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modern high specification
industrial warehouse investment
Teleperformance Ltd,
Unit 16, Ashby Park,
Ashby de la Zouch
Leicestershire LE65 1JF
HOME INVESTMENT SUMMARY LOCATION & SITUATION
DESCRIPTION,
ACCOMMODATION & SITE
TENURE, TENANCY &
COVENANT PROFILE
VAT, PROPOSAL, EPC &
FURTHER INFORMATION
1 Ashby Park
Ashby de la Zouch
Industrial Warehouse Investment
investment summary
	 Modern high specification industrial warehouse
totalling 6,608 sq m (71,130 sq ft).
	 Located on Ashby Park adjacent to junction 13 of
the A42 dual carriageway.
	 Let to Teleperformance Ltd for a further 4.75 years.
	 Passing rent of £465,000 per annum, subject to
an outstanding rent review (1 July 2012), offering
potential for immediate reversion.
	Freehold.
	 Offers in excess of £4,185,000, subject to contract
and exclusive of VAT. A purchase at this level
would reflect a net initial yield of 10.50%, net of
standard acquisition costs of 5.8%.
	 The property is held in an SPV which is available
to purchase.
HOME INVESTMENT SUMMARY LOCATION & SITUATION
DESCRIPTION,
ACCOMMODATION & SITE
TENURE, TENANCY &
COVENANT PROFILE
VAT, PROPOSAL, EPC &
FURTHER INFORMATION
A512
A511
A511
A444
A444
A50
A453
A52
A5111
A61
A42
A42
A6
A52
A46
A6
A50
A5
A5
A52
A38
A512
M1
M1
M1
M1
M42
M69
J25
LOUGHBOROUGH
J24
J23
J22
J21J10
J11
J21A
J24A
J23A
ASHBY DE
LA ZOUCH
BURTON
UPON TRENT
EAST MIDLANDS
AIRPORT
NOTTINGHAM
DERBY
LEICESTER
2 Ashby Park
Ashby de la Zouch
Industrial Warehouse Investment
These plans are for identification purposes only. Their accuracy can in no way be guaranteed. Reproduced from the
Ordnance Survey Map with permission of the Controller H.M.S.O Crown copyright reserved. Licence No. ES100018525
ASHBY-DE-LA-ZOUCH
N
O
TTINGHAM
RD
LEICESTER
RD
LEICESTER RD
MOIR A RD
KILWARDBY ST MARKET ST
WOOD ST
NOTTINGHAM RD
COALFIELDWAY
BURTON
RD
BURTON RD
UPPERPACKINGTONRD
PACKINGTON
NOOK
LN
LOWER PACKINGTON
RD
TAMW
O
RTH
RD
STATIONRDTHECALLIS
CORKSCREW
LANE
WILLES
LEY
LANE
PRIOR
PAR K
LANE
ASHBY PARK
A511
A511
A42
A42
A512
A511
A42
A42
Location Situation
Ashby de la Zouch is located within the heart of
Leicestershire in the East Midlands. Ashby Park
benefits from excellent transport communications
being situated less than 0.5 miles from junction 13
of the A42 dual carriageway, which provides direct
access to junction 23A of the M1 motorway, (8 miles
to the north), and junction 4 of the M6 motorway,
approximately 21 miles to the south.
Nottingham East Midlands Airport, the UK’s
second largest cargo and freight airport, is located
approximately 7.6 miles to the north.
The excellent access to the national motorway
network enables direct links to a number of major UK
cities:
Ashby Park is a well established 43 acre Business
Park comprising a mixture of Headquater office
buildings, high quality warehouses together and a
development of B1 units, known as Charter Point.
Notable occupiers on the Park include Siemens,
Ceva and HK Wentworth.
The property is situated on the western side of
Coalfield Way which provides access to the A42 via
the A511, a short distance to the north.
Adjacent to Ashby Park is the Flagstaff 42 Industrial
Estate which includes McVities’ National Distribution
Centre, totalling approximately 325,000 sq ft. Also
within a one mile radius of the subject property is a
recently refurbished Tesco Extra and the Nottingham
Road Retail Park which includes retailers such as
Wickes and Pets at Home.
City Distance
Nottingham 34 km (21 miles)
Leicester 27 km (17 miles)
Birmingham 50 km (31 miles)
London 183 km (114 miles)
HOME INVESTMENT SUMMARY LOCATION & SITUATION
DESCRIPTION,
ACCOMMODATION & SITE
TENURE, TENANCY &
COVENANT PROFILE
VAT, PROPOSAL, EPC &
FURTHER INFORMATION
3 Ashby Park
Ashby de la Zouch
Industrial Warehouse Investment
Description Accommodation
The property was developed in 2002 to provide a
high specification warehouse, with ancillary office
accommodation, totalling 6,608 sq m (71,130 sq ft).
The property comprises a two bay steel portal frame
building with a pitched roof and elevations clad with
profiled steel sheeting and brickwork to the two storey
offices.
