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Tesco Total Location Ashford, Kent Thetford, Norwich Lime Trees, Bristol Cumbernauld, North Lanarkshire Acquisition price £79.8m £43.2m £28.5m £50.0m £201.5m Valuation £83.2m £43.7m £29.1m £51.9m £207.9m Valuation uplift 4.3% 1.1% 2.1% 3.8% 3.2% Asset Management The investment policy of the Company is underpinned by the Investment Adviser's in-depth working knowledge of the UK's supermarket sector and related operational requirements. The Investment Adviser's long-established industry contacts, extensive knowledge of the sector and prominent position in arranging the acquisition of and financing for supermarket properties, allows it to identify, unlock and execute asset management opportunities which have the potential to provide income growth and/or capital appreciation. Asset management opportunities tend to be linked to one or more of the following activities: · The repurposing of space allowing operators to maximize the value of their building and potentially look to increase underlying footfall or revenues per square foot by adding new customer offerings or facilities in or around the site · Investing in green energy efficiency schemes such as energy efficient lighting, solar panelling and combined heat and power · Lease extensions which provide the occupier with an opportunity to protect their strategic interest in the property, and their capital commitment within the unit The Investment Adviser is exploring multiple asset management opportunities on all the sites within the Portfolio, which should allow the Group to unlock latent value. This includes
the identification of excess space for repurposing, discussions with multiple potential occupiers of repurposed space, and due diligence on multiple green energy schemes. Financial Results Operating profit before changes in fair value of investment properties for the Period was £2.2 million. The main driver of this operating performance was strong rental income generated by the Portfolio. Contracted annual rent reviews on the Portfolio have increased annual rents to date by an average of 3.6%. Administrative and other expenses were £1.0 million which comprises £0.3 million of nonrecurring costs relating to the establishment of the Group and £0.7 million of costs relating to the management of the Group for the Period. The total loss before tax for the Period was £3.3 million. The Group entered the UK Real Estate Investment Trust ('REIT') regime on 21 December 2017. Post entry the REIT regime exempts profits of the Group's property rental business from UK corporation tax. In the intervening period from incorporation of the Company on 1 June 2017 to 21 December 2017 the Group was subject to UK corporation tax on its property rental business at an effective rate of 19%, resulting in a £0.2 million tax charge. Financing and Hedging On 30 August 2017, the Company announced that the Group had secured a revolving credit facility of £100 million from HSBC. The credit facility has an opening margin of 160 basis points over three-month Libor which is equivalent to a total cost of debt of 2.2% for the Period. Total net debt as at 31 December 2017 is £92.6 million reflecting a loan-to-value ("LTV") ratio of 44.5%. The Group's medium-term target is a LTV ratio of 30%-40% of the Portfolio's valuation. During the Period the Group purchased an interest rate cap to partially mitigate some of the interest rate risk that arises as a result of the floating rate nature of the Group's credit facility. The Group purchased a £63.5 million notional cap on 3-month Libor for the initial term of the facility. The cap strike rate is 1.75%. The Group is therefore exposed to increases in 3-month Libor up to 1.75%. If 3-month Libor rises above 1.75% the Group's cost of debt is effectively fixed at 3.35% on the hedged notional amount. The Group has negotiated significant headroom on its loan-to-value covenants. The covenants contain a 60% LTV threshold and 200% interest cover ratio for each asset in the Portfolio. As at 31 December 2017, the Group could afford to suffer a fall in property values of 25% before being in breach of its LTV covenants and with the current hedging arrangements it has in place the Group has significant interest cover headroom. Each loan drawn under the credit facility requires interest payments only until maturity and is secured against both the subject property and the shares of the property owning entity. Each property owning entity is either directly or ultimately owned by the Company. Atrato Capital Limited Investment Adviser 5 February 2018 PRINCIPAL RISKS AND UNCERTAINITIES The Audit Committee assists the Board with its responsibilities for managing risk. The broad
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05-Feb-2018 Singapore Banks lead th
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05-Feb-2018 UK bank Lloyds follows
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05-Feb-2018 Lloyds to ban credit ca
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05-Feb-2018 Bitcoin purchases using
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05-Feb-2018 Banks ban credit card B
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04-Feb-2018 February's best Qantas
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04-Feb-2018 Defeat 'a bitter pill t
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04-Feb-2018 Property Transfers: Fra
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03-Feb-2018 0.2 per cent away from
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Publication Date Headline Outlet UR
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sale at risk as Nestle bows out - s
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***** WHAT'S ON THE RADAR FOR THE E
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egional STOXX are falling and no su
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hard to find any positive signs aro
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if your deadline is in June, you mi
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(Helen Reid) ***** EURO AREA PMIS C
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In a disastrous opening to the game
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Resources. Ryanair shares are indic
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after Friday's U.S. payrolls report
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“Savedir i annan de laspe. I anna
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It then sweeps the cash into a savi
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However, Russia is now drafting a b
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It then sweeps the cash into a savi
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Snippet Some say banks’ incentive
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--With assistance from Harumi Ichik
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9.11am GMT Some good news! The euro
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Treasuries to a four-year high. The
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Snippet London, 05 February 2018 --
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Client Service: 44 20 7772 5454 Rel
