REG - Land Sec. Group PLC - Half-year Report 2016 <Origin Href="QuoteRef">LAND.L</Origin> - Part 4
15/11/2016 07:06
- Part 4: For the preceding part double click ID:nRSO1493Pc
75.6 10.4 24.4 136.5 8.7 145.2
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
Land Securities' share of total comprehensive income 45.4 7.7 28.2 37.8 5.2 12.2 136.5 8.7 145.2
1. Revenue includes gross rental income (before rents payable), service charge income, other property related income,
trading properties disposal proceeds and income from long-term development contracts.
30 September 2016
Joint ventures 20 Fenchurch Street Limited Partnership Nova, Victoria Metro Shopping Fund Limited Partnership St. David's Limited Partnership Westgate Oxford Alliance Partnership The Oriana Limited Partnership Individually material Other Total
JVs at
LS's share
Balance sheet 100% 100% 100% 100% 100% 100% 50% LS share LS share
£m £m £m £m £m £m £m £m £m
Investment properties(1) 992.2 810.2 374.6 701.0 324.0 91.0 1,646.5 39.3 1,685.8
Non-current assets 992.2 810.2 374.6 701.0 324.0 91.0 1,646.5 39.3 1,685.8
Cash and cash equivalents 11.4 7.8 7.2 5.0 11.2 21.0 31.8 2.8 34.6
Other current assets 85.2 285.0 9.2 21.6 1.2 37.4 219.8 27.9 247.7
Current assets 96.6 292.8 16.4 26.6 12.4 58.4 251.6 30.7 282.3
Total assets 1,088.8 1,103.0 391.0 727.6 336.4 149.4 1,898.1 70.0 1,968.1
Trade and other payables and provisions (101.4) (155.4) (10.0) (12.4) (21.0) (17.0) (158.6) (5.4) (164.0)
Other current financial liabilities - - (31.2) - - - (15.6) - (15.6)
Current liabilities (101.4) (155.4) (41.2) (12.4) (21.0) (17.0) (174.2) (5.4) (179.6)
Trade payables and provisions - - - - - (17.4) (8.7) - (8.7)
Non-current financial liabilities - - (143.8) - - - (71.9) - (71.9)
Non-current liabilities - - (143.8) - - (17.4) (80.6) - (80.6)
Total liabilities (101.4) (155.4) (185.0) (12.4) (21.0) (34.4) (254.8) (5.4) (260.2)
Net assets 987.4 947.6 206.0 715.2 315.4 115.0 1,643.3 64.6 1,707.9
Market value of investment properties(1) 1,075.0 811.0 378.0 716.0 324.0 91.0 1,697.5 39.6 1,737.1
Net (debt)/cash 11.4 7.8 (167.8) 5.0 11.2 21.0 (55.7) 2.8 (52.9)
31 March 2016
Joint ventures 20 Fenchurch Street Limited Partnership Nova, Victoria Metro Shopping Fund Limited Partnership St. David's Limited Partnership Westgate Oxford Alliance Partnership The Oriana Limited Partnership Individually material Other Total
JVs at
LS's share
100% 100% 100% 100% 100% 100% 50% LS share LS share
Balance sheet £m £m £m £m £m £m £m £m £m
Investment properties(1) 1,008.0 680.0 378.4 716.0 247.4 158.6 1,594.2 35.7 1,629.9
Non-current assets 1,008.0 680.0 378.4 716.0 247.4 158.6 1,594.2 35.7 1,629.9
Cash and cash equivalents 12.4 12.4 7.2 6.8 9.4 26.2 37.2 6.0 43.2
Other current assets 70.6 258.0 5.8 21.4 1.2 33.6 195.3 39.9 235.2
Current assets 83.0 270.4 13.0 28.2 10.6 59.8 232.5 45.9 278.4
Total assets 1,091.0 950.4 391.4 744.2 258.0 218.4 1,826.7 81.6 1,908.3
Trade and other payables and provisions (109.0) (119.8) (11.2) (12.6) (5.6) (29.4) (143.8) (9.1) (152.9)
Current liabilities (109.0) (119.8) (11.2) (12.6) (5.6) (29.4) (143.8) (9.1) (152.9)
Non-current financial liabilities - - (174.4) - - - (87.2) - (87.2)
Non-current liabilities - - (174.4) - - - (87.2) - (87.2)
Total liabilities (109.0) (119.8) (185.6) (12.6) (5.6) (29.4) (231.0) (9.1) (240.1)
Net assets 982.0 830.6 205.8 731.6 252.4 189.0 1,595.7 72.5 1,668.2
Market value of investment properties(1) 1,075.0 680.0 381.0 732.0 247.4 158.6 1,637.0 35.7 1,672.7
Net (debt)/cash 12.4 12.4 (167.2) 6.8 9.4 26.2 (50.0) 6.0 (44.0)
1. The difference between the book value and the market value is the amount recognised in respect of lease incentives,
head leases capitalised and properties treated as finance leases, where applicable.