The property was developed to a high specification,
which includes the following:
•	 A minimum eaves height of 9m (29.5ft).
•	 4 dock level and 2 level access loading doors
•	 Heating to the warehouse via gas fired hot air
blowers
•	 Lighting to the warehouse via sodium lights
•	 Sprinkler system to the warehouse
accommodation
•	 High specification two storey offices benefiting
from raised floors, suspended ceilings
incorporating fluorescent strip lighting and air
conditioning
The tenant has undertaken significant works to the
property including a substantial fit out of the office
accommodation as well as the installation of full height
racking to part of the warehouse accommodation to
suit their occupational requirements.
Externally, the property benefits from a large and
secure service yard to the rear.
The property has been measured in accordance with
the RICS Code of Measuring Practice (Sixth Edition)
and has the following approximate gross internal floor
areas:
Description
Floor Area
Sq M Sq Ft
Warehouse 4,652 50,075
Ground Floor offices /
canteen
488 5,257
First Floor offices 1,468 15,798
TOTAL 6,608 71,130
Drain
Warehouse
Tank
16
Drain
FB
COALFIELDWAY
1
0m 25m 50m 75m
These plans are for identification purposes only. Their accuracy can in no way be guaranteed. Reproduced from the
Ordnance Survey Map with permission of the Controller H.M.S.O Crown copyright reserved. Licence No. ES100018525
SITE
The site totals approximately 1.66 hectares (4.10
acres) providing a site density of 40%.
HOME INVESTMENT SUMMARY LOCATION & SITUATION
DESCRIPTION,
ACCOMMODATION & SITE
TENURE, TENANCY &
COVENANT PROFILE
VAT, PROPOSAL, EPC &
FURTHER INFORMATION
4 Ashby Park
Ashby de la Zouch
Industrial Warehouse Investment
Tenure
Freehold.
Tenancy
Covenant Profile
The property is let to Teleperformance Ltd on a full repairing and insuring lease
commencing on 1st July 2002 and expiring on 31st March 2018, therefore providing
approximately 4.75 years unexpired.
The lease is subject to 5 yearly upward only rent reviews, with the 1 July 2012 review
currently outstanding. The annual rent is to be reviewed to the higher of the rent passing
or 131% of the rent calculated by multiplying the gross internal floor area of the building
by a rent per square foot that would apply to a conventional industrial/warehouse building
with a 10% office content and without modification. The hypothetical lease term is
10 years.
The current rent is £465,000 per annum equating to £6.53 per sq ft overall. This equates
to a warehouse rental, as devalued under the rent review provisions, of £4.99 per sq ft.
Teleperformance Ltd (formerly MM Teleperformance Ltd) is part of the global Teleperformance
brand with over 135,000 employees in 45 countries. Listed on the NYSE, with a value estimated
at $2.955bn in 2011, Teleperformance provides a range of hi-tech business functions, customer
channels and contact media. In the UK, the company has 6 branches including locations in
Bristol and Birmingham.
From the subject property, Teleperformance operate a number of call-centre contracts for
companies such as Jessops, Siemens and N-Power and has historically operated contracts for
the Identity and Passport Service. The site currently employs approximately 200 people although
this is expected to rise as they are reconfiguring the current office accommodation for a new
contract to be serviced from this centre.
For the year ending December 2012, Teleperformance Ltd reported an increase in turnover
of 110%, rising to £147.4m (£70.06m in 2011) and a substantial increase in pre-tax profit to
£11.18m. Dun & Bradstreet provide the company with a credit rating of 3A1 and a summary
of their financial accounts recorded over the last 3 years are as follows:
Teleperformance Ltd
Financial Year
31/12/2012 31/12/2011 21/12/2010
Turnover £147,447,000 £70,056,000 £63,968,000
Profit/(Loss) Before Taxes £11,181,000 (£731,000) (£230,000)
Tangible Net Worth £14,490,000 £5,302,000 £6,031,000
HOME INVESTMENT SUMMARY LOCATION & SITUATION
DESCRIPTION,
ACCOMMODATION & SITE
TENURE, TENANCY &
COVENANT PROFILE
VAT, PROPOSAL, EPC &
FURTHER INFORMATION
Ashby Park
Ashby de la Zouch
Industrial Warehouse Investment
Further Information
James Fairweather
Tel:	020 7318 5026
Fax: 020 7318 5051
james.fairweather@struttandparker.com
John Hanson
Tel: 020 7318 5027
Fax: 020 7318 5051	
john.hanson@struttandparker.com
Guy Pearson-Gregory
Tel: 020 7318 5049
Fax: 020 7318 5051	
guy.pearson-gregory@struttandparker.com
HEAD OFFICE
13 HILL STREET
LONDON W1J 5LQ
TEL: +44 (0)20 7629 7282
FAX: +44 (0)20 7629 0387
www.struttandparker.com
Notices Relating to Property Misrepresentation and Property Misrepresentation Act.
