Intu Debenture PLC
Valuation Report Detail
INTU DEBENTURE PLC
LEI:
213800UX3TM5RGB1UF29
£354,876,000 8.75 per cent. First Mortgage
Debenture Stock 2027
INTU DEBENTURE PLC (THE "COMPANY") PROVIDES FURTHER VALUATION
REPORT DETAIL
15 February 2024
Valuation
Report Detail
Following the completion of the 2023 asset
valuation prepared by CBRE Limited (the "Report"), the Company provides detail
with respect to the valuation of each of the Mortgaged Properties
in the table summary below.
|
Debenture Portfolio
Valuations
|
2023
|
Total
|
|
Eldon
Square
|
Potteries
|
Xsite
|
|
Net Income as at 31 December
2023 (£m)
|
6.80
|
1.55
|
1.35
|
9.70
|
|
ERV (£m)
|
19.20
|
4.00
|
2.95
|
26.15
|
|
Stabilised Net Income (3 year
forecast) (£m)
|
9.90
|
2.00
|
2.80
|
14.70
|
|
NIY (%)
|
8.68%
|
20.21%
|
8.83%
|
|
|
NEY (%)
|
10.06%
|
18.49%
|
12.83%
|
|
|
Gross Asset Value
(£m)
|
92.60
|
13.25
|
21.15
|
127.00
|
|
Less Capex
(£m)
|
-14.4
|
-5.65
|
-5.80
|
-25.85
|
|
Less acquisition costs
(£m)
|
-
4.2
|
-0.45
|
-0.95
|
-5.60
|
|
Value Adjustment
(£m)
|
-0.05
|
-0.05
|
-0.05
|
-0.15
|
|
Net Asset Valuations
(£m)
|
73.95
|
7.10
|
14.35
|
95.40
|
The Company will continue to keep Stockholders
notified of any relevant developments in accordance with applicable
law and regulation.
Capitalised terms used in this Notice and not
otherwise defined shall have the meanings given to them in the
Supplemental Trust Deed dated 30 July 2020 and the trust deed dated
5 October 2006 (as amended and supplemented from time to time and
together with the Supplemental Trust Deed, the "Trust Deed") constituting the Stock and
made between the Company, the Charging Subsidiaries (as defined in
the Trust Deed), and The Law Debenture Trust Corporation p.l.c.
(the "Trustee"), unless the
context otherwise requires.
Please note
that the Trustee has not been involved in the preparation or
formulation of this announcement or any announcement in respect of
the Report and expresses no views or opinions on this announcement
or the Report. Stockholders are advised to take their own legal,
financial and/or tax advice in relation to this announcement and
the Report.
Stockholders should contact the following for
further information:
Company
Simmons & Simmons LLP
Citypoint
1 Ropemaker Street
London
EC2Y 9SS
United Kingdom
Email: intu@simmons-simmons.com
Attention: James Taylor
Registrar
Link Group
PXS 1
Central Square
29 Wellington Street
Leeds
LS1 4DL
United Kingdom
Telephone: +44 371 664 0300
(Calls are charged at the standard geographic
rate and will vary by provider. Calls outside the United Kingdom
will be charged at the applicable international rate. Open between
09:00 -17:30, Monday to Friday excluding public holidays in England
and Wales)
Email: shareholderenquiries@linkgroup.co.uk
This announcement is made by Intu Debenture
PLC
Dated: 15 February 2024