Joint ventures 20 Fenchurch Street Limited Partnership Nova, Victoria Metro Shopping Fund Limited Partnership St. David's Limited Partnership Westgate Oxford Alliance Partnership The Oriana Limited Partnership Individually material Other Total
JVs at
LS's share
Net investment 50% 50% 50% 50% 50% 50% 50% LS share LS share
£m £m £m £m £m £m £m £m £m
At 1 April 2015 446.0 272.6 85.9 328.9 53.5 145.7 1,332.6 100.9 1,433.5
Total comprehensive income 45.4 7.7 28.2 37.8 5.2 12.2 136.5 8.7 145.2
Cash contributed - - - - 14.6 - 14.6 - 14.6
Loan advances 0.8 57.3 0.9 - - - 59.0 4.1 63.1
Loan repayments - - - (6.4) - - (6.4) - (6.4)
Property and other contributions - - - - - (55.7) (55.7) - (55.7)
Cash distributions - - - - - (7.5) (7.5) (36.1) (43.6)
At 30 September 2015 492.2 337.6 115.0 360.3 73.3 94.7 1,473.1 77.6 1,550.7
Total comprehensive income (1.4) 35.0 2.6 13.0 4.9 (0.2) 53.9 (0.8) 53.1
Cash contributed - - - - 48.0 - 48.0 - 48.0
Loan advances 0.2 42.7 (0.2) - - - 42.7 0.1 42.8
Loan repayments - - - (7.5) - - (7.5) - (7.5)
Cash distributions - - (14.5) - - - (14.5) (4.4) (18.9)
At 31 March 2016 491.0 415.3 102.9 365.8 126.2 94.5 1,595.7 72.5 1,668.2
Total comprehensive income (4.3) 36.0 2.0 (0.8) 0.3 (0.7) 32.5 0.2 32.7
Cash contributed - - - - 31.2 - 31.2 0.4 31.6
Loan advances 7.0 22.5 - - - - 29.5 - 29.5
Loan repayments - - - (7.4) - - (7.4) - (7.4)
Cash distributions - - (1.9) - - (36.3) (38.2) (3.0) (41.2)
Disposal of investment - - - - - - - (5.5) (5.5)
At 30 September 2016 493.7 473.8 103.0 357.6 157.7 57.5 1,643.3 64.6 1,707.9
13. Trading properties and long-term development contracts
Development land and infrastructure Residential Total Long-term development contracts Total
trading properties
£m £m £m £m £m
At 1 April 2015 84.9 137.4 222.3 - 222.3
Capital expenditure 4.6 10.3 14.9 0.1 15.0
Capitalised interest - 2.3 2.3 - 2.3
Disposals (5.1) - (5.1) - (5.1)
Movement in impairment 1.2 - 1.2 (0.1) 1.1
At 30 September 2015 85.6 150.0 235.6 - 235.6
Capital expenditure 5.1 7.0 12.1 - 12.1
Disposals (14.1) (120.5) (134.6) - (134.6)
Movement in impairment 11.0 (0.7) 10.3 - 10.3
At 31 March 2016 87.6 35.8 123.4 - 123.4
Capital expenditure 10.8 3.5 14.3 - 14.3
Disposals (8.9) (11.4) (20.3) - (20.3)
Movement in impairment 9.8 (0.2) 9.6 - 9.6
At 30 September 2016 99.3 27.7 127.0 - 127.0
The cumulative impairment provision at 30 September 2016 in respect of Development land and infrastructure was £69.3m (31
March 2016: £79.1m); and in respect of Residential was £0.9m (31 March 2016: £0.7m).
