,800,000 30,383 100.0% Industrial/ Warehouse Southeast England Warehouse/ Distribution Southeast England 185,200 213,900 2,500,000 56,342 100.0% 180,857 180,840 2,440,000 30,140 100.0% 180,000 179,200 2,600,000 29,867 100.0% 1-3 Market Chambers Enfield Retail London 164,950 173,570 2,640,000 7,050 100.0% 20/22 May Day Barnsley Retail Yorks & 159,500 168,357 2,250,000 9,742 100.0% Green Humber Moonhall Business Park Haverhill Industrial/ Warehouse Southeast England Fleet Road Fleet, Aldershot Retail Southeast England 114-116 St. Aldates Oxford Retail Southeast England Church Road Bebington Retail Northwest England Princes/Woodman Street <strong>Stock</strong>port Retail Northwest England Meanwood Road Leeds Retail Yorks & Humber 116/128 Birmingham Road Lichfield Retail West Midlands 110/116 King Street South Shields Retail North England 158,935 155,090 1,800,000 38,018 100.0% 151,500 146,786 2,410,000 15,799 100.0% 146,250 178,016 2,600,000 7,088 100.0% 139,390 146,172 2,025,000 22,997 100.0% 138,100 137,163 2,000,000 7,039 100.0% 130,000 130,000 1,970,000 22,132 100.0% 125,000 124,984 1,970,000 23,989 100.0% 122,500 134,950 1,850,000 8,765 100.0% 14
- Page 1: LCP Proudreed PLC incorporated with
- Page 4 and 5: The Issuer accepts responsibility f
- Page 6 and 7: CONTENTS SECTION PAGE PRINCIPAL CHA
- Page 8 and 9: PRINCIPAL CHARACTERISTICS OF THE CO
- Page 10 and 11: Security: Insurance: Valuation: 70
- Page 12 and 13: TRANSACTION OVERVIEW The informatio
- Page 14 and 15: TRANSACTION PARTIES The Issuer LCP
- Page 16 and 17: SPV Management Limited’s appointm
- Page 20 and 21: Property Name Property Address Type
- Page 22 and 23: Property Number 2 Property Name Arc
- Page 24 and 25: Property Number 6 Property Name Adw
- Page 26 and 27: Property Number 10 Property Name Sh
- Page 28 and 29: 7. Property Size The figures cited
- Page 30 and 31: Property Number 2 Property Name Alp
- Page 32 and 33: 3. Tenant Concentration (Top 10 Ten
- Page 34 and 35: 8. Sectoral Weightings: (Industrial
- Page 36 and 37: Interest Payment Date falling in Fe
- Page 38 and 39: RISK FACTORS The following is a sum
- Page 40 and 41: available to be applied by the Issu
- Page 42 and 43: maturity of the Notes, enforcement
- Page 44 and 45: emoval, rebuilding, reinstating and
- Page 46 and 47: assurance that a Borrower will exer
- Page 48 and 49: which is intended to ensure that th
- Page 50 and 51: egulations will not occur in the fu
- Page 52 and 53: 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
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A breach of a Financial Covenant ma
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• not to carry out and/or agree t
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(f) (g) (h) (i) (j) (k) (l) (m) (n)
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(vi) in the case of Same-Day Substi
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of the Approved Valuer) structural
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(a) a certificate is provided by th
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Floating charges held by the Borrow
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Each Accountholder will pay to each
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(D) details of any steps being take
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(iii) to provide collateral to secu
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in the prepayment of the Commercial
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a view to achieving a reasonable re
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Where amounts are to be provided fo
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(a) first, in or towards satisfacti
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(d) fourth, in or towards satisfact
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5. The Hedging Agreements For a fur
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VALUATION REPORTS London & Cambridg
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4.0 VALUATION ASSUMPTIONS 4.1 SOURC
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APPENDIX 1 Ref No Property Descript
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Ref No Property Description & Tenur
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Ref No Property Description & Tenur
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Ref No Property Description & Tenur
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Ref No Property Description & Tenur
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APPENDIX 2 Properties Requiring Mea
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295 SWINTON, Swinton Hall Industria
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issued by the Royal Institution of
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previously seen environmental repor
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APPENDIX 2 Properties Requiring Mea
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Directors and Secretary The directo
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Accountants Report to the Members o
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THE BORROWERS L.C.P. Real Estate Li
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Name Business Address Other Princip
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The accompanying notes are an integ
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Proudreed Real Estate Limited Intro
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Independent Auditors’ Report to t
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5. Reconciliation of Shareholders
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THE HEDGING PROVIDERS AND THE LIQUI
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1. DEFINITIONS AND PRINCIPLES OF CO
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‘‘Definitive Note’’ means i
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(ii) the making of an administratio
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the Issuer Account Bank and Cash Ma
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(ii) in relation to any Definitive
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‘‘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