Three & Four Piccadilly Place. Manchester Two Prime Grade A Office Investments. Enter

Three & Four Piccadilly Place Manchester Two Prime Grade A Office Investments Enter

We shape our buildings, and afterwards our buildings shape us. W i n s t o n C h u r c h i l l THREE & FOUR PICCADILLY PLACE MANCHESTER

Overview 1-9 Location 10-18 Situation 19-26 The Buildings 27-42 Tenure 43-44 Tenancies 45-54 Tenant Covenants 55-58 Market Commentary 59-62 Proposal 63 Further Information 64

An unrivalled opportunity to acquire two prime Grade A office buildings in the UK s number 1 regional city at the centre of Manchester s transport hub. Nowhere in Manchester City Centre is better connected. Two Prime Grade A Office Investments

HOME Overview Manchester is the UK s No. 1 regional city and the largest financial centre outside of London. A rare opportunity to acquire two of Manchester s most prominent, Grade A and BREEAM Excellent rated office buildings. Manchester is the UK s No. 1 regional city and is the largest financial centre outside of London. Piccadilly Place stands at the centre of Manchester s transport hub. Nowhere else in the city centre is better connected. Developed in 2008/2009, Three and Four Piccadilly Place comprises a total of 321,290 sq ft (29,848.60 sq m) of multi-let office / retail accommodation with the right to use 490 car parking spaces. Blue Chip tenant line up, anchored by Barclays Bank PLC off a low average rent of just 21.00 per sq ft, amongst numerous other predominantly professional service sector led occupiers; Weightmans Solicitors, Secretary of State, NW Strategic Health Authority, EC Harris, Ove Arup & Partners, NuGeneration, Egencia and TotalJobs Group. Weighted average unexpired lease term of 8.11 years to expiry (5.71 years to break) with circa 70% of the income secured against either Government or 5A1 covenant. Significant reversionary potential with a gross ERV of 8,707,336.94 per annum. A summary of the income position is set out below: Gross Income ( pa) Ground Rent ( pa) Landlord Shortfalls ( pa) Net Income ( pa) Three Piccadilly Place 4,998,732.50 499,873.25 997.89 4,497,861.36 Four Piccadilly Place 2,853,468.00 285,346.80 2,568,121.20 Commercial Car Park 92,891.94 9,289.19 83,602.75 Total 7,945,092.44 794,509.24 997.89 7,149,585.31 Offers are sought in excess of 117,525,000 (One Hundred and Seventeen Million, Five Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 5.75%, a reversionary yield of 6.30% and an equivalent yield of 6.20% based on the net income and assuming standard purchaser s costs of 5.80%. A sale at the quoting price reflects a low capital value of just 365 per sq ft ( 3,934 per sq m). Alternatively, a corporate sale is available through the purchase of a LuxCo.

HOME 1 Overview // 05 The Manchester Office Market is forecast to deliver the strongest rental growth out of all the UK regions over the next five years with a forecast of 4% rental growth per annum overall. The Piccadilly district of Manchester is the focus of in excess of 1billion further mixed use development and regeneration over the next few years across schemes such as Gateway House, HS2 and Kampus at Aytoun Street. Future proofed office scheme which was developed in 2008 / 2009 with BREEAM Excellent rating. Currently let at an average office rent of 23.72 per sq ft, compared to the current ERV of 26.00 per sq ft. Prime Manchester rents are now at 32.00-34.00 per sq ft and are forecast to reach 39.00 per sq ft by 2019 thereby providing exceptional rental growth prospects. Net effective rental evidence for prime Manchester offices is now at 30.50 per sq ft, 30% higher than the current average passing rent in Piccadilly Place. Opportunity to undertake tenant re-gears and extensions to improve Weighted Average Unexpired Lease Term. Occupier demand for Piccadilly is set to soar due to its proximity to the mainline rail station and unrivalled levels of local amenity. Opportunity to materially improve the headline rent on the vacant office accommodation within the scheme through letting the remaining 24,685 sq ft which constitutes just 8.19% of the overall office accommodation. To date, not one office occupier has exercised a lease break option within the scheme reflecting strong tenant retention. OREGA occupy part ground floor and the 11th floor of Three Piccadilly Place by way of a management agreement. The agreement has landlord provisions to terminate at the 6th and 8th anniversaries. There is therefore an opportunity to materially improve the headline rental tone for the entire building by terminating and re-letting in the medium term. The commercial car park is currently managed by Carillion and provides a net income (before gound rent) for the year ending 31st December 2014 of 92,891.94 pa. There is potential to agree a new lease or management agreement with a specialist car park operator which may significantly improve the net income position derived from the general public car park. A purchase at the quoting price reflects a discount of 100 basis points from current prime city centre yields of 4.75% and 150 basis points from historic prime yields of 4.25%. The legal structure allows Three & Four Piccadilly Place to be treated as individual ownerships thereby offering maximum liquidity.

Manchester is the place where people do things. Don't talk about what you are going to do, do it. That is the Manchester habit. And through the manifestation of this quality, the word Manchester has become a synonym for energy and freedom and the right to think and to do without shackles. J u d g e P a r r y 1 9 1 2.

HOME Location Manchester is the UK s No. 1 Regional City Manchester is widely regarded as the UK s largest financial centre outside of London and is the administrative, educational, cultural and retail capital of the North West region. Greater Manchester is home to a population of 2.6 million and is the UK s largest regional economy with an estimated 51 billion of GDP. The economy is extremely diverse with an estimated 80 of the FTSE 100 companies being represented together with over 50 international banks and over 600 major overseas companies. The city is ranked 46th in the world for direct commercial real estate investment since 2008 with over 3.75 billion transacted. It is the only UK city alongside London to feature in the top 50.

2 Location // 12 Strength through variety Manchester offers a diverse employment base with the following key sectors thriving: creative industries, IT, digital and media, professional services, biotechnology and energy. In addition there are more banking and financial service related businesses than any other region outside of London, making it a financial centre of national importance. Global Investment Greater Manchester is continuing to attract an increasing number of global occupiers, recently including Ford Credit, Gazprom, Bank of New York Mellon, Google, Emirates, Etihad and Aegis. Over 2,000 foreign owned companies have a base in Greater Manchester. Trader and Media, Towergate Insurance and the BBC are all recent examples of major UK occupiers who have chosen to locate major functions in the city. Headquarters Greater Manchester was voted as the No. 1 location for a new Headquarters operation in Europe. Global HQs and European HQs in the region include PZ Cussons, The Co-operative Group and Umbro, whilst UK and European HQ s include Brother, Kellogg s, Adidas, Siemen s and Tote Sport.