14. Capital structure
30 September 2016 31 March 2016
Group Joint ventures Adjustment for non-wholly owned subsidiaries(1) Combined Group Joint Adjustment for non-wholly owned subsidiaries(1) Combined
ventures
£m £m £m £m £m £m £m £m
Property portfolio
Market value of investment properties 12,678.9 1,737.1 (34.8) 14,381.2 12,832.2 1,672.7 (34.4) 14,470.5
Trading properties and long-term contracts 127.0 166.0 - 293.0 123.4 157.3 - 280.7
Total property portfolio (a) 12,805.9 1,903.1 (34.8) 14,674.2 12,955.6 1,830.0 (34.4) 14,751.2
Net debt
Borrowings 2,947.1 85.1 - 3,032.2 2,873.0 85.0 - 2,958.0
Monies held in restricted accounts and deposits (17.8) - - (17.8) (19.7) - - (19.7)
Cash and cash equivalents (16.9) (34.6) 0.1 (51.4) (24.7) (43.2) - (67.9)
Fair value of interest-rate swaps 37.1 2.4 - 39.5 31.9 2.2 - 34.1
Fair value of foreign exchange swaps (5.3) - - (5.3) - - - -
Net debt (b) 2,944.2 52.9 0.1 2,997.2 2,860.5 44.0 - 2,904.5
Less: Fair value of interest-rate swaps (37.1) (2.4) - (39.5) (31.9) (2.2) - (34.1)
Less: Fair value of foreign exchange swaps 5.3 - - 5.3 - - - -
Reverse bond exchange de-recognition (note 15) 349.5 - - 349.5 368.3 - - 368.3
Adjusted net debt (c) 3,261.9 50.5 0.1 3,312.5 3,196.9 41.8 - 3,238.7
Adjusted total equity
Total equity (d) 11,445.9 - - 11,445.9 11,698.9 - - 11,698.9
Fair value of interest-rate swaps 37.1 2.4 - 39.5 31.9 2.2 - 34.1
Reverse bond exchange de-recognition (note 15) (349.5) - - (349.5) (368.3) - - (368.3)
Adjusted total equity (e) 11,133.5 2.4 - 11,135.9 11,362.5 2.2 - 11,364.7
Gearing (b/d) 25.7% 26.2% 24.5% 24.8%
Adjusted gearing (c/e) 29.3% 29.7% 28.1% 28.5%
Group LTV (c/a) 25.5% 22.6% 24.7% 22.0%
Security Group LTV 23.2% 23.4%
Weighted average cost of debt(2) 4.7% 4.7% 4.9% 4.9%
1. This represents the interest in X-Leisure which we do not own, but which is consolidated in the Group numbers.
2. The weighted average cost of debt is based on cash interest paid and excludes exceptional items.
15. Borrowings
30 September 2016 31 March 2016
Secured/ Fixed/ Effective Nominal/ notional value£m Fair Book value£m Nominal/ notional value£m Fair Book value£m
unsecured floating interest rate% value£m value£m
Current borrowings
Sterling
5.253% QAG Bond Secured Fixed 5.3 17.0 20.9 17.0 16.2 19.4 16.2
Commercial paper
Sterling Unsecured Floating LIBOR + margin 13.0 13.0 13.0 2.5 2.5 2.5
Euro Unsecured Floating LIBOR + margin 203.0 203.0 203.0 - - -
Swiss Francs Unsecured Floating LIBOR + margin 30.9 30.9 30.9 - - -
US Dollar Unsecured Floating LIBOR + margin 104.3 104.3 104.3 - - -
Total current borrowings 368.2 372.1 368.2 18.7 21.9 18.7
Non-current borrowings
Sterling
5.425% MTN due 2022 Secured Fixed 5.5 255.3 293.6 255.0 255.3 291.4 254.9
4.875% MTN due 2025 Secured Fixed 4.9 298.0 367.3 296.3 300.0 351.3 298.3
5.391% MTN due 2026 Secured Fixed 5.4 190.5 242.3 190.0 210.7 253.9 210.1
5.391% MTN due 2027 Secured Fixed 5.4 584.8 763.1 583.0 608.3 748.8 606.5
5.376% MTN due 2029 Secured Fixed 5.4 317.5 430.2 316.3 317.5 397.5 316.4
5.396% MTN due 2032 Secured Fixed 5.4 322.5 455.1 321.0 322.6 410.0 321.0
5.125% MTN due 2036 Secured Fixed 5.1 500.0 707.4 498.8 500.0 624.1 498.7
Bond exchange de-recognition adjustment (349.5) (368.3)
2,468.6 3,259.0 2,110.9 2,514.4 3,077.0 2,137.6
5.253% QAG Bond Secured Fixed 5.3 264.5 325.6 264.5 273.2 327.1 273.2
Syndicated bank debt Secured Floating LIBOR + margin 190.0 190.0 190.0 430.0 430.0 430.0
Amounts payable under finance leases Unsecured Fixed 6.5 13.5 18.5 13.5 13.5 17.8 13.5
Total non-current borrowings 2,936.6 3,793.1 2,578.9 3,231.1 3,851.9 2,854.3
Total borrowings 3,304.8 4,165.2 2,947.1 3,249.8 3,873.8 2,873.0
Reconciliation of the movement on borrowings Six months ended Year ended
30 September 2016 31 March 2016
