LCP Proudreed PLC - Irish Stock Exchange

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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
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
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APPENDIX 1 Ref No Property Descript
Page 106 and 107:
Ref No Property Description & Tenur
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
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
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1. DEFINITIONS AND PRINCIPLES OF CO
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‘‘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
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(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
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(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
Page 170 and 171:
Change in Currency (k) (i) If at an
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11. ENFORCEMENT (a) (b) At any time
Page 174 and 175:
Separate meetings of different Clas
Page 176 and 177:
Removal and Replacement of Note Tru
Page 178 and 179:
Although a Meeting of Noteholders c
Page 180 and 181:
FORM OF THE NOTES General The Notes
Page 182 and 183:
purposes as realising profits, gain
Page 184 and 185:
In addition, until 40 days after th
Page 186 and 187:
(b) the Valuation Reports; (c) the
Page 188 and 189:
(c) in the case of shares, such for
Page 190 and 191:
Class A Notes means the Original Cl
Page 192 and 193:
Environment means all or any of the
Page 194 and 195:
Further Class C Notes has the meani
Page 196 and 197:
(ii) any fees and expenses payable
Page 198 and 199:
Investor Presentation Materials mea
Page 200 and 201:
to prime banks in the London inter-
Page 202 and 203:
provided that, in determining wheth
Page 204 and 205:
Obligor Transaction Documents means
Page 206 and 207:
provided that for each of the follo
Page 208 and 209:
Preliminary Offering Circular means
Page 210 and 211:
Period, the Reference Amount will b
Page 212 and 213:
Tax Deeds of Covenant means the two
Page 215:
Capital Printing Systems (UK) Limit
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LCP Proudreed PLC - Irish Stock Exchange

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