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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
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
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
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
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
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%
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
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
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.
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
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.
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
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