Strutt & Parker LLP for themselves and for the Vendors of this property whose Agents they are, give notice that:- The particulars are set out as a general outline only for the guidance of intending purchases and do not constitute part of an offer or contract; All descriptions, dimensions, references to
condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness
of them; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures &
fittings referred to in these particulars were present at the date of publication. They have not, however, been tested and therefore, we give absolutely no warranty as to their condition or operation; No person in the employment of Strutt & Parker LLP has any authority to make or give any representations or
warranty whatsoever in relation to this property or these particulars, nor enter into any contract on behalf of the Vendors; No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn; The date of publication is June 2013.
vat proposal EPC
We are instructed to seek offers in excess of £4,185,000 for
the freehold interest, subject to contract and exclusive of VAT. A
purchase at this level would reflect a net initial yield of 10.50%, net
of standard acquisition costs. The property is held in an SPV which
is available to purchase.
The property has been elected for VAT which will therefore be
payable on the purchase price unless the sale can be treated as a
Transfer Of a Going Concern.
For further information or to arrange an inspection, please contact:
Green Deal Information
The Green Deal will be available from later this year. To find out more about how the Green Deal can make your
property cheaper to run, please call 0300 123 1234.
Energy Performance Certificate
Non-Domestic Building
Certificate Reference Number:
9000-7959-0322-6250-6024
M M Teleperformance
Unit 16, Coalfield Way
Ashby Business Park
ASHBY-DE-LA-ZOUCH
LE65 1JF
This certificate shows the energy rating of this building. It indicates the energy efficiency of
the building fabric and the heating, ventilation, cooling and lighting systems. The rating is
compared to two benchmarks for this type of building: one appropriate for new buildings and
one appropriate for existing buildings. There is more advice on how to interpret this information
on the Government's website www.communities.gov.uk/epbd.
Energy Performance Asset Rating
Technical Information Benchmarks
Main heating fuel: Natural Gas
Building environment: Heating and Natural Ventilation
Total useful floor area (m2
): 8547
Building complexity (NOS level): 3
Building emission rate (kgCO2/m2
): 50.17
Buildings similar to this
one could have ratings as
follows:
If newly built
If typical of the
existing stock
HOME INVESTMENT SUMMARY LOCATION & SITUATION
DESCRIPTION,
ACCOMMODATION & SITE
TENURE, TENANCY &
COVENANT PROFILE
VAT, PROPOSAL, EPC &
FURTHER INFORMATION
SUMMARY CASH FLOW FORECAST Teleperformance - Ashby - Best Case
Acquistion Details Financing Details
Sq ft 71,130.00 No of Acres - Interest rate on Senior Debt: 5%
Project Term 5 years Interest rate on Mezz Loan: 11.00%
Cost of Mezz 0.00% per annum
Capital Value of Asset 3,750,000 12.40% Corporate Tax rate 20.00%
Acquisition cost 0.00% - Loan amortisation rate 0%
Loan arrangement fee 0.00% - Asset Details
Stamp duty 4.00% 150,000 Capital Value at acquistion 56.58
Legal Fees- incl VAT 0.42% 15,750 Refurbishment Costs 53,347.50
Agents Fees- Incld VAT 1.50% 56,250 Rates/Service Fee 511,500.00-
Mezzand Senior Loan Set Up 0.50% 15,000 Accumulated Cash Flow in project 49,320-
Structuring and Due Diligence 1.00% 37,500 To be funded 507,472.50-
7.42% 4,024,500 Capital Value at exit 81.72
Initial Return 11.55% Management Fees
Capital Value per sq ft 56.58£ Property Managemement Fees- on rent 2.00%
Financed by: Property Management fee incl VAT 2.40%
Investment Management fees 0.025% of value
Pure Equity 20% 1,024,500 25% VAT 20%
Mezz Loan 80% 3,000,000
Mezz Loan set up cost 15,000 3,015,000 75% 4,024,500 Exit Details
on the acquisition price
Exit price per acre 8.00%
Senior Debt 0% - Sale price 5,812,500
Senior Debt set up cost - 0% - Selling cost 5.75% 334,219-
100% 4,024,500 Loan Exit Cashflow -
Rental Details Terminal cashflow 5,478,281
Annual rental 2013 6.54 465,000
Revised Annual rental 2017 6.54 465,000 Return Details
2022 6.54 465,000 Cash on Cash coupon per annum initial 10.00%
Compunded rent Growth 0.00% per annum Dividend Payments per annum 402,450
Cash on Cash coupon per annum 7.00%
1st Quarter re-let rent 116,250 Dividend Payments per annum 2017 281,715.00
Re-let commission 0% - IRR of Investor 13.92%
1st Quarter re-let rent after commission 116,250 Exit Yield 0.08
Payback through income at terminal date 2,392,178 59.44%
Number of shares 10 402,450.00
Year Quarter Rental
Apartment
Sales Mangt fees Invt Mngr Loan Int General Mezz Int Taxable Tax Income Loan repay Loan Net Income In Mezz return Senior return Project
Investor cash
Flow Rolling Running
2% 0.03% 5% Expenses 11.0% Income 20% After Tax 0% Balance Property Co. 11.0% 5.0% Cash Flows 10.00% Cash Flow Yield
- 4,024,500- 4,024,500-
2013 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 104,723 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 8,220 10.41%
