intu Metrocentre Finance plc Investor report year ended 31 December April 2015

Transcription

1 intu Metrocentre Finance plc Investor report year ended 31 December April 2015

2 contents Investors Report Pages 3 13 Notice of the Annual Management Presentation Page 14 Form of Reply Page 15 2

3 Key Data 31 December 2014 Loan to Value 52% Historical EBITDA m 42.9 Historical Interest Charges m 20.2 Historical ICR 212% Gross leverage 52% Trigger Event outstanding Event of Default outstanding Any covenant breach outstanding No No No 3

4 Debt Information - General Class A ISIN XS Issuance Date 20/11/2013 Expected Maturity Date 06/12/2023 Legal Final Maturity Date 06/12/2028 Interest basis Fixed Interest periods Semi Annual Amortisation Type Bullet Accrual Method Act/Act Ratings (S&P / Fitch) Original Previous Current Ratings watch Class A BBB+ (sf) / A sf BBB+ (sf) / A sf BBB+ (sf) / A sf N 4

5 Debt Information - Other Principal Class A Outstanding Principal Amount - Initial m Outstanding Principal Amount - Opening m Principal repayment / prepayment m 0.0 Outstanding Principal Amount - Closing m Interest Class A Coupon 4.125% Interest payment m

6 Trigger Events / Defaults Trigger Events Notification of Status OST Event (Y/N) N N Trigger Event (Y/N) N N Commentary (including cause, consequence and cure rights as applicable) n/a n/a Events of Default Notification of Status OST Potential Obligor Event of Default N N Obligor Event of Default N N Commentary (including cause, consequence and cure rights as applicable) n/a n/a 6

7 Portfolio Information Composition Asset Name Valuation Acquisitions 0 0 Disposals 0 0 Commentary n/a n/a Debt prepayment requirements following portfolio changes in m 0 Amount reserved pending prepayment / reinvestment m 0 Defeasance amounts utilised for acquisitions m 0 Most recent valuations Most recent valuation Market Value ( m) % of total market value Net initial yield Nominal equivalent yield Name of Valuer intu Metrocentre 31-Dec % 4.2% 5.3% CBRE Limited Metro Retail Park 31-Dec % 5.8% 5.6% CBRE Limited Any additional properties Total % Total Collateral Value attributable to existing properties m Total Collateral Value Attributable to developments m 0.0 Total Collateral Value m Developments Total aggregate Contracted Development Costs as percentage of current 0.0% Total Collateral Value (<=10%) 7

8 Portfolio Information Property Data Property Data Tenure Leasehold Area m sq ft 2.0 Number of retail leases 328 Current Net Income m 46.6 Current Passing Rent # m 49.5 Estimated Rental Value (gross) ( ERV ) m 61.6 Market Value m Occupancy * 96% Annual footfall m 21 Average lease term unexpired years 14.1 Net Initial Yield 4.3% Nominal Equivalent Yield 5.3% # Includes USC and Bank Fashions w ho have since entered into administration but are still trading. *The passing rent of let and under offer units expressed as a percentage of the passing rent of let and under offer units plus ERV of of un-let units. Units let to tenants in administration and still trading are treated as let and those no longer trading are trading as as un-let. 8

9 Tenancy Information Portfolio Lease Expiry Years Vacant ¹ Tenant break not exercised weighted by: Rent m % of total rent 0% 32% 41% 5% 12% 9% Space (ft²) % of total space 9% 20% 26% 6% 20% 19% Tenant break exercised weighted by: Rent m % of total rent 0% 41% 33% 6% 20% 0% Space (ft²) % of total space 9% 26% 21% 6% 37% 0% (1) 2015 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-w ill. In both instances it assume these leases w ill expire in

10 Tenancy Information Tenant Concentration Cumulative % of total passing rent Average lease expiry (years) % of total Tenant passing rent Arcadia 7% 7% 31 House of Fraser 4% 11% 70 Debenhams 4% 15% 24 Next 3% 18% 8 Primark 3% 22% 16 Boots 3% 24% 7 Odeon 3% 27% 19 Sportsdirect 2% 29% 3 Marks & Spencer 2% 32% 94 Goldsmiths 2% 34% 7 10

11 Tenancy Information Other Tenants in Administration Since the previous report, two tenants have entered administration (representing 1per cent of passing rent). Rent Review outstanding As at 31 December 2014 there were 56 rent reviews outstanding. 11

12 Liquidity Requirements Opening Closing Debt Service Reserve Required m Amount of Liquidity Facility m Contents of Liquidity Account m Liquidity availability shortfall m Interest outstanding on any liquidity facility drawing m Amount of Liquidity drawn this period m Amount of Liquidity Facility repaid this period m Amount of interest paid on Liquidity Facility this period m

13 Key Providers Moody's S&P Fitch Moody's S&P Fitch Account Bank HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable Agent Bank, Principal Paying Agent HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable Liquidity Facility HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable 13

14 Notice of Annual Management Presentation Notes in Issue The Metrocentre Partnership ( the Borrower ) Intu Metrocentre Finance plc Fixed Rate Bonds (4.125%) due 2028 XS The Borrower proposes to hold an annual management presentation on 27 th April Please note that the Borrower has waived the requirement for such meeting to be held only subject to the receipt by the Issuer Trustee of an Instruction Notice or Instruction Notices from Noteholders representing not less than twenty per cent (20%) of the Outstanding Principal Amount of the Notes (by value). The meeting will be held at 2:00 p.m. on 27 th April 2015 at the head office of Intu Properties plc, 40 Broadway, London, SW1H 0BT. Please note that the presentation will be combined with that for the Intu Group s Notes issued by Intu (SGS) Finance plc. Please confirm your attendance using the attached form. 14

15 Form of Reply for use by the Noteholders for the annual presentation. Please complete and return to the address shown below to arrive no later than 20 th April 2015 Name of Noteholder/Lender.. Class and Amount of Notes held Class... Amount.... or, Participation in the Initial Authorised Loan Facility. Address of Noteholder/Lender Please reserve.. place(s) at the Annual Presentation to be held in London in April Name(s) and position of attendees: Name(s). Position..... Please return this form of reply to: Alex Elviss Intu Properties plc 40 Broadway London SW1H 0BT 15