Property Name Property Address Type Region Passing Rent (GBP) ERV (GBP) Market Value (GBP) Area (sq ft) Occupancy Hanover Buildings 1-9 Church Lane/3-5 Lidget Hill Sealand Industrial Estate Lakes Estate Shopping Centre The Strand, Southampton Retail Southeast England Pudsey Retail Yorks & Humber Sealand Road, Chester Larkswood Road, Redcar Industrial Retail Northwest England North England Bradshawgate Leigh Retail Northwest England 117/123 King Street, South Shields Retail North England Grain Estate Adwest Central Site Harlow Street, Liverpool Headley Road East, Woodley, Reading Industrial/ Warehouse Industrial Northwest England Southeast England Stratford Road Shirley, Birmingham Retail West Midlands 116 High Street/33 Cambray Place Queenborough Industrial Estate Swinton Hall Industrial Estate Cheltenham Retail Southwest England Isle of Sheppey Warehouse/ Distribution Southeast England Pendlebury Road Salford, Manchester Industrial/ Warehouse Northwest England High Street, Sutton Sutton Retail Southeast England Sunrise Parkway Linford Wood, Milton Keynes Warehouse/ Distribution Southeast England Pavillions Way Brackley, Northants Retail Southeast England Grafton Close Station Road Bradford Road Bordeaux Close Wellingborough, Northants Wiltshire Drive, Wallsend Guiseley, West Yorkshire Duston, Northampton Retail Retail Retail Retail Southeast England North England Yorks & Humber Southeast England Glenmoor Road Ferndown, Dorset Retail Southwest England Egerton Gate 2 The Cross/1 Trinity Passage High Street Shenley Brook End,Milton Keynes Retail Southeast England Worcester Retail West Midlands Amblecote, Stourbridge Retail West Midlands 121,750 142,178 1,955,000 14,433 91.2% 117,375 128,054 1,565,000 7,986 100.0% 115,000 115,000 1,500,000 19,992 100.0% 106,200 107,720 1,150,000 44,181 100.0% 105,850 106,184 1,500,000 4,956 100.0% 105,340 110,750 1,560,000 6,048 100.0% 104,805 108,748 1,100,000 48,622 100.0% 95,016 96,233 1,210,000 25,662 100.0% 92,000 95,041 1,375,000 11,425 100.0% 89,550 110,800 1,730,000 6,285 100.0% 87,495 89,867 950,000 63,038 100.0% 86,000 92,365 1,100,000 28,420 100.0% 81,000 95,655 1,250,000 4,071 100.0% 73,000 82,540 990,000 8,254 100.0% 72,475 71,488 1,175,000 8,523 100.0% 72,375 76,020 1,130,000 6,775 100.0% 71,500 71,500 1,100,000 34,166 100.0% 70,000 71,500 1,060,000 13,048 100.0% 66,900 67,129 1,035,000 8,992 100.0% 65,850 71,327 965,000 9,731 100.0% 64,706 62,746 1,020,000 7,579 100.0% 63,875 65,470 975,000 6,895 100.0% 60,000 62,664 990,000 17,904 100.0% Cavendish Road Balham, London Retail London 59,500 60,500 935,000 7,056 100.0% 54-60 Clifton Street/35/39 Abingdon Street Blackpool Retail Northwest England 59,300 59,872 815,000 7,008 100.0% 1 Thames Street Kingston Upon Thames 16/20 Cloth Hall Street Holm Square Walworth Industrial Estate Fyfield Barrow Retail Southeast England Huddersfield Retail Yorks & Humber Holm Way, Bicester, Oxon 2 North Way, Andover Walnut Tree, Milton Keynes Retail Industrial Retail Southeast England Southeast England Southeast England 45-51 Barnet Road Potters Bar, Herts Retail Southeast England Blenheim Industrial Estate Dettingen Way, St.Edmunds Retail Southeast England Highgate Kendal Retail North England Copt Oak Court Narborough, Leicester Retail East Midlands 57,600 57,700 1,065,000 2,790 100.0% 56,650 56,673 760,000 6,658 100.0% 55,275 55,527 875,000 7,642 100.0% 55,000 59,400 500,000 11,332 100.0% 54,250 54,252 930,000 4,783 100.0% 52,500 52,500 825,000 10,875 100.0% 52,000 52,000 825,000 10,897 100.0% 51,500 51,500 780,000 6,286 100.0% 50,900 53,260 845,000 9,496 100.0% 15
Property Name Property Address Type Region 93 Old Christchurch Road Bournemouth Retail Southwest England 58/62 Regent Street Kingswood, Bristol Retail Southwest England Elder Road Cotbridge, Stoke-on-Trent Retail West Midlands 6/10 Wallgate Wigan Retail Northwest England Cogges Hill Road Witney, Oxon Retail Southeast England Jubilee Street Ramsey Road Monkmoor Road Snow Hill, Melton Mowbray Leamington Spa, Warwickshire Shrewsbury, Shropshire Retail Retail Retail East Midlands West Midlands Southwest England Arkwright Road Ipswich, Suffolk Retail Southeast England Blockhouse Close Worcester Retail West Midlands Euston Street Leicester Warehouse/ Distribution East Midlands Elthorne Way Greene Park Dr, Newport Pagnell Retail Southeast England Passing Rent (GBP) ERV (GBP) Market Value (GBP) Area (sq ft) Occupancy 50,375 54,863 855,000 4,104 100.0% 50,350 63,040 870,000 4,353 100.0% 50,000 50,250 790,000 11,043 100.0% 49,350 66,184 900,000 4,753 100.0% 47,850 42,083 670,000 5,432 100.0% 43,000 45,355 710,000 9,071 100.0% 40,375 40,379 640,000 7,902 100.0% 40,000 41,892 660,000 11,969 100.0% 36,300 37,589 590,000 8,325 100.0% 35,500 35,700 560,000 8,924 100.0% 34,750 66,700 595,000 23,000 100.0% 33,350 34,721 575,000 6,504 100.0% Llandbadarn Fawr Aberystwyth Retail Wales 28,500 34,018 400,000 10,231 100.0% Industrial Estate Greyfriars Place Stafford Retail West Midlands 28,000 30,820 490,000 7,705 100.0% Millbuck Trading Estate Willenhall Industrial Estate Wolverhampton Retail West Midlands Willenhall Retail West Midlands 27,000 28,395 450,000 9,465 100.0% 26,500 28,600 460,000 8,290 100.0% Total 28,766,013 30,320,034 391,520,000 4,639,282 98.7% 2. Details of the Top 10 Secured Properties (by Passing Rent) Property Number 1 Property Name Wulfrun Centre, Wolverhampton Property Type Retail Region West Midlands Year Built 1967 Year Refurbished 2000 Total Area (sq ft) 194,871 Occupancy Rate (%) 99% Market Value (GBP) 41,920,000 Vacant Possession Value (GBP) 36,465,000 Passing Rent (GBP) 3,154,236 ERV (GBP) 3,310,134 Number of Units 75 Number of Tenants 71 Property Tenure Leasehold Ground Rent (GBP) 180,000 Initial Yield (%) 6.27 Reversionary Yield (%) 6.74 Net Equivalent Yield (%) 6.00/8.00 1 1 Range of Yields based on lease and covenant. 16
- 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 18 and 19: Statistical Analysis Unless stated
- 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
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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