2 Location // 13 Manchester Airport Manchester airport is the third largest airport in the UK behind London Gatwick and London Heathrow. It serves more destinations than any other UK airport, with daily routes to the Middle East, China and the US contributing towards 22 million passengers during 2014. There are further plans to expand the airport over the next 15 years.

2 Location // 14 Knowledge Manchester has one of the largest student campuses in Europe with approximately 105,000 students at four universities providing the city with cutting-edge research and development capability together with a highly-qualified workforce. Culture and Sport The global brand of Manchester is undoubtedly assisted by the presence of two global football teams; Manchester United and Manchester City. In addition, the city is home to one of the world s busiest music venues, six theatres, the BBC Philharmonic and the Hallé Orchestra along with various museums and galleries including the Imperial War Museum of the North and the National Football Museum. Tourism and Conferences Manchester is the third most popular UK city for international visitors. The tourism economy is worth 6.6 billion per annum.

2 Location // 15 Manchester is located in the heart of the United Kingdom, 181 miles northwest of London and benefits from a world class, multi-modal integrated transport infrastructure, providing fast, affordable connectivity to London, Europe and the rest of the world. With a population of approximately 2.6 million and over 11 million within a 50 mile radius, Manchester has the largest travel-to-work conurbation outside London. All the UK s major cities and centres of commerce are readily accessible with a consumer market of 20 million within a 2 hour drive of the city.

2 Location // 16 Air Located only 5 miles to the southwest of the city centre, Manchester Airport is the international gateway for the North of England and the UK s largest regional airport. Handling 22 million passengers a year, more than 60 airlines offer direct flights from Manchester to 200 destinations worldwide, more than any other UK airport including Heathrow. Journey times to other major cities: Amsterdam 1 ½ hours Stockholm 2 ½ hours Frankfurt 1 ½ hours Madrid 3 hours Paris 1 ½ hours Dubai 7 hours Hamburg 1 ½ hours New York 8 hours Geneva 2 hours Singapore 13 hours Munich 2 hours Amsterdam MANCHESTER, UK Stockholm Hamburg New York Munich Frankfurt Madrid Paris Geneva Dubai Singapore Road Manchester has over 100 miles of motorway within the conurbation with over 25% of the UK s motorway network running through the Manchester area placing it within a two hour drive of approximately 60% of the UK s population. The M60 arterial motorway provides connections to the M62 which in turn provides a direct link to Liverpool, Leeds and the West and East Coast ports. The M6 provides links to Birmingham and London in the south and Glasgow and Edinburgh to the north. Driving distances and times to other major cities: Birmingham Edinburgh Leeds London 128 km (80 miles) 1 ½ hours 336 km (210 miles) 3 ½ hours 64km (40 miles) 1 hour 290 km (181 miles) 3 hours Edinburgh Manchester Leeds Birmingham London

2 Location // 17 Rail The City has two mainline railway stations, Piccadilly and Victoria, linked by shuttle bus and the Metrolink tramway. There are localised stations in the City at Oxford Road, Deansgate and Salford Central. There are Intercity train links to all major cities within the UK with three trains an hour to London Euston. Euxton Balshaw Lane Cumbria & Scotland Chorley Adlington Entwistle Bromley Cross Smithy Bridge Littleborough Southport Horwich Hall i'th' Wood Appley Bridge Blackrod Parkway Bolton Lostock Gathurst Wigan Wallgate Moses Gate Ince Farnworth Wigan Hindley Daisy Hill Orrell North Kearsley Western Hag Fold Atherton Clifton Moorside Walkden Swinton Garswood St. Helens Central Earlestown Bryn Newton-le- Willows Glazebrook Warrington Bank Quay, Birchwood Crewe & London Euston Irlam Flixton Patricroft Eccles Salford Crescent Eccles Weaste Langworthy Broadway Harbour MediaCityUK City Anchorage Salford Quays Exchange Quay Humphrey Chassen Road Urmston Park Trafford Park Pomona Timperley Navigation Road Altrincham Hale Ashley Mobberley Knutsford Brooklands Stretford Dane Road Sale Manchester Airport Old Trafford Bury Radcliffe Whitefield Salford Central Firswood Besses o'th Barn Prestwich G-Mex Trafford Bar Chorlton Heaton Park Bowker Vale Crumpsall Victoria Deansgate Chorlton High Heald Green Manchester Oxford Road Woodlands Road Shudehill Market Street Piccadilly Gardens Monsall Manchester Piccadilly Gatley Wilmslow Central Park Mauldeth Road Burnage East Didsbury Rochdale Castleton Mills Hill Moston Sportcity Velodrome Rochdale Railway Station Werneth Freehold South Chadderton Hollinwood Newton Failsworth Heath and Moston Gorton Belle Vue Ryder Brow Fairfield Newbold Edge Lane Sportcity Droylsden Stadium Clayton Cemetery Road Holt Town New Islington Guide Ardwick Ashburys Bridge Brinnington Heaton Chapel Stockport Woodsmoor Bramhall Kingsway Business Park possible stop Milnrow Ashton-under-Lyne Reddish North Davenport Hazel Grove Poynton Hyde North Adlington Newhey Shaw and Crompton Derker Oldham Mumps Flowery Field Greenfield Mossley Stalybridge Hattersley Marsden Godley Newton Broadbottom for Hyde Glossop Hyde Central Woodley Rose Hill Romiley Disley Marple New Mills Newtown Furness Vale Whaley Bridge Hadfield Dinting Strines Chinley Journey times to other major cities: London 2 hours 8 mins Edinburgh 3 hours 23 mins Glasgow 3 hours 11 mins Birmingham 1 hour 31 mins Bristol 2 hours 59 mins Leeds 54 mins Liverpool 47 mins Sheffield 48 mins The proposed High Speed Two line (HS2) will provide improved connectivity between London and Manchester. When completed journey times will reduce to 1hr 8mins.