£m £m
At the beginning of the period 2,873.0 3,783.7
Repayment of loans (293.7) (1,206.5)
Proceeds from new loans 325.3 250.0
Foreign exchange on commercial paper 23.4 23.4
Amortisation of finance fees 0.3 2.0
Amortisation of bond exchange de-recognition adjustment 12.4 23.4
Bond exchange de-recognition adjustment on redemption of medium term notes 6.4 -
Net movement in finance lease obligations - (3.0)
At the end of the period 2,947.1 2,873.0
Medium term notes (MTNs)
The MTNs are secured on the fixed and floating pool of assets of the Security Group. Debt investors benefit from security
over a pool of investment properties, development properties and the Group's investment in Westgate Oxford Alliance Limited
Partnership, Nova, Victoria, the St. David's Limited Partnership and additionally in the period, 20 Fenchurch Street
Limited Partnership, valued at £13.0bn at 30 September 2016 (31 March 2016: £12.6bn). The secured debt structure has a
tiered operating covenant regime which gives the Group substantial flexibility when the loan-to-value and interest cover in
the Security Group are less than 65% and more than 1.45 times respectively. If these limits are exceeded, the operating
environment becomes more restrictive with provisions to encourage a reduction in gearing. The interest rate is fixed until
the expected maturity, being two years before the legal maturity date for each MTN, whereupon the interest rate for the
last two years is LIBOR plus an increased margin. The effective interest rate is based on the coupon paid and includes the
amortisation of issue costs. The MTNs are listed on the Irish Stock Exchange and their fair values are based on their
respective market prices.
During the period, the Group purchased £45.8m MTNs for a premium of £10.2m. On 2 June 2016, the Group purchased £2.0m of
its 4.875% MTN due in 2025, £19.6m of its 5.391% MTN due in 2026 and £23.5m of its 5.391% MTN due in 2027. On 4 July, the
Group purchased £0.1m of its 5.396% MTN due in 2032. On 18 July 2016, the Group purchased a further £0.6m of its 5.391% MTN
due in 2026. At 30 September 2016, the Group had £2,468.6m of MTNs outstanding with maturities between 2022 and 2036.
Syndicated and bilateral bank debt
Maturity as at Authorised Drawn Undrawn
30 September
2016
30 Sept 31 March 30 Sept 31 March 30 Sept 31 March
2016 2016 2016 2016 2016 2016
£m £m £m £m £m £m
Syndicated debt 2021 1,815.0 1,380.0 190.0 430.0 1,625.0 950.0
Bilateral debt 2018 135.0 485.0 - - 135.0 485.0
1,950.0 1,865.0 190.0 430.0 1,760.0 1,435.0
The terms of the Security Group funding arrangements require undrawn facilities to be reserved where syndicated and
bilateral facilities mature within one year, or where commercial paper has been issued. Accordingly, the Group's available
undrawn facilities at 30 September 2016 were £1,408.8m (31 March 2016: £1,432.5m), compared with undrawn facilities of
£1,760.0m (31 March 2016: £1,435.0m).
All syndicated and bilateral facilities are committed and secured on the assets of the Security Group. In the six month
period ended 30 September 2016, the amounts drawn under the Group's bilateral facilities and syndicated bank debt decreased
by £240.0m. On 14 June 2016, £350.0m bilateral facilities held at 31 March 2016 were cancelled and replaced by £435.0m of
syndicated debt with a maturity of 14 June 2021.
Queen Anne's Gate Bond
On 29 July 2009, the Group issued a £360.3m bond secured on the rental cash flows from the commercial lease with the UK
Government over Queen Anne's Gate (QAG). The QAG Bond is a fully amortising bond with a final maturity in February 2027 and
a fixed interest rate of 5.253% per annum. At 30 September 2016, the bond had an amortised book value of £281.5m (31 March
2016: £289.4m).
