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Annual Report 2018
Results Presentation
Full Year Results for the period from 1 January to 31 December 2018
Read more| Tenant | Location | Investment pillar | Size (sq ft)# | Next rent review date | |
|---|---|---|---|---|---|
| Total at 24 Dec 2018 | 29,748,265 | ||||
| 1 | Sainsbury’s Supermarkets Ltd | Leeds | Foundation | 571,522 | 2023.05 |
| 2 | Marks & Spencer plc | Castle Donington | Foundation | 906,240 | 2021.12 |
| 3 | World leading retailer | Chesterfield | Value Add | 501,751 | - |
| 4 | Tesco Stores Ltd (1) | Didcot | Value Add | 288,295 | 2019.08 |
| 5 | Next Group plc | Doncaster | Value Add | 755,055 | - |
| 6 | Wm Morrison Supermarkets Ltd | Sittingbourne | Foundation | 919,443 | 2019.06 |
| 7 | DHL Supply Chain Ltd | Langley Mill | Value Add | 255,680 | 2019.08 |
| 8 | DHL Supply Chain Ltd | Skelmersdale | Value Add | 470,385 | 2019.08 |
| 9 | Wolseley UK Ltd | Ripon | Value Add | 221,763 | 2021.09 |
| 10 | Rolls-Royce Motor Cars Ltd | Bognor Regis | Foundation • | 409,695 | 2020.09 & 2021.02 |
| 11 | CDS (Superstores International) Ltd (trading as The Range) | Thorne | Foundation | 750,431 | 2022.10 |
| 12 | Tesco Stores Ltd | Middleton | Value Add | 302,111 | 2022.12 |
| 13 | Kuehne+Nagel Ltd (2) | Derby | Foundation | 343,248 | 2022.04 |
| 14 | L’Oréal (UK) Ltd | Manchester | Foundation | 315,118 | 2018.08 |
| 15 | Argos Ltd | Heywood | Foundation | 495,441 | 2023.03 |
| 16 | B&Q plc | Worksop | Foundation | 880,175 | 2021.11 |
| 17 | New Look Retailers Ltd | Newcastle-under-Lyme | Growth Covenant | 398,618 | 2022.04 |
| 18 | Nice-Pak International Ltd | Wigan | Growth Covenant • | 399,519 | 2021.05 |
| 19 | Ocado Holdings Limited (3) | Erith | Foundation • | 563,912 | 2021.04 |
| 20 | Brake Bros Ltd | Harlow | Foundation | 276,213 | 2019.07 |
| 21 | Tesco Stores Ltd | Goole | Foundation | 711,933 | 2022.10 |
| 22 | Dunelm (Soft Furnishings) Ltd | Stoke-on-Trent | Foundation • | 526,953 | 2021.02 |
| 23 | TJX UK (trading as T.K. MAXX) | Knottingley | Foundation • | 640,759 | 2022.01 |
| 24 | Howden Joinery Group plc | Raunds | Foundation • | 658,971 | 2021.07 |
| 25 | Matalan Retail Ltd | Knowsley | Growth Covenant | 578,127 | 2021.10 |
| 26 | Brake Bros Ltd | Bristol | Foundation | 250,763 | 2021.03 |
| 27 | Argos Ltd (4) | Burton-on-Trent | Foundation | 653,670 | 2019.02 |
| 28 | DSG Retail Ltd (trading as Dixons Carphone) | Newark | Foundation | 725,799 | 2021.03 |
| 29 | Gestamp Tallent Ltd (5) | Wolverhampton | Foundation | 545,998 | 2022.07 |
| 30 | Kellogg Company of Great Britain Limited | Manchester | Foundation | 311,602 | 2023.05 |
| 31 | Amazon (6) | Peterborough | Foundation | 549,788 | 2020.04 |
| 32 | Euro Car Parts | Birmingham | Foundation | 780,977 | 2021.01 |
| 33 | Whirlpool UK Appliances Ltd | Raunds | Value Add | 473,263 | - |
| 34 | The Co-operative Group Ltd | Thurrock | Foundation | 322,684 | 2020.12 & 2023.05 |
