UK Logistics 2026-3: 20 July 2026

The Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under a loan advanced by, among others, the Loan Sellers and Qatar National Bank London Branch to the Borrowers, pursuant to the Senior Facilities Agreement. On the Closing Date, the Issuer will acquire from the Loan Sellers an interest of £603,000,000.00 of the outstanding principal amount of the Loan (representing 80.08% in the aggregate Loan as of the Closing Date).

QNB as an Original Lender will retain, on the Closing Date, an interest of £150,000,000 of the outstanding principal amount of the Loan (representing 19.92% in the Loan as of the Closing Date.

The Loans will each be secured by, among other things, a portfolio of logistics and industrial properties located throughout England and Wales. The assets consist primarily of logistics and industrial properties, including a mix of single-let (mid-box/big-box) and multi-let industrial estates. The top 10 assets generate £30.3 million of rental income at an average rent of £8.8 per square foot. These assets represent 55% of the total GRI and 52% of the total lettable area, with an occupancy of 93.3%. 93% of the Property Portfolio’s GRI is derived from multi-let assets, and 95% of the Property Portfolio is rated EPC C or higher (with 75% of the Property Portfolio rated EPC B+) (by area).

UK, EU & US Risk Retention: For the purposes of satisfying the US, EU and UK risk retention requirements, Deutsche Bank AG London Branch, as the Initial Issuer Lender, pursuant to the Issuer Loan Agreement, will advance a sterling loan to the Issuer on or about the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to £31,965,789.48, 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 2026-2