2 Location // 18 Metrolink The Metrolink is Manchester s light rail transit system which has improved access to the City Centre and has reduced road congestion. The network is currently expanding further with new lines across the city centre as well as an extension to Manchester Airport to the south and to Oldham and Rochdale in the north. Piccadilly Place can be easily accessed from Piccadilly railway station or Piccadilly Gardens Metrolink services both of which are within one minute s walk of the property. The Metrolink currently transports over 20 MILLION passengers every year. ALTRINCHAM MANCHESTER AIRPORT Peel Hall P+R Shadowmoss P Robinswood Road Navigation Road Timperley P+R Brooklands Benchill Roundthorn Wythenshawe Town Centre Crossacres Martinscroft Baguley Sale P Moor Road ECCLES Dane Road Northern Moor P+R MediaCityUK Barlow Moor Road Wythenshawe Park P+R Weaste Ladywell Stretford P Sale Water Park Langworthy Broadway Old Trafford St Werburgh s Road Withington Burton Road Harbour City Anchorage Salford Quays Exchange Quay Pomona Trafford Bar CORNBROOK Firswood Chorlton P+R West EAST Didsbury DIDSBURY Didsbury Village DEANSGATE- CASTLEFIELD CITY ZONE Piccadilly Gardens Market Street New Islington Bowker Vale PrestwichP WhitefieldP+R Milnrow Newbold P BURY Newhey Crumpsall Heaton P Besses o P+R Radcliffe Kingsway Rochdale Park th Barn Business Park Railway Abraham Station P Moss Derker Shaw and Crompton Queens P+R Road Oldham P+R Central South Central Oldham Victoria Park Failsworth Chadderton Westwood Mumps Monsall Newton Hollinwood Freehold Oldham Heath and King Street Shudehill Moston PICCADILLY Holt Town Etihad Campus Velopark Clayton Hall Edge Lane Cemetery Road AudenshawP+R Droylsden Ashton P+R Moss 195 P+R Ashton West ASHTON- UNDER-LYNE P+R ROCHD TOWN CENTRE

HOME 3 Portland Street Once a gateway to the city, Piccadilly is now a destination in its own right. Unrivalled for transport communications, Piccadilly Place is just a stone s throw away from the Mancunian Way, adjacent to the refurbished Piccadilly railway station, 30 seconds from the Metrolink and a 3 minute walk to all major bus routes at Parker Street bus station. Immediately opposite, Manchester s curved bridge provides a direct pedestrian crossing over London Road to Piccadilly railway station which not only allows commuters to be in London in 2 hours and 8 minutes and Manchester Airport within 15 minutes but also provides access to all of the shopping benefits of Waitrose, M&S, WH Smiths and Boots. High quality hotels and residential developments, clustered around the unrivalled transport hub, make Piccadilly a place not simply to pass through but to stay. Its position close to creative and digital companies in the Northern Quarter has made it a compelling location for new technology and media businesses. Occupying a very prominent island site, Piccadilly Place is bound by Auburn Street to the north, Whitworth Street to the south, Aytoun Street to the west and London Road to the east. London Road is the main arterial route leading out of the city centre connecting it to the Mancunian Way. Chorlton Street Nearby occupiers include Bank of New York Mellon, Jones Lang La Salle, Transport for Greater Manchester, Lloyds Banking Group and Allianz.

Piccadilly Chatham Street Ducie Street Aytoun Street Auburn Street 1 London Road London Road 2 Minshull Street Aytoun Street 4 Piazza Manchester Curve Bridge 3 Store St Piccadilly Station 5 Whitworth Street One Piccadilly Place DoubleTree hotel by Hilton Designed by Mark Weintraub Associates, the property comprises a 4* Hotel of 284 rooms. Whitworth Street Two Piccadilly Place Transport For Greater Manchester Designed by The Weedon Partnership, the property comprises 55,000 sq ft of office accommodation which is the headquarters for TFGM. Cobourg Street Three Piccadilly Place Subject Property 200,000 sq ft office building, including ground floor retail, let to a mix of tenants including Weightmans, Secretary of State, NuGeneration and Ove Arup Partners Ltd. Four Piccadilly Place Subject Property 120,000 sq ft office building, including ground floor retail, let to a mix of tenants including Barclays Bank. Fairfield Street Five Piccadilly Place The Hub Designed by Glenn Howells Architects, the building comprises 167 residential apartments.

Manchester Arena Deva Centre BLACKFRIARS ROAD BURY STREET GREENGATE GRAVEL LANE DUKE STREET Chapel St. Salford GREENGATE The Embankment Victoria Station Millennium Quarter Cathedral Corn Exchange Urbis CORPORATION STREET BLACKFRIARS ROAD CHAPEL STREET CHAPEL STREET Salford Central Station QUAY STREET WORSLEY ST Lowry Hotel DEANSGATE Royal Exchange CORPORATION STREET Retail Core Street NEW BAILEY STREET POTATO WHARF LIVERPOOL ROAD New Bailey LIVERPOOL ROAD RICE STREET ATHERTON STREET MOSI BEAUFORT STREET St Johns Gardens LOWER BYROM STREET QUAY STREET St. John s GARTSIDE STREET Law Courts Spinningfields Hardman Square BYROM STREET Opera House TONMAN STREET HARDMAN STREET Hilton Hotel DEANSGATE Great Northern BRIDGE STREET House of Fraser WATSON STREET DEANSGATE JOHN DALTON STREET Bridgewater Hall MOUNT STREET CROSS STREET PETER STREET Midland Hotel Town Hall KING STREET St Peters Square OXFORD STREET Peter s Fields / The Conference Quarter LOWER MOSLEY STREET FOUNTAIN STREET Manchester Art Gallery OXFORD STREET Castlefield DAWSON STREET BLANTYRE STREET CASTLE STREET BRIDGEWATER VIADUCT Deansgate Station GREAT BRIDGEWATER STREET Home EGERTON STREET Castle Quay CITY ROAD EAST ALBION STREET Southern Gateway First Street ARUNDEL STREET CAMBRIDGE STREET MEDLOCK STREET RIVER STREET

One Angel Square ANGEL STREET Printworks Transport Interchange DANTZIC STREET HANOVER STREET SWAN STREET Manchester Arndale NOMA / Northern Quarter HIGH STREET OLDHAM STREET LEVER STREET Ancoats CHURCH STREET STEVENSON SQUARE HIGH STREET MARKET STREET Market Street DALE STREET NEWTON STREET PORT STREET MOSLEY STREET China Town Piccadilly Gardens Piccadilly Gateway AYTOUN STREET PICCADILLY LONDON ROAD DUCIE STREET Piccadilly Place DUCIE STREET STORE STREET New Islington GREAT ANCOATS STREET CHAPELTOWN STREET PORTLAND STREET MAJOR STREET The Village WHITWORTH STREET LONDON ROAD Piccadilly Station FAIRFIELD STREET TRAVIS STREET Eastern Gateway ST ANDREW'S STREET TEMPERANCE STREET Palace Theatre GRANBY ROW North Campus SACKVILLE STREET PRINCESS STREET Corridor Manchester SACKVILLE STREET MANCUNIAN WAY (ELEVATED ROAD) BROOK STREET