Fair values
The fair values of any floating rate financial liabilities are assumed to be equal to their nominal value, but adjusted for
the effect of exit fees payable on redemption. The fair values of the MTNs and the QAG Bond fall within Level 1, the
syndicated, bilateral facilities, commercial paper, interest-rate swaps and foreign exchange swaps fall within Level 2, and
the amounts payable under finance leases fall within Level 3, as defined by IFRS 13. The fair value of the amounts payable
under finance leases is determined using a discount rate of 4.7% (31 March 2016: 4.9%).
Bond exchange de-recognition
On 3 November 2004, a debt refinancing was completed resulting in the Group exchanging all of its outstanding bond and
debenture debt for new MTNs with higher nominal values. The new MTNs did not meet the IAS 39 requirement to be
substantially different from the debt that they replaced. Consequently, the book value of the new debt is reduced to the
book value of the original debt by the 'bond exchange de-recognition' adjustment which is then amortised to zero over the
life of the new MTNs. The amortisation is included in interest expense in the income statement.
16. Related party transactions
There have been no other significant related party transactions during the period that require disclosure under Section
4.2.8 (R) of the Disclosure and Transparency Rules or under IAS 34 Interim Financial Reporting.
17. Events after the reporting period
There are no reportable events after the reporting period.
Business analysis
Table 11: Alternative performance measures
The Group has applied the European Securities and Markets Authority (ESMA) 'Guidelines on Alternative Performance Measures'
in these half-yearly results. In the context of these half-yearly results, an alternative performance measure (APM) is a
financial measure of historical or future financial performance, position or cash flows of the Group which is not a measure
defined or specified in IFRSs.
The table below summarises the APMs included in these half-yearly results, where the definitions and reconciliations of
these measures can be found, as well where further discussion is included. The definitions of all APMs are included in the
Glossary and further discussion of these measures can be found in the financial review.
Nearest IFRS measure Reconciliation
Revenue profit Profit before tax Note 3
Adjusted earnings Profit attributable to owners of the parent Note 8
Adjusted earnings per share Basic earnings per share Note 8
Adjusted diluted earnings per share Diluted earnings per share Note 8
Adjusted net assets Net assets attributable to owners of the parent Note 7
Adjusted basic net assets per share Net assets attributable to owners of the parent Note 7
Adjusted diluted net assets per share Net assets attributable to owners of the parent Note 7
Total business return n/a Note 7
Combined Portfolio Investment properties Note 11
Valuation surplus/deficit Net surplus/deficit on revaluation of investment properties Note 11
Adjusted net debt Borrowings Note 14
Group LTV n/a Note 14
Table 12: EPRA performance measures
30 September 2016
Definition for EPRA measure Notes Land Securitiesmeasure EPRAmeasure
Adjusted earnings Recurring earnings from core operational activity(1) 8 £192.5m £181.8m
Adjusted earnings per share Adjusted earnings per weighted number of ordinary shares(1) 8 24.4p 23.0p
Adjusted diluted earnings per share Adjusted diluted earnings per weighted number of ordinary 8 24.3p 23.0p
shares(1)
Adjusted net assets Net assets adjusted to exclude fair value movements on interest-rate swaps(2) 7 £11,135.9m £11,485.4m
Adjusted diluted net assets per share Adjusted diluted net assets per share(2) 7 1,408p 1,452p
Triple net assets Adjusted net assets amended to include the fair value of financial instruments and debt 7 £10,223.0m £10,223.0m
Diluted triple net assets per share Diluted triple net assets per share 7 1,293p 1,293p
Net initial yield (NIY) Annualised rental income less non-recoverable costs as a % of market value plus assumed purchasers' costs(3) 3.6% 4.3%
Topped-up NIY NIY adjusted for rent free periods(3) 4.3% 4.5%
Voids/vacancy rate ERV of vacant space as a % of ERV of Combined Portfolio excluding the development programme(4) 2.9% 2.7%
Cost ratio Total costs as a percentage of gross rental income (including direct vacancy costs)(5) 16.6% 16.3%
Total costs as a percentage of gross rental income (excluding direct vacancy costs)(5) n/a 14.3%
Refer to notes 7 and 8 to the financial statements for further analysis.
1. EPRA adjusted earnings and EPRA adjusted earnings per share include the amortisation of bond exchange de-recognition
of £12.4m and the net head office relocation credit of £1.7m.
2. EPRA adjusted net assets and adjusted diluted net assets per share include the bond exchange de-recognition
adjustment of £349.5m.