2014 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 112,943 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 16,440 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 121,163 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 24,660 10.41%
2015 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 129,383 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 32,880 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 137,603 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 41,100 10.41%
2016 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 145,823 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 49,320 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 154,043 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 57,540 10.41%
2017 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 162,263 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 65,760 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 170,483 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 73,980 10.41%
2018 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 178,703 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 82,200 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 186,923 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 90,420 10.41%
2019 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 195,143 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 98,640 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 203,363 10.41%
4 116,250 2,325 - - 1,100 82,500 30,325 6,065 24,260 - - 23,160 82,500 - 105,660 201,225 107,798 10.50%
2022 1 5,478,281 5,478,281 5,586,079
8,500,781 60,450 23,438 - 28,600 2,145,000 788,450 157,690 630,760 - 2,145,000 - 4,177,504 4,177,504
Quarterly Yearly NO OF SHAREHOLDERS 10
INVESTOR IRR 3.31% 13.92% PRICE PER SHARE 402,450.00£
Quarterly Yearly
PROJECT IRR 3.38% 14.23%
SUMMARY CASH FLOW FORECAST Teleperformance - Ashby Worse Case
Acquistion Details Financing Details
Sq ft 71,130.00 No of Acres Interest rate on Senior Debt: 5%
Project Term 5 years Interest rate on Mezz Loan: 11.00%
Cost of Mezz 0.00% per annum
Capital Value of Asset 3,750,000 12.40% Corporate Tax rate 20.00%
Acquisition cost 0.00% - Loan amortisation rate 0%
Loan arrangement fee 0.00% - Asset Details
Stamp duty 4.00% 150,000 Capital Value at acquistion 56.58
Legal Fees- incl VAT 0.42% 15,750 Refurbishment Costs 53,347.50
Agents Fees- Incld VAT 1.50% 56,250 Rates/Service Fee 87,845.55-
Mezzand Senior Loan Set Up 0.50% 15,000 Accumulated Cash Flow in project 49,320-
Structuring and Due Diligence 1.00% 37,500 To be funded 83,818.05-
7.42% 4,024,500 Capital Value at exit 51.11
Initial Return 11.55% Management Fees
Capital Value per sq ft 56.58£ Property Managemement Fees- on rent 2.00%
Financed by: Property Management fee incl VAT 2.40%
Investment Management fees 0.025% of value
Pure Equity 20% 1,024,500 25% VAT 20%
Mezz Loan 80% 3,000,000
Mezz Loan set up cost 15,000 3,015,000 75% 4,024,500 Exit Details
on the acquisition price
Exit price per acre 9.00%
Senior Debt 0% - Sale price 3,635,533
Senior Debt set up cost - 0% - Selling cost 5.75% 209,043-
100% 4,024,500 Loan Exit Cashflow -
Rental Details Terminal cashflow 3,426,490
Annual rental 2013 6.54 465,000
Revised Annual rental 2018 4.60 327,198 Return Details
2022 4.60 327,198 Cash on Cash coupon per annum initial 10.00%
Compunded rent Growth 0.00% per annum Dividend Payments per annum 402,450
Cash on Cash coupon per annum 7.50%
1st Quarter re-let rent 81,800 Dividend Payments per annum 2017 301,837.50 122,940.00
Re-let commission 0% - IRR of Investor 6.16% 279,510.00 9.27%
1st Quarter re-let rent after commission 81,800 Exit Yield 0.09
Payback through income at terminal date 1,989,728 49.44%
Number of shares 10 402,450.00
Year Quarter Rental
Apartment
Sales Mangt fees Invt Mngr Loan Int General Mezz Int Taxable Tax Income Loan repay Loan Net Income In Mezz return Senior return Project
Investor cash
Flow Rolling Running
2% 0.03% 5% Expenses 11.0% Income 20% After Tax 0% Balance Property Co. 11.0% 5.0% Cash Flows 10.00% Cash Flow Yield
- 4,024,500- 4,024,500-
2013 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 104,723 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 8,220 10.41%
2014 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 112,943 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 16,440 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 121,163 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 24,660 10.41%
2015 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 129,383 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 32,880 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 137,603 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 41,100 10.41%
2016 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 145,823 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 49,320 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 154,043 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 57,540 10.41%
2017 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 162,263 10.41%
2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 65,760 10.41%
3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 170,483 10.41%