| 35 | Screwfix Direct Ltd | Fradley | Foundation • | 553,276 | 2022.09 |
| 36 | Hachette UK Ltd | Didcot | Foundation • | 243,409 | 2022.07 |
| 37 | Unilever UK Ltd | Doncaster | Foundation | 262,885 | 2022.05 |
| 38 | Wm Morrison Supermarkets Ltd | Birmingham | Foundation | 814,329 | 2019.05 |
| 39 | Royal Mail Group Ltd | Atherstone | Foundation | 395,111 | 2021.09 |
| 40 | Royal Mail Group Ltd | Daventry | Foundation | 264,802 | 2018.08 |
| 41 | Dunelm (Soft Furnishings) Ltd | Stoke-on-Trent | Value Add | 503,389 | - |
| 42 | Marks & Spencer plc | Stoke-on-Trent | Value Add | 382,594 | 2021.05 |
| 43 | Cerealto (UK) Ltd (7) | Worksop | Growth Covenant | 330,807 | 2020.09 |
| 44 | Stobart Group Limited | Carlisle | Foundation | 314,981 | 2021.02 |
| 45 | Industrial Tool Supplies (London) Ltd & Wincanton Holdings Ltd | Harlow | Value Add | 390,092 | 2018.11 |
| 46 | Unilever UK Ltd | Cannock | Foundation | 541,157 | 2022.12 |
| Littlebrook Strategic Land | Dartford | Strategic Land | - | - | |
| 47 | Howden Joinery Group plc (‡) | Raunds | Foundation • | 657,000 | 2024.09 |
| 48 | Howden Joinery Group plc (‡) | Raunds | Foundation • | 300,000 | 2024.09 |
| 49 | Expert Logistics Ltd (8) (trading as AO.com) | Crewe | Growth Covenant | 387,666 | 2021.05 |
| 50 | Eddie Stobart Ltd (9,$) | Corby | Foundation • | 844,000 | 2024.01 |
| 51 | World leading retailer (*†) | Darlington | Foundation • | 1,508,367 | 2024.09 |
| 52 | World leading retailer (ØΩ) | Haydock | Foundation • | 361,062 | 2024.09 |
| 53 | BSH Home Appliances Limited | Corby | Foundation • | 945375 | 2029.00 |
| 54 | World leading retailer | Durham | Foundation • | 1,992,061 | 2020 |
Our Investment Strategy includes details on our investment pillars.
1 Guaranteed by Tesco Plc
2 Guaranteed by Hays Plc
3 Guaranteed by Ocado Group plc
4 Guaranteed by Experian Finance plc
5 Guaranteed by Gestamp Automoción SA
6 Guaranteed by Amazon EU Sarl
7 Guaranteed by Grupo Siro Corporativo SL
8 Guaranteed by AO World plc
9 Guaranteed by ESLL Group Ltd
• Forward Funded Development
^ Weighted portfolio purchase yield excludes Littlebrook Strategic Land
‡ Estimated target practical completion date of Sep 2019 and estimated first rent review, five yearly thereafter
$ Estimated target practical completion date of Jan 2019 and estimated first rent review, five yearly thereafter
* Estimated target practical completion date of Sep 2019 and estimated first rent review, five yearly thereafter
† The total estimated area at practical completion based on c.542,060 sq ft on the ground floor and the balance on two structural mezzanine floors and ancillary offices
# CBRE measured floor area at 30 June 2018 (excluding 51 and 52)
º Conditionally exchanged
Ø Estimated target practical completion date of Sep 2019 and estimated first rent review based on average forecasts published by HM Treasury to 2022 and the BofE inflation target of 2% pa thereafter
Ω The total estimated area at practical completion