Contact Information · Calculation date 31-Dec-2016 Unless specified otherwise, all data as at...
Transcript of Contact Information · Calculation date 31-Dec-2016 Unless specified otherwise, all data as at...
![Page 1: Contact Information · Calculation date 31-Dec-2016 Unless specified otherwise, all data as at 31-Dec-2016 Contact Information Obligor Security Trustee HSBC Corporate Trustee Company](https://reader033.fdocuments.us/reader033/viewer/2022042917/5f5a5ca9c8b0ff4ac8780423/html5/thumbnails/1.jpg)
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Report circulation date 31-Mar-2017
Calculation date 31-Dec-2016
Unless specified otherwise, all data as at 31-Dec-2016
Contact Information
Obligor Security Trustee
HSBC Corporate Trustee Company (UK) Ltd.
8 Canada Square
London
E14 4BB
Issuer
Intu (SGS) Finance plc
35 Great St. Helen's
London, EC3A 6AP
EC3A 6AP
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Loan to value 44%
Historical EBITDA £m 151.7
Historical interest charges £m 57.5
Historical ICR 264%
Gross leverage 45%
Operational tier level for previous period T1
Operational tier level for forthcoming period T1
Any EoD outstanding No
Any covenant breach outstanding No
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Bond debt Series 1 (3.875%) Series 2 (4.625%) Series 3 (4.25%)
ISIN XS0904228557 XS0904228987 XS1131914811
Issuance date 19-Mar-2013 19-Mar-2013 13-Nov-2014 Expected maturity date 17-Mar-2023 17-Mar-2028 17-Sep-2030 Legal final maturity date 17-Mar-2028 17-Mar-2033 17-Sep-2035 Original rating(s)
Standard & Poor's A A A
Current rating(s)
Standard & Poor's A A A
Ratings watch n/a n/a n/a
Date changed n/a n/a n/a
Interest basis Fixed Fixed Fixed
Interest periods Semi Annual Semi Annual Semi Annual
Amortisation type Bullet Bullet Bullet
Accrual method Act/Act Act/Act Act/Act
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Original principal balance £ 450,000,000 350,000,000 350,000,000
Opening principal balance 30-Jun-2016 £ 450,000,000 350,000,000 350,000,000
Unscheduled principal repayments £ 0 0 0
Closing principal balance 31-Dec-2016 £ 450,000,000 350,000,000 350,000,000
Interest payments in the last six months
Date 16-Sep-2016 16-Sep-2016 16-Sep-2016 Coupon % 3.875% 4.625% 4.25%
Payment £ 8,718,750 8,093,750 7,437,500
Interest payments in forthcoming six months:
Date 17-Mar-2017 17-Mar-2017 17-Mar-2017 Coupon % 3.875% 4.625% 4.25%
Payment £ 8,718,750 8,093,750 7,437,500
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Other secured debt
Opening
Balance Prepayments
Closing
Balance Maturity Date Initial authorised loan facility £ 351,750,000 0 351,750,000 16-Mar-2021 Any other outstanding senior debt £ 0 0 0 n/a
Unsecured debt Amounts outstanding under UD Headroom Test £m 0
Cash balances
Other Percentage of outstanding senior debt benefiting
from interest rate protection (Min 75%, Max 110%)
99.88%
Any prohibited amount outstanding £m 0
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Portfolio Holding
Number of shopping centres in portfolio 6
Portfolio changes in previous period Asset name Valuation Commentary
£m
Acquisitions None n/a n/a
Disposals None n/a n/a
Withdrawals None n/a n/a
Debt prepayment requirements following portfolio changes in
previous quarter
n/a
Amount reserved pending prepayment / reinvestment n/a
Most recent valuations
Most Recent
Valuation
Market
Value
Percentage of
Total Market
Value Initial Yield
Nominal
Equivalent
Yield
Name of
Valuer
Date £m % % %
intu Lakeside 31-Dec-16 1,375.0 41% 3.73% 4.51% Knight Frank
intu Braehead 31-Dec-16 527.0 16% 4.70% 6.50% Cushman &
Wakefield
intu Watford 31-Dec-16 336.0 10% 5.02% 5.10% CBRE
intu Victoria Centre 31-Dec-16 359.7 11% 4.63% 5.65% Knight Frank
intu Chapelfield 31-Dec-16 296.3 9% 5.21% 5.49% Knight Frank
intu Derby 31-Dec-16 450.0 13% 5.83% 6.19% CBRE
Any additional centres n/a n/a n/a n/a n/a n/a
Total Collateral Value attributable to Shopping Centres £m 3,344.0
Total Collateral Value Attributable to Developments £m 0.0
Total collateral value £m 3,344.0
Developments
Percentage of total collateral value attributable to developments Max 15% T1,
10% T2 / T3
0%
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Number of prime shopping centres (PSC) Minimum 4 6