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organisations. That’s it: the net
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Fund to speed up the development of
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accounts opened in the Seychelles a
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Santander Consumer USA Holdings Inc
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Snippet BITCOIN'S price sunk to an
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Snippet Hello and welcome to our la
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Snippet | Herpreet Kaur Grewal news
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Nomura to cut London traders? There
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(Helen Reid) ***** MORNING CALL: SE
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Snippet Description England players
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'Defensively we made a couple of er
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Almagro, 8, CP 28010, Madrid ES0225
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China Construction Bank (Europe). S
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TO SPREAD TO EUROPE (0618 GMT) Good
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Snippet LONDON (Reuters) - British
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than 20,000 active BCAs. Banks can
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Tomorrow's Daily Telegraph front pa
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Snippet The biennial co-located eve
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5 days ago 10 items Taking on Silic
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By WIRED News reports of security f
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Snippet Feb 5 ( ) - Welcome to the
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Page 325 and 326: other purpose. We accept no respons
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Page 333 and 334: Snippet Supermarket Income REIT plc
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Page 341 and 342: FINANCIAL STATEMENTS 1. BASIS OF PR
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Page 381 and 382: NOTES TO THE FINANCIAL STATEMENTS 9
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Page 393 and 394: * As disclosed in the Interim Repor
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of any jurisdiction other than the
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of Tesco plc (the "Company") and it
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information provided to us by or on
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third party servicing. The Company
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Snippet A wintry week ahead for Bri
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To close the event the award ceremo
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Commission (TRC) should be revisite
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and services related to motorcycles
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Snippet Relief, massive relief. Wha
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not working as well for a law firm,
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Many law firms are trying to automa
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Zacks.com
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crore. Ebitda loss at Rs 1 crore ve
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A report of motor vehicle vandalism
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admirable for the fact that he had
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Purchase First Tennessee Bank Expre
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we ran out of time. After that, I a
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Snippet Home Problems Can not see d
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Y7.6103500761035010.076103500761035
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INDUSTRIES1.92320019281235830.01923
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REP 1/1200 SER 8SUBJ TO XTRO100.01.
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Zealand Dollar 20180204 1.369301000
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Command instead of Control ^ on Mac
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the title of Gamesa. Through the As
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Citibank’s Citi Qantas Prestige V
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the central bank remains hesitant t
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BENCH: 16-Luca Bigi, 17-Nicola Quag
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3 Dan Cole (Leicester Tigers 77 cap
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Eddie Jones has taken the bold step
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LA TIMES: 5G BREAKS YOUR DNA AND GI
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Lewis Wind Power have been working
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interconnector was vital. “If the
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Capital City Bank Group Company Pro
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UNESCO, further to a proposal from
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increased their patrols around the
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allowed if a product is faulty or n
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how much extra money the host count
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dollars. To Rensma Timberlands LP f
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Triggs, of Ickleton Road, Elmdon, w
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the CCTV clearly shows you went bey
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month. “It (KHRC) is expected to
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time low. The equity recorded a 0.4
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The SIA is working with other agenc
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apparently by selling lots and lots
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e another non-event. Carter Page Vi
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Snippet 1) Amazon, Berkshire Hathaw
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§ “These [white nationalists] ar
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They’re the Uber of Southeast Asi
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off. They also demonstrated that th
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women like Irene Birungi Mugisha, C
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Snippet Posted: Feb. 4, 2018 12:01
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24019, $131,000 01/19/2018. Vaughan
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Last Thursday at Carton House, coac
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ClearConnect Checking - This checki
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Miles Bank of America Online Checki
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