Hilton Hotel Spinningfields Central Business Core Town Hall Kampus Manchester Universities

1 Angel Square NOMA Arndale Shopping Centre Metrolink Piccadilly Station

Existing Piccadilly Station Fast, direct links to London Euston of 2 hours 8 mins 24 million journeys every year Plans to enlarge the station as part of the Northern Hub 1 DoubleTree hotel by Hilton Opened in 2007 4 star hotel 284 rooms 2 Malmaison Opened in 1998 3 star hotel 167 rooms 3 6 Macdonald Hotel Opened in 2007 4 star hotel 338 rooms TFGM - 2 Piccadilly Place Completed in 2006 55,000 sq ft Grade A Headquarters of Transport for Greater Manchester 4 5 1 Motel One Opened in 2015 3 star hotel 330 rooms 6

Proposed London Road Fire Station Grade II* listed former fire station built in 1906 140,000 sq ft of development potential Consent for 227-bed upscale hotel with associated bars and restaurants 1 Lazy S / Gateway House 140,000 sq ft office and retail property adjacent to Piccadilly Station Purchased by Lasalle IM in 2014 Plans submitted for 182 suite aparthotel 2 McLeer & Rushe Hotel Scheme Development of 296 bed, 4 star Holiday Inn Will include restaurant and conference facilities Opening in 2016 3 1 4 Mayfield Site (potential Government campus) Vision for a new sustainable mixed-use development 800,000 sq ft offices, 1,300 homes, 350-bed hotel plus retail and leisure facilities Aiming to secure 400,000 sq ft Government pre-letting, dubbed Whitehall of the North Proposed HS2 station Manchester Piccadilly to be upgraded At least four new platforms to be built to accommodate HS2 trains Will reduce journey time to London to 1 hour 8 mins 5 Kampus, Aytoun Street 6 450,000 sq ft mixed use development named Kampus 500 homes, two hotels and leisure hub Total development value in excess of 150m

HOME 4

4 The Buildings // 29 Piccadilly Place Developed by the award winning Argent Group Plc, Piccadilly Place is a modern mixed-use development in the heart of one of the most vibrant areas of central Manchester. It incorporates over 350,000 sq ft of office space, the DoubleTree hotel by Hilton and 167 residential apartments, known as the Hub. All this is set around a privately managed and beautifully landscaped Piazza, which is designed as a natural space for occupiers and visitors to meet, shop and to enjoy a range of retail outlets, cafés and restaurants.

4 The Buildings // 30 Piccadilly Place is split into two, the Northern and Southern areas. Three and Four Piccadilly Place are within the Southern area and sit on top of a podium beneath which three levels of basement car parking provide a total of 583 spaces. Access to the car park is via Whitworth Street which leads to an automatic barrier entry system. Car parking spaces are apportioned as per the tenancy schedule with the remaining 343 spaces used as a public car park. Further information can be found within the Car Park section.

4 The Buildings // 31 Three Piccadilly Place Three Piccadilly Place comprises a 12 storey, high quality Grade A office building which was designed by the award-winning RIBA Architects, Austin:Smith-Lord. The building was completed in 2008 and offers 189,979 sq ft of office accommodation with 9,306 sq ft of retail space and the right to use 304 car parking spaces. The building is of steel frame construction with cast situ reinforced concrete floors with a Tecu Brass copper clad rain screen system on all prominent elevations and a Techcrete reconstituted stone to the southern elevation with high performance energy efficient double glazed units throughout.

4 The Buildings // 32 Internally the ground floor provides a large feature open plan lobby and reception area. A central core provides male, female and two disabled W/Cs and shower room along with access between each floor and overall means of escape. Six high speed, passenger destination system lifts provide the primary transportation to the upper floors. There are three ground floor retail units all of which front the Piazza. One of the units fronts both the Piazza and London Road. This unit is vacant and is capable of being sub-divided to provide two smaller units.

4 The Buildings // 33 Four Piccadilly Place Four Piccadilly Place comprises an 8 storey, high quality Grade A office building which was designed by Manchester based Architects, Hodder Associates. The building was completed in 2009 and offers 111,435 sq ft of office accommodation with 10,570 sq ft of retail space and the right to use 186 basement car parking spaces. The building is of steel frame construction with cast situ reinforced concrete floors. There are horizontal architectural fins which extend from a skin of honed reconstituted stone to the west elevation. These provide thermal efficiency, solar shading and depth to the façade on Aytoun Street. The north east elevations are fully glazed using a picture frame curtain walling system with high performance energy efficient double glazed units throughout. The lower levels are set back creating a double storey colonnade and a pedestrian link to the other buildings within Piccadilly Place.

Granby Row 4 The Buildings // 34 Sackville Street Internally the ground floor provides a large feature open plan lobby with two reception areas. One reception area is solely used by Barclays Bank. A central core provides a disabled W/C and shower room along with access between each floor and overall means of escape. Four high speed, passenger destination system lifts provide the primary transportation to the upper floors.

4 The Buildings // 35

4 The Buildings // 36 Air conditioning is provided by a fully accessible four pipe fan coil system with variable flow controlled to reduce energy consumption. The whole system is controlled by a digital Building Management System. Typical floor to ceiling heights of 2.70 m. Typical slab to slab height of 4.05 m. The buildings have been designed and built to accommodate a base occupancy of 1 person per 10 sq m. There is sufficient capacity within the ducting and risers to increase occupancy with relative ease to 1 person per 8 sq m in Three Piccadilly Place and 1 person per 7 sq m in Four Piccadilly Place. Both buildings are approved for 1 person per 6 sq m from a fire rating. Fully accessible raised floors with a clear void of 150mm. Lighting is by way of intelligent light fittings with occupancy detection and daylight dimming (min 350 LUX). Planning module based on occupancy of 1 person per 7.50 sq m (Three Piccadilly Place ) and 1 person to 7.60 sq m (Four Piccadilly Place). Fully addressable fire alarm system and automatic sprinkler system throughout. 6 x 17 person passenger lifts (Three Piccadilly Place) and 4 x 17 person passenger lifts (Four Piccadilly Place). Each building has state of the art passenger destination system with operating times of 1.6m/s, and an average waiting time of less than 30 seconds. W/Cs including disabled to each floor. A shower on each floor. 583 car parking spaces (of which Five Piccadilly Place has the right to use 93). BREEAM Rating Registered with the BRE, Three and Four Piccadilly Place have a BREEAM Excellent rating, the best possible standard for environmental performance. EPC Rating The properties have the following energy performance certificate ratings; Three Piccadilly Place - C (66) Four Piccadilly Place - C (59)