Number of PSCs in major city or regional SC with min 1.4m sq ft Minimum 1,
OR
1
Number of PSCs in major city or regional SC with min 1.0m sq ft Minimum 2 2
Percentage of ATCV attributable to eligible JV interests Maximum
25%
0%
Percentage of ATCV attributable to PSC with primary catchment area that is a sub-
regional centre
Maximum
25%
0%
Regional concentrations (by market Value, according to most recent valuation) Maximum
London & South East n/a 60%
South 50%
South West 50%
Wales 50%
Midlands 50% 24%
North West 50%
North East 50%
Scotland 50% 16%
Northern Ireland 50%
Amount of any asset criteria adjustment 0
Adjusted total collateral value (ATCV) £m 3,344.0
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Data per property at period
close (where relevant for
previous 12 months)
Portfolio intu
Lakeside
intu
Braehead
intu
Watford
intu
Victoria
Centre
intu
Chapelfield
intu
Derby
Tenure Freehold /
Leasehold
Freehold Freehold Leasehold Freehold Freehold Freehold
Total area 000 sq ft 6,093 1,435 1,126 726 976 530 1,300
Current net income £m 160.6 53.9 26.0 18.4 17.9 16.5 27.9
Gross ERV £m 206.9 68.6 41.2 24.2 22.6 18.3 32.0
Total contracted rent £m 166.2 53.6 27.7 20.7 17.9 16.5 29.8
Vacancy (% of ERV) % 4% 7% 2% 0% 4% 2% 3%
Number of leases Leases 868 235 122 122 110 84 195
Lease term unexpired / WARLT* Years 7.0 6.5 7.5 3.8 11.3 7.1 6.3
Footfall m 117 25 17 15 25 12 23
* WARLT - weighted average
remaining term
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Number of retail
leases expiring Expiring
Percentage of
total let area Passing rent
Percentage of
total passing
rent
Cumulative
Percentage of
total passing
rent
Year of Expiration
leases area % £m % %
2017¹ 192 858 16% 24 17% 17%
2018 69 225 4% 9 6% 23%
2019 61 149 3% 9 6% 29%
2020 95 337 6% 14 10% 39%
2021 63 183 3% 9 6% 45%
2022 47 249 5% 9 6% 51%
2023 40 192 3% 9 7% 58%
2024 75 255 5% 14 10% 68%
2025 82 558 10% 16 11% 79%
2026+ 144 2,518 45% 29 21% 100%
(1) 2017 includes any leases that have expired, but the tenants are holding over under the Landlord and Tenant Act and
any tenants on a tenancy-at-will. In both instances it assumes these leases will expire in 2017.
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Number of
units
Passing rent Percentage of
passing rent
Cumulative
percentage of
passing rent
Percentage of
total area let
Cumulative
percentage of
total area let
Average
WARLT*
Leases £m % % % % Years
H&M 8 5 4% 4% 3% 3% 5.7
Primark 3 5 3% 7% 3% 6% 14.6
Next 7 5 3% 10% 4% 10% 5.7
Arcadia 14 4 3% 13% 3% 13% 6.5
House of Fraser 4 4 3% 16% 7% 20% 15.7
Boots 7 3 2% 18% 4% 24% 26.3
JD Sports 7 3 2% 20% 1% 25% 8.4
Signet Group 15 3 2% 22% 1% 26% 5.9
New Look 6 3 2% 24% 1% 27% 6.7
River Island 9 3 2% 26% 1% 28% 2.6
* WARLT - Weighted Average Remaining Lease Term
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Tenants in administration
Since the previous report, two tenants has entered administration (representing less than 1 per cent of passing rent). All two
tenants continue to trade.
Rent reviews outstanding
As at 31 December 2016 there were 202 rent reviews outstanding within the portfolio.
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Operational tier level T1
Opening Closing
Liquidity reserve required amount £m 0 0
Amount of liquidity facility £m 0 0
Contents of liquidity account £m 0 0
Liquidity availability shortfall £m 0 0
Interest outstanding on any liquidity facility drawing £m 0 0
Amount of liquidity drawn this period £m 0
Amount of liquidity facility repaid this period £m 0
Amount of interest paid on liquidity facility this period £m 0
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Moody's S&P Fitch
Account bank HSBC Bank plc Aa2/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable
Agent bank, principal
paying agent HSBC Bank plc
Aa2/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable
Irish paying agent HSBC Institutional Trust Services (Ireland)
Limited Not Rated
Hedge counterparties HSBC Bank plc Aa2/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable
Hedge counterparties Bank of America Securities Limited acting as
agent for Bank of America N.A.
A1/P-1/Pos A+/A-1/Stable A+/F1/Stable
Hedge counterparties UBS AG, London Branch A1/P-1/Stable A+/A-1/Stable A+/F1/Stable