3. Our NIY and Topped-up NIY relate to the Combined Portfolio, excluding properties in the development programme that
have not yet reached practical completion, and are calculated by our external valuer. EPRA NIY and EPRA Topped-up NIY
calculations are consistent with ours, but excludes all developments.
4. Our measure reflects voids in our like-for-like portfolio only. The EPRA measure reflects voids in the Combined
Portfolio excluding only the development programme.
5. The EPRA cost ratio is calculated based on gross rental income after rents payable, whereas our measure is based on
gross rental income before rents payable. We do not calculate a cost ratio excluding direct vacancy costs as we do not
consider this to be helpful.
Table 13: Top 12 occupiers at 30 September 2016
% of Group rent(1)
Accor 5.3
Deloitte 5.3
Central Government 5.3
Mizuho Bank 1.8
Boots 1.5
Cineworld 1.4
Sainsbury's 1.3
Taylor Wessing 1.2
K&L Gates 1.2
H&M 1.2
Telecity Group 1.1
Deutsche Bank 1.1
27.7
1. On a proportionate basis.
Table 14: Development pipeline and trading property development schemes at 30 September 2016
Development pipeline
Developments after practical completion
The Zig Zag Building, SW1(1) Office 100 192,700 89 392 17.0 Nov 2015 184 184
Retail 41,300 88
20 Eastbourne Terrace, W2 Office 100 92,800 90 132 6.4 May 2016 67 67
Developments approved or in progress
1 New Street Square, EC4 Office 100 274,800 100 316 15.5 Oct 2016 174 174
Nova, Victoria, SW1 - Phase I Office 50 481,100 30 392 20.7 Mar 2017 237 258
Retail 79,500 79
Oriana, W1 - Phase II Retail 50 30,700 100 45 2.0 Mar 2017 19 20
Westgate Oxford Retail 50 803,000 49 139 14.0 Oct 2017 114 222
Residential 37,000 -
Proposed developments
Selly Oak, Birmingham Retail 50 200,000 n/a n/a n/a 2019 n/a n/a
Residential 89,000 n/a n/a n/a 2019 n/a n/a
Developments let and transferred or sold
1 & 2 New Ludgate, EC4 Office 100 354,800 95 n/a(3) 23.8 Apr 2015 248 248
Retail 26,800 100
Oriana, W1 - Phase II(2) Retail 50 41,800 100 n/a(3) n/a n/a n/a n/a
Oriana, W1 - Phase II(2)
Retail
50
41,800
100
n/a(3)
n/a
n/a
n/a
n/a
1. Includes retail within Kings Gate, SW1.
2. This represents the disposal of 28-32 Oxford Street, W1.
3. Once properties are transferred from the development pipeline, we do not report on their individual value.
Where the property is not 100% owned, floor areas and letting status shown above represent the full scheme whereas all
other figures represent our proportionate share. Letting % is measured by ERV and shows letting status at 30 September
2016. Trading property development schemes are excluded from the development pipeline.
Total development cost
Refer to glossary for definition. Of the properties in the development pipeline at 30 September 2016, the only properties
on which interest was capitalised on the land cost were Westgate Oxford and Nova, Victoria, SW1 - Phase I. The figures for
total development costs include expenditure on the residential elements of Westgate Oxford (£12.2m).
Net income/ERV
Net income/ERV represents headline annual rent on let units plus ERV at 30 September 2016 on unlet units, both after rents
payable.
Trading property development schemes
Kings Gate, SW1 Residential 100 108,600 100 89 Oct 2015 164 164
Nova, Victoria, SW1 - Phase I Residential 50 166,800 170 82 Mar 2017 138 146
Oriana, W1 - Phase II Residential 50 20,200 18 28 Mar 2017 13 15
Oriana, W1 - Phase II
Residential
50
20,200
18
28
Mar 2017
13
15
Table 15: Combined Portfolio value by location at 30 September 2016
Shopping centres and shops Retail parks Offices Hotels, leisure, residential Total
& other
% % % % %
Central, inner and outer London 13.9 0.2 46.8 3.4 64.3
South East and East 10.0 3.5 - 0.9 14.4
Midlands - 0.6 - 0.9 1.5
Wales and South West 2.6 0.5 - 4.4 7.5
North, North West, Yorkshire and Humberside 6.9 0.9 0.1 1.2 9.1
Scotland and Northern Ireland 2.7 0.3 - 0.2 3.2
Total 36.1 6.0 46.9 11.0 100.0
% figures calculated by reference
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