4 The Buildings // 37 Floor Plans Three Piccadilly Place Typical Floor Plans Ground Floor (Retail/Office) 3A + 3B 5,653 Sq Ft 3C 1,771 Sq Ft Floors 1-7 (Office) Typical Floor Plates of. 19,300 Sq Ft 3D 1,552 Sq Ft

4 The Buildings // 38 Floors 8-11 Typical Floor Plates of. 12,710 Sq Ft

4 The Buildings // 39 Floor Plans Four Piccadilly Place Typical Floor Plans Ground Floor (Retail) Floor 1 (Office) 4C + 4D 4,766 Sq Ft 4B 1,977 Sq Ft 4A 3,924 Sq Ft 13,215 Sq Ft

4 The Buildings // 40 Typical Floor Plans Floors 2-6 (Office) Floor 7 (Office) Typical Floor Plates of. 16,618 Sq Ft 15,128 Sq Ft

4 The Buildings // 41 Accommodation The properties have been measured by Plowman Craven in accordance with the 6th edition of the RICS Code of Measuring Practice on practical completion and comprise the following net internal areas: Floor Use Net Internal Area (Sq M) Net Internal Area (Sq Ft) Three Piccadilly Place Ground Retail 864.50 9,306 Ground Office 382.20 4,114 First Office 1,771.00 19,063 Second Office 1,853.10 19,947 Third Office 1,851.70 19,932 Fourth Office 1,852.90 19,944 Fifth Office 1,851.90 19,934 Sixth Office 1,856.00 19,978 Seventh Office 1,506.70 16,218 Eight Office 1,181.50 12,718 Ninth Office 1,180.70 12,709 Tenth Office 1,180.80 12,710 Eleventh Office 1,181.00 12,712 Sub Total 18,515.00 199,285 Floor Use Net Internal Area (Sq M) Net Internal Area (Sq Ft) Four Piccadilly Place Ground Retail 982.00 First Office 1,227.70 Second Office 1543.80 Third Office 1543.80 Fourth Office 1,545.40 Fifth Office 1543.50 Sixth Office 1543.00 Seventh Office 1,405.40 Sub Total 11,334.60 10,570 13,215 16,617 16,617 16,635 16,614 16,609 15,128 122,005 Total 29,848.60 321,290

HOME 5 Street The properties comprising Piccadilly Place are held under a number of long leasehold interests. The ultimate freeholder is Piccadilly Triangle Developments LLP, an LLP set up by Manchester City Council and the Transport for Greater Manchester to facilitate the overall development. The overall Piccadilly Place development is split into 2 sections. The Northern Area (edged blue on the plan) and the Southern Area (edged red). Each area comprises a separate long leasehold interest, each being for a term of 250 years from the 27th May 2005, and known as the Northern and Southern Area Head Leases respectively. Aytoun Street Chatham Street Piccadilly Ducie Street Auburn Street 1 Blue Line - Northern Area Head Lease Red Line - Southern Area Head Lease London Road London Road 2 Minshull Street Aytoun Street 4 Piazza Manchester Curve Bridge 3 Store St Chorlton Street Piccadilly Station 5 Whitworth Street One and Two Piccadilly Place sit within the Northern Area Head Lease land and Three, Four and Five Piccadilly Place sit within the Southern Area Head Lease land. Whitworth Street Cobourg Street Fairfield Street Piccadilly Place Management Ltd (a vendor controlled company) now holds the benefit of both these long leasehold interests. These two interests control all the Estate common parts for One to Five Piccadilly Place, including (within the Southern Area Head Lease) the podium slab upon which Three, Four and Five are constructed, together with the car park beneath. Three Piccadilly Place and Four Piccadilly Place are then held by way of separate long leasehold interests derived out of the Southern Area Head Lease. Each is for a term of 250 years, less three days, from 27 May 2005. Each lease is drawn on a full repairing and insuring basis and an annual ground rent equating to 10% of gross income is payable, received from any sub- tenants, excluding VAT, insurance rent and service charge. Granby Row Sackvi

HOME 6 Three Piccadilly Place is multi-let in accordance with the tenancy schedule to 10 tenants producing a current gross income of 4,998,732.50 per annum which reflects an average office rent of 24.86 per sq ft. Four Piccadilly Place is multi-let in accordance with the tenancy schedule to 3 tenants producing a current gross income of 2,853,468.00 per annum which reflects an average office rent of 21.24 per sq ft. The table below summarises the overall income received. Gross Income ( pa) Ground Rent ( pa) Landlord Shortfalls ( pa) Net Income ( pa) Three Piccadilly Place 4,998,732.50 499,873.25 997.89 4,497,861.36 Four Piccadilly Place 2,853,468.00 285,346.80 2,568,121.20 Commercial Car Park 92,891.94* 9,289.19 83,602.75 Total 7,945,092.44 794,509.24 997.89 7,149,585.31 * Net income generated from the commercial car park for the year ending 31 December 2014 9.13% 11.25% Government / 5A1 5A2 3 Piccadilly Place 4 Piccadilly Place 10.61% 0.52% 68.49% 4A2 3A1 Other 39.72% 60.28% % Income by Covenant Strength % Income by Building

6 Tenancies // 46 WAULT We calculate that the property has the following Weighted Average Unexpired Lease Terms (WAULT): WAULT Summary Years To Earliest Termination Three Piccadilly Place Four Piccadilly Place Combined 4.62 8.36 5.71 To Expiry Three Piccadilly Place Four Piccadilly Place Combined 5.95 13.36 8.11 Service Charge The service charge is made up of three elements: 1. Building Charge - Apportioned separately to both Three and Four Piccadilly Place. 2. Estate Charge - Split between all five of the buildings within Piccadilly Place. 3. Car Park Charge - This is apportioned equally between all 583 car parking spaces. The service charge budgets for the year ending 31 December 2015 are calculated as follows: Three Piccadilly Place Four Piccadilly Place Budget ( pa) Rate / Sq Ft ( pa) Budget ( pa) Rate / Sq Ft ( pa) The Building Charge 1,165,049 5.85 774,957 6.35 The Estate Charge 163,098 0.82 99,369 0.81 The Car Park Charge 128,953 424 / Space 78,899 424 / Space Total 1,457,100 6.66 953,225 7.17