4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 73,980 10.41%
2018 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 178,703 10.41%
2 53,348- - - - 1,100 - - - - - - 54,448- - - 54,448- - 124,255 -5.41%
3 26,674- - - - 1,100 - - - - - - 27,774- - - 27,774- - 96,481 -2.76%
4 - - - - 1,100 - - - - - - 1,100- - - 1,100- - 95,381 -0.11%
2019 1 - - - - 1,100 - - - - - - 1,100- - - 1,100- - 94,281 -0.11%
2 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 - 172,245 7.75%
3 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 150,919 99,290 7.75%
4 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 - 177,253 7.75%
4 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 150,919 104,298 7.75%
2022 1 3,426,490 3,426,490 3,426,490
5,882,417 50,719 17,813 - 29,700 1,883,754 576,175 115,235 460,940 - 1,883,754 - 1,619,150 1,514,853
Quarterly Yearly NO OF SHAREHOLDERS 10
INVESTOR IRR 1.50% 6.16% PRICE PER SHARE 402,450.00£
Quarterly Yearly
PROJECT IRR 1.63% 6.68%
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact
Ashby teleperformace spt 2013 pact

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Ashby teleperformace spt 2013 pact

  • 1. modern high specification industrial warehouse investment Teleperformance Ltd, Unit 16, Ashby Park, Ashby de la Zouch Leicestershire LE65 1JF HOME INVESTMENT SUMMARY LOCATION & SITUATION DESCRIPTION, ACCOMMODATION & SITE TENURE, TENANCY & COVENANT PROFILE VAT, PROPOSAL, EPC & FURTHER INFORMATION
  • 2. 1 Ashby Park Ashby de la Zouch Industrial Warehouse Investment investment summary Modern high specification industrial warehouse totalling 6,608 sq m (71,130 sq ft). Located on Ashby Park adjacent to junction 13 of the A42 dual carriageway. Let to Teleperformance Ltd for a further 4.75 years. Passing rent of £465,000 per annum, subject to an outstanding rent review (1 July 2012), offering potential for immediate reversion. Freehold. Offers in excess of £4,185,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 10.50%, net of standard acquisition costs of 5.8%. The property is held in an SPV which is available to purchase. HOME INVESTMENT SUMMARY LOCATION & SITUATION DESCRIPTION, ACCOMMODATION & SITE TENURE, TENANCY & COVENANT PROFILE VAT, PROPOSAL, EPC & FURTHER INFORMATION
  • 3. A512 A511 A511 A444 A444 A50 A453 A52 A5111 A61 A42 A42 A6 A52 A46 A6 A50 A5 A5 A52 A38 A512 M1 M1 M1 M1 M42 M69 J25 LOUGHBOROUGH J24 J23 J22 J21J10 J11 J21A J24A J23A ASHBY DE LA ZOUCH BURTON UPON TRENT EAST MIDLANDS AIRPORT NOTTINGHAM DERBY LEICESTER 2 Ashby Park Ashby de la Zouch Industrial Warehouse Investment These plans are for identification purposes only. Their accuracy can in no way be guaranteed. Reproduced from the Ordnance Survey Map with permission of the Controller H.M.S.O Crown copyright reserved. Licence No. ES100018525 ASHBY-DE-LA-ZOUCH N O TTINGHAM RD LEICESTER RD LEICESTER RD MOIR A RD KILWARDBY ST MARKET ST WOOD ST NOTTINGHAM RD COALFIELDWAY BURTON RD BURTON RD UPPERPACKINGTONRD PACKINGTON NOOK LN LOWER PACKINGTON RD TAMW O RTH RD STATIONRDTHECALLIS CORKSCREW LANE WILLES LEY LANE PRIOR PAR K LANE ASHBY PARK A511 A511 A42 A42 A512 A511 A42 A42 Location Situation Ashby de la Zouch is located within the heart of Leicestershire in the East Midlands. Ashby Park benefits from excellent transport communications being situated less than 0.5 miles from junction 13 of the A42 dual carriageway, which provides direct access to junction 23A of the M1 motorway, (8 miles to the north), and junction 4 of the M6 motorway, approximately 21 miles to the south. Nottingham East Midlands Airport, the UK’s second largest cargo and freight airport, is located approximately 7.6 miles to the north. The excellent access to the national motorway network enables direct links to a number of major UK cities: Ashby Park is a well established 43 acre Business Park comprising a mixture of Headquater office buildings, high quality warehouses together and a development of B1 units, known as Charter Point. Notable occupiers on the Park include Siemens, Ceva and HK Wentworth. The property is situated on the western side of Coalfield Way which provides access to the A42 via the A511, a short distance to the north. Adjacent to Ashby Park is the Flagstaff 42 Industrial Estate which includes McVities’ National Distribution Centre, totalling approximately 325,000 sq ft. Also within a one mile radius of the subject property is a recently refurbished Tesco Extra and the Nottingham Road Retail Park which includes retailers such as Wickes and Pets at Home. City Distance Nottingham 34 km (21 miles) Leicester 27 km (17 miles) Birmingham 50 km (31 miles) London 183 km (114 miles) HOME INVESTMENT SUMMARY LOCATION & SITUATION DESCRIPTION, ACCOMMODATION & SITE TENURE, TENANCY & COVENANT PROFILE VAT, PROPOSAL, EPC & FURTHER INFORMATION
