Content. ING (UK) Listed Real Estate Issuer plc Quarterly Surveillance Report for the Collection Period July 11 Oct 11 Issue Date 25 November 2011

Transcription

1 Content ING (UK) Listed Real Estate Issuer plc Quarterly Surveillance Report for the Collection Period July 11 Oct 11 Issue Date 25 November 2011

2 INDEX Deal Overview 3 Activity since last reporting 4 Contact details 5

3 Deal Overview This is a single borrower securitisation comprising a single loan originated by ING Real Estate Issuer P.L.C. The 225,000,000 Commercial Mortgage Backed Floating Rate Notes due 2015 were issued by ING (UK) Listed Real Estate Issuer P.L.C comprising a Primary Tranche in the aggregate principal amount of 25,000,000 (not rated). The Issuer purchased the Reserve Notes on the Closing Date for subsequent resale (in whole or in part) on one or more Resale Dates. A 14 million, 364-day renewable liquidity facility will be available to enable the issuer to cover any temporary shortfalls in senior expenses and note interest payments. Should the transaction amortize, the facility will reduce proportionally with the outstanding amount on the notes, subject to a minimum amount of 3 million. It is intended that the liquidity facility will be available until legal maturity of the notes. A key feature of this transaction is that the Investment Manager is permitted to implement an active asset and portfolio management strategy. This feature is governed by a complex set of Loan, Asset and Rating Level conditions to ensure no deterioration occurs on the collateral quality of the pool. All are monitored and reported quarterly.

4 Loan Summary - activity since last reporting Cut Off Apr 2011 July 2011 Oct 2011 Loan Balance 200,000, ,600, ,600, ,600,000 No Properties Occupancy 96% 90.21% 90% 90.7% ICR > 150% * 292% 260% 261% 260% DSCR 292% 260% 261% 260% LTV < 60%** 36% 45.78% 45.60% 46.36% NOI 29,978,202 23,483,850 23,583,426 23, The loan was originally secured by 55 properties, encompassing a variety of uses, including office, retail, leisure and industrial. The properties are located throughout England, The Isle of Man, Scotland, Northern Ireland and Wales. The portfolio was originally valued at 490,597,000 in October 2005 by King Sturge. The portfolio now numbers 41 properties and is currently proportionally located throughout the United Kingdom as follows: 22.3% in Greater London; 24.9% in East Midlands; 10.5% in South West; 9.6% in North West; 9.2% in South East; 6.9% in West Midlands; 6.6% in Wales; 3.6% in North East; 2.9% in Scotland; 2.5% in Eastern England. The current sector diversity of the portfolio is as follows: office 39.9%; industrial 33.2%; retail 14.5%; leisure 5.6%; warehouse 3.5%; other 2.4%; mixed 0.9%. The loan matures on 24 January All debt service payments have been made this quarter and the Quarterly Property reporting has been received in full. The occupancy across the portfolio has increased from 90% to 90.7%. However, the weighted average lease term has reduced slightly from 7.87 to 7.8 years. There were no sales or purchases this quarter. Two lease renewals were completed at the Dencora Way and Boundary House assets for 10 years with a 5 year break and 3 years with an 18 month break respectively. There was one lease review at the Angel Gate asset which resulted in a 1,455 per annum rental uplift. The ICR has reduced marginally from 261% to 260%, reflecting the maintenance of stable cashflows across the portfolio during the quarter. This is significantly above the covenant requirement of 175%.

5 Contacts Reporting Queries Capita Asset Services (Ireland) Limited, Block C, Maynooth Business Campus, Maynooth, Co. Kildare, Ireland Tel: +353-(0) Fax: +353-(0) ASSET MANAGER Frankie Hayter Frankie.hayter@capitaassetservices.co.uk

6 Unless otherwise noted, this document has been prepared by Capita Asset Services (Ireland) Limited or one of its affiliated companies (collectively referred to as CAS ), acting as Primary Servicer and/or Special Servicer (collectively referred to as the Servicer ) in relation to ING (UK) Listed Real Estate Issuer P.L.C.. With respect to documents that have been issued as a RIS Notice, such documents have been issued by the issuer of the notes and have not necessarily been prepared by the Servicer. Deal Summary, CMSA and Asset Surveillance reports will not generally be issued as RIS Notices. This document is provided for information purposes to holders of the relevant notes from time to time and prospective investors who may lawfully receive, and have read, the prospectus for such notes. The information contained herein must be read in conjunction with, and is qualified by, such prospectus. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, country, state or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The document does not constitute any form of commitment, advice or recommendation on the part of CAS or its officers, affiliates, advisors, agents or representatives in relation to any transaction. Nothing in any of the documents on this site constitutes any promotion in respect of any invitation, endorsement or offer to invest in any securities in any jurisdiction. The document is not intended to represent an offer of securities for sale in the United States or to U.S. persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). CAS does not offer or purports to offer investment, tax, regulatory, accounting or legal advice and these documents should not and cannot be relied upon as such. Neither CAS, nor any officer or employee thereof of The Capita Group plc or any affiliate accepts any liability whatsoever for any direct or consequential losses arising from any use of information contained herein, including, without limitation, the reliance on any information, data or model, or the use of the documents in the preparation of your financial books and records. You must rely solely on your own examinations of the prospectus for the relevant notes, and consult your own investment, tax, regulatory, accounting or legal advisors prior to making any investment decisions or taking any other action relating to the information contained on this document. Certain information contained in this document is derived from information provided to or obtained by the Servicer from third parties, including the relevant cash managers. CAS has not independently verified any of such information. Accordingly, CAS does not guarantee or provide any warranties as to their accuracy or completeness and they should not be relied upon as such. CAS does not purport that the information contained in this document is all-inclusive or contains all of the information that an investor may require to make a full analysis of the relevant notes. Each recipient of this document must make its own independent investigation and analysis of the information and the notes and its own determination of the suitability of any investment in the relevant notes, with particular reference to its own investment objectives and experience and any other factors which may be relevant to it in connection with such investment and on such other information and advice from its own legal, accounting and tax advisers as it deems relevant and without reliance on the document. Any modelling or back-testing included is not an indication as to future performance of the applicable notes. No representation is made by CAS as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling or backtesting contained herein. Capita Asset Services (Ireland) Limited is regulated by the Central Bank of Ireland under the Investment Intermediaries Act, It is registered in Ireland as a private company limited by shares and its registered number is The document or information contained herein (whether in whole or in part) may not be reproduced, distributed or transmitted to any other person or incorporated into another document or other material without the prior written permission of CAS.