6 Tenancies // 47 Three Piccadilly Place Floor Tenant Net Internal Area (Sq Ft) Cars Term (Breaks) Start Break Expiry Rent Review Three Piccadilly Place Retail 3a & 3b VACANT (Rent Guarantee) 5,653 - Retail 3c Sim Trava Pita Limited 1,882 1 10 (5) 16/09/2013 16/09/2018 15/09/2023 31/12/2015 Retail 3d Baxterstorey Limited t/a Starbucks 1,771 10 (5) TBC 5 years from start date 10 years from start date Part Ground - Orega (Management) Limited 4,114 10 01/10/2009-30/09/2019 First Weightmans LLP 19,063 20 15 (10) 20/06/2008 20/06/2018 19/06/2023 20/06/2018 Second Third Fourth Part Fifth Secretary of State for Communities & Local Government - t/a Insolvency Service North West Strategic Health Authority Acting on behalf of the Secretary of State for Health North West Strategic Health Authority Acting on behalf of the Secretary of State for Health North West Strategic Health Authority Acting on behalf of the Secretary of State for Health 19,947 15 15 (10) 09/09/2008 09/09/2018 08/09/2023 09/09/2018 19,932 10 29/09/2009-28/09/2019 19,944 10 10 29/09/2009-28/09/2019 12,095 10 29/09/2009-28/09/2019 Part Fifth EC Harris LLP 7,839 1 6 25/11/2014-18/11/2020 Sixth Ove Arup & Partners International Limited 19,978 4 10 02/01/2014-01/01/2024 02/01/2019 Seventh NuGeneration Limited 16,218 10 (5) 31/01/2015 31/01/2020 30/01/2025 31/01/2020 Eighth NuGeneration Limited 12,718 7 21/09/2015-30/11/2022 21/09/2020 Ninth Egencia UK Limited 12,709 3 10 15/10/2012-14/10/2022 15/10/2017 Tenth EC Harris LLP 12,710 10 19/03/2010-18/03/2020 Eleventh Orega (Management) Limited 12,712 11 10 01/10/2009-30/09/2019 Car Parking NHS Property Services - 11 Sub Total 199,285 76 1 22/07/2014-21/07/2015

6 Tenancies // 48 Gross Passing Rent ( pa) Passing Rent ( psf) Excluding Cars Gross ERV ( pa) Cars @ 2,750 ps ERV ( psf) Comments 113,060.00 20.00 113,060.00 20.00 Vendor to provide 2 years rent and 12 months landlord's shortfall guarantee. 20,000.00 9.17 40,390.00 20.00 Guarantor - Sim Trava Limited. Turnover Rent of 12% subject to a minimum Base Rent of 20,000 pa. The Base Rent is adjusted yearly to 90% of the Turnover Rent payable from the previous year capped at 60,000 pa until 16/09/18 and 75,000 pa thereafter. Six month break notice period - tenant only break. Cars devalued at 2,750 per space. 36,000.00 20.33 35,420.00 20.00 Agreement for lease in place. 10 year term with a break at year 5. Six month break notice period - tenant only break. Tenant penalty of 18,000 if they break. In the event the lease does not complete, the vendor will provide 2 years rent and 12 month s landlord s shortfall guarantee. 102,312.58 24.87 92,565.00 22.50 Orega occupy under a serviced office managment agreement. Further details are shown in the separate Orega section. 493,449.00 23.00 550,638.00 26.00 Six month break notice period - tenant only break. Cars specified in the lease at 2,750 per space. 539,925.00 25.00 559,872.00 26.00 Six month break notice period - tenant only break. Cars specified in the lease at 2,750 per space. 498,300.00 25.00 518,232.00 26.00-526,100.00 25.00 546,044.00 26.00 Cars specified in the lease at 2,750 per space. 302,375.00 25.00 314,470.00 26.00-186,900.00 23.52 206,564.00 26.00 487,472.00 24.00 530,428.00 26.00 405,450.00 25.00 421,668.00 26.00 Cars specified in the lease at 2,500 per space. Estate Service Charge cap - 15,813 pa (budget - 11,552 pa). Building Service Charge cap - 116,672 pa (budget - 103,889 pa). Car Park Service cap - 716 pa (budget - 1,714 pa). Total shortfall - 997.89 pa. Service Charge caps increase annually inline with RPI and expire on 31/12/2018. Caps exclude utility costs. Cars specified in the lease at 2,000 per space. Six month break notice period - tenant only break. Six month s rent free if the tenant does not break. 330,688.00 26.00 330,668.00 26.00-304,661.50 23.32 338,684.00 26.00 Guarantor - Expedia Inc. Fixed uplift to 343,448.50 pa ( 26.43 psf) from 15 October 2017. Building Service Charge cap - 97,867 pa (budget - 88,932 pa). Caps increase annually with RPI. Cap excludes utility costs. Cars devalued at 2,750 per space. 317,750.00 25.00 330,460.00 26.00 March 2015 rent review outstanding. Orega occupy under a serviced office agency agreement. 316,139.42 24.87 360,762.00 26.00 Further details are shown in the separate Orega section. Car parking spaces included in the rent. 18,150.00 30,250.00 Licence agreement - holding over. Cars specified in the Licence at 1,650 per space. 4,998,732.50 5,320,175.00

6 Tenancies // 49 Four Piccadilly Place Floor Tenant Net Internal Area (Sq Ft) Cars Term (Breaks) Start Break Expiry Rent Review Four Piccadilly Place Retail 4A 247 Active Limited - t/a Anytime Fitness 3,994-25 (10) TBC 10 years from start date 25 years from start date 5 yearly Retail 4B VACANT (Rent Guarantee) 1,985 - - - - - - Retail 4C / 4D VACANT (Rent Guarantee) 4,591 - - - - - - Part First TotalJobs Group Limited 5,417 6 10 (5) 23/01/2015 23/01/2020 22/01/2025 23/01/2020 Part First VACANT (Rent Guarantee) 8,068 - - - - - - Second VACANT (Rent Guarantee) 16,617 - - - - - - Third Barclays Bank Plc 16,617 12 15 (10) 01/09/2014 01/09/2024 31/08/2029 01/09/2019 Fourth Barclays Bank Plc 16,635 13 15 (10) 01/09/2014 01/09/2024 31/08/2029 01/09/2019 Fifth Barclays Bank Plc 16,614 13 15 (10) 01/09/2014 01/09/2024 31/08/2029 01/09/2019 Sixth Barclays Bank Plc 16,609 13 15 (10) 01/09/2014 01/09/2024 31/08/2029 01/09/2019 Seventh Barclays Bank Plc 15,128 13 15 (10) 01/09/2014 01/09/2024 31/08/2029 01/09/2019 Car Park Barclays Bank Plc - 12 Sub Total 122,005 82 15 (10) 01/09/2014 01/09/2024 31/08/2029 - Car Parking Commercial Car Park 332 Total Gross Income 321,290 490

