London & Quadrant 2.25 - 2029 & 2.75 - 2057: 23 July 2017

London & Quadrant Housing Trust was incorporated on 31 March 2008 and is an exempt charity registered in England. It has operated since 1963 and is now one of the largest registered social housing provision groups in the United Kingdom operating in London and the south east of England. For the year ended 31 March 2017, the Group had £756 million in turnover, £365 million in operating surpluses, an operating margin of 48%, fixed asset housing properties with a book value of £8,671 million, £2,345 million of revenue reserves, £1,886 million of revaluation reserves and owned and managed 90,571 total housing units. These are geographically focused in London and the south east of England and approximately 85% are within the London boroughs.


The valuation report set out below was prepared by Savills Advisory Services Limited:-

Summary for the 2029 bond:
…………………………….......................…Units……Valued on EUV-SH basis…Units…Valued on MV-SH basis…....… Total

Issuer………………….....................……56……….£6,560,000………………..…1,108……….£316,885,726…………...…….£323,445,726
Original Charging Subsiduary…………166…..…£14,043,428……………………1,221……….£345,358,603……………...….£359,402,031
...
Summary for the 2057 bond:
…………………………......................……Units……Valued on EUV-SH basis…Units…Valued on MV-SH basis….......… Total
Issuer……………….........................……242……….£29,419,000……………………584……….£147,762,470……………….£177,181,470
Original Charging Subsiduary……………922…..…£83,414,937…………..………..317………£81,015,917………………...£164,430,854

The Issuer shall deliver a Full Valuation at least once in every period of five calendar years (beginning in 2021) and it shall deliver to the Bond Trustee a Desk Top Valuation in the period between 31 March and the date falling 60 days thereafter in each year (beginning in 2017) other than a year in respect of which a Full Valuation is required to be delivered.


Compare/contrast: London & Quadrant 2.625 - 2026