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UK Commercial Property Trust Limited

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UK Commercial Property Trust Limited UK Commercial Property Trust Limited Placing and Offer for Subscription and Introduction February 2007 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 immediately. This document comprises a prospectus relating to UK Commercial Property Trust Limited (the ‘‘Company’’) prepared in accordance with the prospectus rules and listing rules of the UK Listing Authority made under section 73A of the Financial Services and Markets Act 2000. Application has been made for consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinances, 1959 to 1989, for the circulation of this document insofar as it relates to the issue of the Ordinary Shares and to the raising of money by the issue of such shares. Neither the Guernsey Financial Services Commission nor the States of Guernsey Policy Council accept any responsibility for the financial soundness of the Company or for the correctness of any of the statements made or opinions expressed with regard thereto. The Directors of the Company, whose names appear on page 10 of this document, and the Company each accept responsibility for the information contained in this document. Having taken all reasonable care to ensure that such is the case, the information contained in this document is, to the best of the knowledge of the Directors and the Company, in accordance with the facts and contains no omission likely to affect its import. UK COMMERCIAL PROPERTY TRUST LIMITED (an investment company incorporated in Guernsey with registration number 45387) PLACING AND OFFER FOR SUBSCRIPTION of 97 million new ordinary shares of 25p each at 103p per share and INTRODUCTION of 253 million new ordinary shares of 25p each Sponsored by DICKSON MINTO W.S. Investment Manager RESOLUTION INVESTMENT SERVICES LIMITED Applications have been made to the UK Listing Authority for all of the new Ordinary Shares to be admitted to the Official List and to the London Stock Exchange for those shares to be admitted to trading on the London Stock Exchange’s market for listed securities. It is expected that such admissions will become effective and that dealings in the new Ordinary Shares will commence on 1 March 2007. This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The distribution of this Prospectus and the offering of new Ordinary Shares in certain jurisdictions may be restricted and accordingly persons into whose possession this document comes are required to inform themselves about and to observe such restrictions. The new Ordinary Shares have not been, and will not be, registered under the United States Securities Act of 1933 (as amended) or under any of the relevant securities laws of Canada, Australia or Japan. Accordingly, the new Ordinary Shares may not (unless an exemption from such Act or such laws is available) be offered, sold or delivered, directly or indirectly, in or into the USA, Canada, Australia or Japan. The Company will not be registered under the United States Investment Company Act of 1940 (as amended) and investors will not be entitled to the benefits of such Act. Dickson Minto W.S., which is authorised and regulated in the United Kingdom by the Financial Services Authority, is the sponsor and solicitor to the Company. Dickson Minto W.S. is not acting for any other person in connection with the Placing and Offer and Introduction, will not be responsible to anyone other than the Company for providing the protections afforded to clients of Dickson Minto W.S. and is not advising any other person in relation to any transaction contemplated in or by this document. No person has been authorised by the Company to issue any advertisement or to give any information or to make any representations in connection with the Issue other than those contained in this Prospectus and, if issued, given or made, such advertisement, information or representation must not be relied upon as having been authorised by the Company. Potential investors should consult their stockbroker, bank manager, solicitor, accountant or other independent financial adviser before investing in the Company. Potential investors should also consider the risk factors relating to the Company set out on pages 6 to 8 of this document. 9 February 2007 Contents Page Summary 3 Risk Factors 6 Expected Timetable 9 Directors, Investment Manager and Advisers 10 Definitions 11 Part 1 The Company 13 Introduction 13 Investment objective and policy 13 The Property Portfolio 13 The UK commercial property market 14 Capital structure 14 Dividend policy 15 Net asset value 16 Discount policy and share buy backs 16 Part 2 Additional Information 17 Group structure 17 Directors 18 Investment Manager 18 Administration and secretarial arrangements 20 Annual expenses 20 Accounting policy 20 Shareholder information 20 Corporate governance 20 Relationship with the Resolution Group 21 The Issue 21 Extraordinary General Meeting 23 Taxation 23 Investment restrictions 26 Principal bases and assumptions 27 Part 3 Details of the Property Portfolio 28 Part 4 Valuation Reports 37 Part 5 Accountants’ Report 63 Part 6 General Information 74 Terms and Conditions of Application under the Offer 87 Notes on how to complete the Application Form 92 Application Form 2 Summary This summary should be read as an introduction to the Prospectus. Any decision to invest in the new Ordinary Shares should be based on consideration of the Prospectus as a whole by the investor. Where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the EEA States, have to bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches to those persons who are responsible for this summary, including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus. Introduction UK Commercial Property Trust Limited (the ‘‘Company’’) is a closed-ended, Guernsey registered investment company which was launched in September 2006 and whose assets are managed by Resolution Investment Services Limited. The Company invests in UK commercial property, which will principally be held through the Property Subsidiary, the GLP and other property holding subsidiaries. The Company has a single class of shares in issue, which are listed on the Official List and traded on the London Stock Exchange’s market for listed securities, and currently has no long term borrowings. The Company will have an indefinite life. The Group has agreed with PLL to acquire the New Property Portfolio, for an aggregate consideration of £341,412,000, conditional on the Proposals being approved by Shareholders and on Admission. The consideration will take the form of cash and the Consideration Shares. The New Property Portfolio comprises a portfolio of ten UK commercial properties and, following the Acquisition, the Group will remain fully invested. Investment objective and policy The Company’s investment objective is to provide Ordinary Shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified portfolio of UK commercial properties. It is intended that the Group will hold a diversified portfolio of freehold and long leasehold (over 60 years remaining at the time of acquisition) UK commercial properties. The Group intends to invest in income producing investments. The Group will principally invest in three commercial property sectors: office, retail and industrial. The Group will be permitted to invest up to 15 per cent. of its Total Assets in indirect property funds but will not invest in other listed investment companies. The Group will be permitted to invest cash, held by it for working capital purposes and awaiting investment, in cash deposits, gilts and money market funds. The Property Portfolio The Existing Property Portfolio The Existing Property Portfolio comprises 20 properties with an aggregate Market Value of £515.2 million. The Existing Property Portfolio generates a current net annual rent of £25.6 million (being a running income return of 4.96 per cent. on its Market Value) and a reversionary yield, based on the Estimated Net Annual Rent, of 5.78 per cent. on its Market Value. In addition, the Existing Property Portfolio has a number of occupational leases which are currently in rent free periods with a total net annual rent of £2.2 million. The Properties comprised in the Existing Property Portfolio have been ranked in the 10th percentile of portfolios for covenant strength in the independent IPD IRIS. The average unexpired lease term of the occupational leases of these Properties (weighted by current gross annual rent) is approximately 10 years and four months and all of the rent review provisions in the occupational leases of the Properties are upwards only or based on turnover. The New Property Portfolio The Group has agreed with PLL to acquire a portfolio of properties, the New Property Portfolio, for an aggregate consideration of £341,412,000. The New Property Portfolio comprises ten properties with an aggregate Market Value of £350.4 million. The New Property Portfolio generates a current net annual rent of £17.6 million (being a running income return of 5.02 per cent. on its Market Value) and a reversionary yield, based on the Estimated Net Annual Rent, of 5.19 per cent. on its Market Value. The Properties comprised in the New Property Portfolio have been ranked in the 1st percentile of portfolios for covenant strength in the independent IPD IRIS.
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