6 Tenancies // 50 Gross Passing Rent ( pa) Passing Rent ( psf) Excluding Cars Gross ERV ( pa) Cars @ 2,750 ps ERV ( psf) Comments 37,000.00 9.26 39,940.00 10.00 Under offer to 247 Active Ltd - subject to change of use to D1. Long stop date of 31 July 2016. Capital Contribution of 30,000 to be paid to the tenant on the term start date. In the event the lease does not complete, the vendor will provide 2 years rent and 12 month s landlord s shortfall guarantee. 39,700.00 20.00 39,700.00 20.00 Vendor to provide 2 years rent and 12 months landlord s shortfall guarantee. 91,820.00 20.00 91,820.00 20.00 Vendor to provide 2 years rent and 12 months landlord s shortfall guarantee. 139,475.00 25.00 150,322.00 26.00 Nine month break notice period - tenant only break Six month s rent free if the tenant does not break. Cars specified in the lease at 1,800 per space. 209,768.00 26.00 209,768.00 26.00 Vendor to provide 2 years rent and 12 months landlord s shortfall guarantee. 432,042.00 26.00 432,042.00 26.00 378,957.00 21.00 465,042.00 26.00 381,835.00 21.00 468,260.00 26.00 381,394.00 21.00 467,714.00 26.00 381,289.00 21.00 467,584.00 26.00 Vendor to provide 2 years rent and 12 months landlord s shortfall guarantee. 2019 rent review is capped at 448,871 pa (assuming 12 car parking spaces taken). Estate Service Charge cap - 16,617 pa (budget - 12,628 pa). Building Service Charge cap - 124,627 pa (budget - 97,043 pa). Caps increase annually with RPI and expire on 06/08/2020. Caps exclude utility costs. Six month break notice period - tenant only break. Cars specified in the lease at 2,500 per space. 2019 rent review is capped at 452,218 pa (assuming 13 car parking spaces taken). Estate Service Charge cap - 16,635 pa (budget - 12,642 pa). Building Service Charge cap - 124,762 pa (budget - 97,148 pa). Caps increase annually with RPI and expire on 06/08/2020. Caps exclude utility costs. Six month break notice period - tenant only break. Cars specified in the lease at 2,500 per space. 2019 rent review is capped at 451,694 pa (assuming 13 car parking spaces taken). Estate Service Charge cap - 16,614 pa (budget - 12,626 pa). Building Charge cap - 124,605 pa (budget - 97,025 pa). Caps increase annually with RPI and expire on 06/08/2020. Caps exclude utility costs. Six month break notice period - tenant only break. Cars specified in the lease at 2,500 per space. 2019 rent review is capped at 448,672 pa (assuming 13 car parking spaces taken). Estate Service Charge cap - 16,609 pa (budget - 12,622 pa). Building Service Charge cap - 124,567 pa (budget - 96,996 pa). Caps increase annually with RPI and expire on 06/08/2020. Caps exclude utility costs. Six month break notice period - tenant only break. Cars specified in the lease at 2,500 per space. 350,188.00 21.00 429,078.00 26.00 2019 rent review is capped at 411,765 pa (assuming 13 car parking spaces taken). Estate Service Charge cap - 15,128 pa (budget - 11,497 pa). Building Service Charge cap - 113,460 pa (budget - 88,347 pa). Caps increase annually with RPI and expire on 06/08/2020. Caps exclude utility costs. Six month break notice period - tenant only break. Cars specified in the lease at 2,500 per space. 30,000.00 33,000.00 Barclays use 5 spaces for plant and 7 spaces for their generator. The cost of these spaces is split equally between each lease ( 6,000 per lease). 2,853,468.00 3,294,270.00 92,891.94 92,891.94 The remaining car parking spaces (excluding those that 5 PP have the right to use) are operated as a commercial car park by Carillion. For the year ending 31 December 2014, the net income for Three and Four Piccadilly Place was 92,891.94. Further information is provided in the car park section. 7,945,092.44 8,707,366,94 Calculated prior to the ground rent of 10% being deducted.

6 Tenancies // 53 OREGA Part ground floor and the 11th floor of Three Piccadilly Place are occupied by Orega (Management) Ltd ( OREGA ) on the basis of a serviced office management agreement, entered into between CEREP 3 Piccadilly Place SARL ( CEREP 3 ) as owner and OREGA by way of a 10 year agreement from 1st October 2009. CEREP 3 originally funded the establishment of the business centre. The parties work together in a JV manner, in line with the agreement which is broadly as follows; All receipts from operating the business centre accrue to an operating account, and interest earned on such funds is the property of CEREP 3. Agreed expenses are paid out of the operating account on a priority basis. Expenses include; staff, sales and marketing, overheads, accounting, admin costs etc. There is an Owner s base return payable monthly in arrears to CEREP 3 out of net proceeds. This is fixed at 418,450 pa ( c 24.87/sq ft) In the event that there are insufficient funds to pay the Owner s base return in any month(s), the unpaid element of base return will accrue until the year end. CEREP 3 may terminate the management agreement on the 6th and 8th anniversaries of the operational date, subject to not less than 12 months written notice in the event that the average base return over the preceding 24 months is below 75% of the higher of (i) the base return and (ii) the open market rent of the premises on the basis it was let on a hypothetical lease. For the three quarters from 1 October 2014, 100% of the base return has been paid and a total profit of 90,000 has been split between OREGA and CEREP 3 on a 47.37% and 52.63% basis respectively. OREGA provides CEREP 3 with a management report and financial statements showing all receipts and expenditure for the relevant quarter within 20 business days of each quarter. CEREP 3 will assign the agreement and novate its obligations to a purchaser. OREGA is not entitled to assign its obligations. Further information is available on the datasite.