  • 4. 3 Ashby Park Ashby de la Zouch Industrial Warehouse Investment Description Accommodation The property was developed in 2002 to provide a high specification warehouse, with ancillary office accommodation, totalling 6,608 sq m (71,130 sq ft). The property comprises a two bay steel portal frame building with a pitched roof and elevations clad with profiled steel sheeting and brickwork to the two storey offices. The property was developed to a high specification, which includes the following: • A minimum eaves height of 9m (29.5ft). • 4 dock level and 2 level access loading doors • Heating to the warehouse via gas fired hot air blowers • Lighting to the warehouse via sodium lights • Sprinkler system to the warehouse accommodation • High specification two storey offices benefiting from raised floors, suspended ceilings incorporating fluorescent strip lighting and air conditioning The tenant has undertaken significant works to the property including a substantial fit out of the office accommodation as well as the installation of full height racking to part of the warehouse accommodation to suit their occupational requirements. Externally, the property benefits from a large and secure service yard to the rear. The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and has the following approximate gross internal floor areas: Description Floor Area Sq M Sq Ft Warehouse 4,652 50,075 Ground Floor offices / canteen 488 5,257 First Floor offices 1,468 15,798 TOTAL 6,608 71,130 Drain Warehouse Tank 16 Drain FB COALFIELDWAY 1 0m 25m 50m 75m These plans are for identification purposes only. Their accuracy can in no way be guaranteed. Reproduced from the Ordnance Survey Map with permission of the Controller H.M.S.O Crown copyright reserved. Licence No. ES100018525 SITE The site totals approximately 1.66 hectares (4.10 acres) providing a site density of 40%. HOME INVESTMENT SUMMARY LOCATION & SITUATION DESCRIPTION, ACCOMMODATION & SITE TENURE, TENANCY & COVENANT PROFILE VAT, PROPOSAL, EPC & FURTHER INFORMATION
  • 5. 4 Ashby Park Ashby de la Zouch Industrial Warehouse Investment Tenure Freehold. Tenancy Covenant Profile The property is let to Teleperformance Ltd on a full repairing and insuring lease commencing on 1st July 2002 and expiring on 31st March 2018, therefore providing approximately 4.75 years unexpired. The lease is subject to 5 yearly upward only rent reviews, with the 1 July 2012 review currently outstanding. The annual rent is to be reviewed to the higher of the rent passing or 131% of the rent calculated by multiplying the gross internal floor area of the building by a rent per square foot that would apply to a conventional industrial/warehouse building with a 10% office content and without modification. The hypothetical lease term is 10 years. The current rent is £465,000 per annum equating to £6.53 per sq ft overall. This equates to a warehouse rental, as devalued under the rent review provisions, of £4.99 per sq ft. Teleperformance Ltd (formerly MM Teleperformance Ltd) is part of the global Teleperformance brand with over 135,000 employees in 45 countries. Listed on the NYSE, with a value estimated at $2.955bn in 2011, Teleperformance provides a range of hi-tech business functions, customer channels and contact media. In the UK, the company has 6 branches including locations in Bristol and Birmingham. From the subject property, Teleperformance operate a number of call-centre contracts for companies such as Jessops, Siemens and N-Power and has historically operated contracts for the Identity and Passport Service. The site currently employs approximately 200 people although this is expected to rise as they are reconfiguring the current office accommodation for a new contract to be serviced from this centre. For the year ending December 2012, Teleperformance Ltd reported an increase in turnover of 110%, rising to £147.4m (£70.06m in 2011) and a substantial increase in pre-tax profit to £11.18m. Dun & Bradstreet provide the company with a credit rating of 3A1 and a summary of their financial accounts recorded over the last 3 years are as follows: Teleperformance Ltd Financial Year 31/12/2012 31/12/2011 21/12/2010 Turnover £147,447,000 £70,056,000 £63,968,000 Profit/(Loss) Before Taxes £11,181,000 (£731,000) (£230,000) Tangible Net Worth £14,490,000 £5,302,000 £6,031,000 HOME INVESTMENT SUMMARY LOCATION & SITUATION DESCRIPTION, ACCOMMODATION & SITE TENURE, TENANCY & COVENANT PROFILE VAT, PROPOSAL, EPC & FURTHER INFORMATION
  • 6. Ashby Park Ashby de la Zouch Industrial Warehouse Investment Further Information James Fairweather Tel: 020 7318 5026 Fax: 020 7318 5051 james.fairweather@struttandparker.com John Hanson Tel: 020 7318 5027 Fax: 020 7318 5051 john.hanson@struttandparker.com Guy Pearson-Gregory Tel: 020 7318 5049 Fax: 020 7318 5051 guy.pearson-gregory@struttandparker.com HEAD OFFICE 13 HILL STREET LONDON W1J 5LQ TEL: +44 (0)20 7629 7282 FAX: +44 (0)20 7629 0387 www.struttandparker.com Notices Relating to Property Misrepresentation and Property Misrepresentation Act. Strutt & Parker LLP for themselves and for the Vendors of this property whose Agents they are, give notice that:- The particulars are set out as a general outline only for the guidance of intending purchases and do not constitute part of an offer or contract; All descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of them; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures & fittings referred to in these particulars were present at the date of publication. They have not, however, been tested and therefore, we give absolutely no