UK Logistics 2026-2: 14 June 2026

The Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under the loan advanced by the Loan Seller to the Borrower pursuant to the Facility Agreement. On the Closing Date, the Issuer will acquire from the Loan Seller an interest of £648,840,000.00 of the outstanding principal amount of the Loan (representing 100% in the aggregate of the Loan as at the Closing Date). For the avoidance of doubt, the Loan Seller will retain no interest in the Loan from the Closing Date (save for the Loan Seller's exposure to the Loan in its separate capacity as Issuer Lender).

The Loans will each be secured by, among other things, a portfolio of logistics and industrial properties located throughout England, Scotland & Wales.

The Property Portfolio comprises 184 predominantly logistics assets situated in prime logistics submarkets throughout the UK. The Properties offer 1,960 units with total lettable area of 9.5M SF. The standing Property Portfolio is 91.7% leased, as of 31 December 2025 (the "Cut-Off Date"). The Property Portfolio is primarily comprised of last-mile assets accounting for 92% of Market Value.

Tenants within the Property Portfolio are typical of those within the UK regional industrial market, with Consumer Goods & Service Firms, Industrial, B2B Wholesale Trade and Transportation & Logistics firms representing 68% of the gross rental income ("GRI").

The Property Portfolio is well-let at 91.7% on a 3.0-year WALB / 3.9-year WALE, with a proven track record of occupancy in excess of 90% over the last 4 years. Through re-leasing events, the Initial Investor has opportunity to capture reversion, given that the Property Portfolio is 15.7% under-rented.

UK, EU & US Risk Retention: For the purposes of satisfying the US, EU and UK risk retention requirements, Barclays Bank PLC (the Retaining Sponsor) will advance a sterling loan to the Issuer on the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to £32,442,000, being equal to not less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loan on the Closing Date.

Compare/contrast: UK Logistics 2024-1