6 Tenancies // 54 Car Park The car park is demised from the interest of PPML (a vendor controlled company) and comprises 583 spaces. Each building within the Southern Area has the right to use the amount of spaces as set out in the table below. A number of the car parking spaces are leased to the occupational tenants as highlighted below. The remaining spaces are used as a commercial car park which is operated by Carillion. Building Allocated Spaces Leased Spaces Commercial Car Park Spaces Three Piccadilly Place 304 76 228 Four Piccadilly Place 186 82 104 Five Piccadilly Place (Argent Owned) 93 25 68 Total 583 183 400 The car park operational management system ensures that sufficient spaces are reserved for the leased spaces. All remaining spaces are then used and operated as a commercial car park for public use. The net income generated from the car park (excluding leased spaces and before ground rent) for the year ending 31 December 2014 was 92,891.94 per annum.

HOME 7 Three Piccadilly Place Northwest Strategic Health Authority - Third, Fourth and Part Fifth Floors Part of the structure of the National Health Service in England, responsible for enacting the directives and implementing fiscal policy as dictated by the Department of Health at a regional level. We consider the tenant to be Very low risk Secretary of State for Communities and Local Government - Second Floor Currently occupied by the Insolvency Service, the lease is secured by the Secretary of State which we consider to be Very low Risk EC Harris LLP (OC368843) Part Fifth and Tenth Floors Ove Arup & Partners International Limited (0952468) Sixth Floor Ove Arup & Partners are a leading global firm of consultant engineers, designers, planners and project managers. D&B Rating: 5A1 EC Harris is a leading global natural and built asset design and consultancy firm with headquarters in the United Kingdom. Following the companies merger in 2011, EC Harris is owned by Arcadis NV, a global engineering and consultancy firm with 28,000 employees and 3.0 billion in revenues. D&B Rating: 5A1 Year Ending 31/03/14 Year Ending 31/03/13 Year Ending 31/03/12 Year Ending 31/12/14 Year Ending 31/12/13 Year Ending 31/12/12 Turnover 497,133,000 443,797,000 406,095,000 Turnover 202,486,000 179,966,000 191,635,000 Pre-Tax Profit 43,446,000 14,187,000 10,288,000 Pre-Tax Profit 8,178,000 7,717,000 - Tangible Net Worth 50,067,000 14,167,000 18,532.000 Tangible Net Worth 36,751,000 ( 67,576,000) ( 84,905,000) Net Current Assets (Liabilities) 105,120,000 68,503,000 61,636,000 Net Current Assets (Liabilities) 37,497,000 14,709,000 ( 4,494,000)

7 Tenant Covenants // 56 Three Piccadilly Place NuGeneration Limited (6829771) Seventh and Eighth Floor BaxterStorey Limited (1962583) - Retail 3d Baxter Storey are the UK's leading independent contract catering services provider. D&B Rating: 5A2 NuGeneration, a UK nuclear company, is a joint venture between Toshiba and ENGIE (formerly GDF SUEZ). Having secured an option to purchase land on the West Cumbrian Coast from the Nuclear Decommissioning Authority, NuGen, supported by its parent companies, is currently working on detailed plans for developing the site with the Moorside project aiming to develop a new generation nuclear power station of up to 3.4 GW. D&B Rating: 4A2 Year Ending 26/12/14 Year Ending 26/12/13 Year Ending 26/12/12 Year Ending 31/12/14 Year Ending 31/12/13 Year Ending 31/12/12 Turnover 310,908,000 303,463,000 275,838,000 Turnover - - - Pre-Tax Profit 22,449,000 20,933,000 18,450,000 Pre-Tax Profit ( 7,819,000) ( 10,578) ( 13,947,000) Tangible Net Worth 45,820,000 27,763,000 7,635,000 Tangible Net Worth 22,545,000 294,000 10,872,000 Net Current Assets (Liabilities) 65,135,000 47,915,000 29,445,000 Net Current Assets (Liabilities) 22,011,000 ( 20,299,000) ( 9,769,000) Weightmans LLP (OC326117) - First Floor Weightmans LLP are a top 45 UK law firm with nine offices, employing more than 1400 people, including more than 180 partners. The firm offers a range of services across eight offices over the UK, and specialises in commercial, insurance and public sector law. D&B Rating: 3A1 Egencia UK Limited (0495398) Ninth Floor Egencia UK Ltd, part of Egencia Inc, is a leading global corporate travel solutions provider serving businesses across 60 countries. D&B Rating: 2A1 Year Ending 30/01/14 Year Ending 30/04/13 Year Ending 30/04/12 Year Ending 31/12/13 Year Ending 31/12/12 Year Ending 31/12/11 Turnover 87,603,000 81,679,000 77,480,000 Turnover 15,977,000 13,017,000 10,698,000 Pre-Tax Profit 24,698,000 23,914,000 21,080,000 Pre-Tax Profit ( 445,000) ( 757,000) ( 1,063,000) Tangible Net Worth 11,393,000 10,818,000 7,521,000 Tangible Net Worth 2,845,000 ( 716,000) 38,000 Net Current Assets (Liabilities) 27,170,000 21,655,000 22,651,000 Net Current Assets (Liabilities) 3,244,000 ( 662,000) 118,000

7 Tenant Covenants // 57 Three Piccadilly Place OREGA (Management) Limited (04913409) - Part Ground and Eleventh floor. Orega is a privately owned leading provider of serviced offices, virtual offices and conferencing in the UK which opened its first business centre in 2001. Orega are represented in 14 city centre locations both in the UK and Europe. D&B Rating: 2A2 Sim Trava Pita Limited (8429293) Retail 3c Pita Pit was founded in Canada in 1995 and there are now 560 outlets in North America, Australia, New Zealand, South Korea, Trinidad and Tobago, France and Brazil. More recently Pita Pit have opened stores in Leeds and London. D&B rating: N3 Year Ending 31/12/14 Year Ending 31/12/13 Turnover Pre-Tax Profit Tangible Net Worth Year Ending 26/12/14 Year Ending 26/12/13 Year Ending 26/12/12 - - - - - - 2,884,062 2,028,155 1,659,078 Turnover Pre-Tax Profit Tangible Net Worth Net Current Assets (Liabilities) - - ( 293,460) ( 389,243) - - ( 85,961) ( 170,784) Net Current Assets (Liabilities) 1,933,803 1,135,443 884,996 Guarantor Sim Trava Limited (5296113) - Retail 3c Sim Trava Pita Ltd has a guarantor from Sim Trava Limited whose financials are set out below; D&B Rating: D3 Year Ending 31/12/14 Year Ending 31/12/13 Year Ending 31/12/12 Turnover - - 4,850,000 Pre-Tax Profit - - 148,758 Tangible Net Worth Net Current Assets (Liabilities) 71,488 ( 305,049) ( 56,064) 22,733 ( 334,326) ( 559,940)