warranty as to their condition or operation; No person in the employment of Strutt & Parker LLP has any authority to make or give any representations or warranty whatsoever in relation to this property or these particulars, nor enter into any contract on behalf of the Vendors; No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn; The date of publication is June 2013. vat proposal EPC We are instructed to seek offers in excess of £4,185,000 for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 10.50%, net of standard acquisition costs. The property is held in an SPV which is available to purchase. The property has been elected for VAT which will therefore be payable on the purchase price unless the sale can be treated as a Transfer Of a Going Concern. For further information or to arrange an inspection, please contact: Green Deal Information The Green Deal will be available from later this year. To find out more about how the Green Deal can make your property cheaper to run, please call 0300 123 1234. Energy Performance Certificate Non-Domestic Building Certificate Reference Number: 9000-7959-0322-6250-6024 M M Teleperformance Unit 16, Coalfield Way Ashby Business Park ASHBY-DE-LA-ZOUCH LE65 1JF This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Government's website www.communities.gov.uk/epbd. Energy Performance Asset Rating Technical Information Benchmarks Main heating fuel: Natural Gas Building environment: Heating and Natural Ventilation Total useful floor area (m2 ): 8547 Building complexity (NOS level): 3 Building emission rate (kgCO2/m2 ): 50.17 Buildings similar to this one could have ratings as follows: If newly built If typical of the existing stock HOME INVESTMENT SUMMARY LOCATION & SITUATION DESCRIPTION, ACCOMMODATION & SITE TENURE, TENANCY & COVENANT PROFILE VAT, PROPOSAL, EPC & FURTHER INFORMATION
  • 7. SUMMARY CASH FLOW FORECAST Teleperformance - Ashby - Best Case Acquistion Details Financing Details Sq ft 71,130.00 No of Acres - Interest rate on Senior Debt: 5% Project Term 5 years Interest rate on Mezz Loan: 11.00% Cost of Mezz 0.00% per annum Capital Value of Asset 3,750,000 12.40% Corporate Tax rate 20.00% Acquisition cost 0.00% - Loan amortisation rate 0% Loan arrangement fee 0.00% - Asset Details Stamp duty 4.00% 150,000 Capital Value at acquistion 56.58 Legal Fees- incl VAT 0.42% 15,750 Refurbishment Costs 53,347.50 Agents Fees- Incld VAT 1.50% 56,250 Rates/Service Fee 511,500.00- Mezzand Senior Loan Set Up 0.50% 15,000 Accumulated Cash Flow in project 49,320- Structuring and Due Diligence 1.00% 37,500 To be funded 507,472.50- 7.42% 4,024,500 Capital Value at exit 81.72 Initial Return 11.55% Management Fees Capital Value per sq ft 56.58£ Property Managemement Fees- on rent 2.00% Financed by: Property Management fee incl VAT 2.40% Investment Management fees 0.025% of value Pure Equity 20% 1,024,500 25% VAT 20% Mezz Loan 80% 3,000,000 Mezz Loan set up cost 15,000 3,015,000 75% 4,024,500 Exit Details on the acquisition price Exit price per acre 8.00% Senior Debt 0% - Sale price 5,812,500 Senior Debt set up cost - 0% - Selling cost 5.75% 334,219- 100% 4,024,500 Loan Exit Cashflow - Rental Details Terminal cashflow 5,478,281 Annual rental 2013 6.54 465,000 Revised Annual rental 2017 6.54 465,000 Return Details 2022 6.54 465,000 Cash on Cash coupon per annum initial 10.00% Compunded rent Growth 0.00% per annum Dividend Payments per annum 402,450 Cash on Cash coupon per annum 7.00% 1st Quarter re-let rent 116,250 Dividend Payments per annum 2017 281,715.00 Re-let commission 0% - IRR of Investor 13.92% 1st Quarter re-let rent after commission 116,250 Exit Yield 0.08 Payback through income at terminal date 2,392,178 59.44% Number of shares 10 402,450.00 Year Quarter Rental Apartment Sales Mangt fees Invt Mngr Loan Int General Mezz Int Taxable Tax Income Loan repay Loan Net Income In Mezz return Senior return Project Investor cash Flow Rolling Running 2% 0.03% 5% Expenses 11.0% Income 20% After Tax 0% Balance Property Co. 11.0% 5.0% Cash Flows 10.00% Cash Flow Yield - 4,024,500- 4,024,500- 2013 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 104,723 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 8,220 10.41% 2014 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 112,943 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 16,440 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 121,163 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 24,660 10.41% 2015 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 129,383 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 32,880 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 137,603 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 41,100 10.41% 2016 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 145,823 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 49,320 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 154,043 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 57,540 10.41% 2017 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 162,263 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 65,760 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 170,483 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 73,980 10.41% 2018 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 178,703 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 82,200 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 186,923 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 90,420 10.41% 2019 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 195,143 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 98,640 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 203,363 10.41% 4 116,250 2,325 - - 1,100 82,500 30,325 6,065 24,260 - - 23,160 82,500 - 105,660 201,225 107,798 10.50% 2022 1 5,478,281 5,478,281 5,586,079 8,500,781 60,450 23,438 - 28,600 2,145,000 788,450 157,690 630,760 - 2,145,000 - 4,177,504 4,177,504 Quarterly Yearly NO OF SHAREHOLDERS 10 INVESTOR IRR 3.31% 13.92% PRICE PER SHARE 402,450.00£ Quarterly Yearly PROJECT IRR 3.38% 14.23%
  • 8. SUMMARY CASH FLOW FORECAST Teleperformance - Ashby Worse Case Acquistion Details Financing Details Sq ft 71,130.00 No of Acres Interest rate on Senior Debt: 5% Project Term 5 years Interest rate on Mezz Loan: 11.00% Cost of Mezz 0.00% per annum Capital Value of Asset 3,750,000 12.40% Corporate Tax rate 20.00% Acquisition cost 0.00% - Loan amortisation rate 0% Loan arrangement fee 0.00% - Asset Details Stamp duty 4.00% 150,000 Capital Value at acquistion 56.58 Legal Fees- incl VAT 0.42% 15,750 Refurbishment Costs 53,347.50 Agents Fees- Incld VAT 1.50% 56,250 Rates/Service Fee 87,845.55- Mezzand Senior Loan Set Up 0.50% 15,000 Accumulated Cash Flow in project 49,320- Structuring and Due Diligence 1.00% 37,500 To be funded 83,818.05- 7.42% 4,024,500 Capital Value at exit 51.11 Initial Return 11.55% Management Fees Capital Value per sq ft 56.58£ Property Managemement Fees- on rent 2.00% Financed by: Property Management fee incl VAT 2.40% Investment Management fees 0.025% of value Pure Equity 20% 1,024,500 25% VAT 20% Mezz Loan 80% 3,000,000 Mezz Loan set up cost 15,000 3,015,000 75% 4,024,500 Exit Details on the acquisition price Exit price per acre 9.00% Senior Debt 0% - Sale price 3,635,533 Senior Debt set up cost - 0% - Selling cost 5.75% 209,043- 100% 4,024,500 Loan Exit Cashflow - Rental Details Terminal cashflow 3,426,490 Annual rental 2013 6.54 465,000 Revised Annual rental 2018 4.60 327,198 Return Details 2022 4.60 327,198 Cash on Cash coupon per annum initial 10.00% Compunded rent Growth 0.00% per annum Dividend Payments per annum 402,450 Cash on Cash coupon per annum 7.50% 1st Quarter re-let rent 81,800 Dividend Payments per annum 2017 301,837.50 122,940.00 Re-let commission 0% - IRR of Investor 6.16% 279,510.00 9.27% 1st Quarter re-let rent after commission 81,800 Exit Yield 0.09 Payback through income at terminal date 1,989,728 49.44% Number of shares 10 402,450.00 Year Quarter Rental Apartment Sales Mangt fees Invt Mngr Loan Int General Mezz Int Taxable Tax Income Loan repay Loan Net Income In Mezz return Senior return Project Investor cash Flow Rolling Running 2% 0.03% 5% Expenses 11.0% Income 20% After Tax 0% Balance Property Co. 11.0% 5.0% Cash Flows 10.00% Cash Flow Yield - 4,024,500- 4,024,500- 2013 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 104,723 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 8,220 10.41% 2014 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 112,943 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 16,440 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 121,163 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 24,660 10.41% 2015 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 129,383 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 32,880 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 137,603 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 41,100 10.41% 2016 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 145,823 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 49,320 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 154,043 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 57,540 10.41% 2017 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 162,263 10.41% 2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 65,760 10.41% 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 170,483 10.41% 4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 73,980 10.41% 2018 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 178,703 10.41% 2 53,348- - - - 1,100 - - - - - - 54,448- - - 54,448- - 124,255 -5.41% 3 26,674- - - - 1,100 - - - - - - 27,774- - - 27,774- - 96,481 -2.76% 4 - - - - 1,100 - - - - - - 1,100- - - 1,100- - 95,381 -0.11% 2019 1 - - - - 1,100 - - - - - - 1,100- - - 1,100- - 94,281 -0.11% 2 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 - 172,245 7.75% 3 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 150,919 99,290 7.75% 4 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 - 177,253 7.75% 4 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 150,919 104,298 7.75% 2022 1 3,426,490 3,426,490 3,426,490 5,882,417 50,719 17,813 - 29,700 1,883,754 576,175 115,235 460,940 - 1,883,754 - 1,619,150 1,514,853 Quarterly Yearly NO OF SHAREHOLDERS 10 INVESTOR IRR 1.50% 6.16% PRICE PER SHARE 402,450.00£ Quarterly Yearly PROJECT IRR 1.63% 6.68%