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Summary of investment and development properties

Market value Revaluation surplus Net rental income
31 December
2006
£m		 31 December
2007
£m		 £m Increase/
(Decrease)		 2006
£m		 2007
£m		 Increase
UK regional shopping centres
Lakeside, Thurrock 1,298.6   1,247.9   (56.5) (4.4)%        
MetroCentre, Gateshead 1,025.0   1,010.0   (43.7) (4.2)%        
Braehead, Glasgow 746.1   730.3   (15.9) (2.1)%        
The Harlequin, Watford 523.6   506.2   (17.0) (3.3)%        
Victoria Centre, Nottingham 441.1   444.8   3.5 0.8%        
Chapelfield, Norwich 354.0   324.5   (15.1) (4.5)%        
Cribbs Causeway, Bristol 311.6   296.3   (15.0) (4.8)%        
The Potteries, Stoke-on-Trent 307.5   278.3   (32.0) (10.4)%        
The Chimes, Uxbridge 275.0   261.8   (13.3) (4.9)%        
The Glades, Bromley 269.5   257.2   (16.1) (5.6)%        
Like-for-like capital and income 5,552.0   5,357.3   (221.1) (4.0)%   239.2 247.5 3.5%
 
Arndale, Manchester 428.3   418.5   (12.6) (2.9)%        
Eldon Square, Newcastle upon Tyne 240.1   258.0   (11.5) (4.2)%        
St David’s, Cardiff 104.3   101.2   (4.3) (4.1)%        
Xscape, Braehead 39.4   39.8   (2.4) (6.2)%      
Like-for-like capital 6,364.1   6,174.8   (251.9) (3.9)%   267.0 283.2 6.1%
 
Acquisitions –   77.0   (9.4) (10.9)%   – 1.9  
Redevelopments and developments 193.2   229.3   (28.2) (11.0)%   5.0 3.7  
Total UK regional shopping centres 6,557.3   6,481.1   (289.5) (4.3)%   272.0 288.8 6.2%
                     
UK non-shopping centre properties
Like-for-like capital and income 380.0   383.3   1.5 0.4%   18.2 18.5 1.6%
Like-for-like other 470.8   472.4   (2.7) (0.6)%   8.5 18.0  
Like-for-like capital 850.8   855.7   (1.2) (0.2)%   26.7 36.5  
                     
Acquisitions –   729.8   (26.5) (3.5)%   – 18.9  
Redevelopments and developments 155.8   187.5   (22.2) (10.7)%   6.2 3.7  
Disposals 282.9   –   – –   15.1 7.0  
Total UK non-shopping centre properties 1,289.5   1,773.0   (49.9) (2.7)%   48.0 66.1 37.7%
 
US properties*                    
Like-for-like capital and income 308.8   327.7   21.5 7.1%   19.3 17.7 (2.6)%
Like-for-like other 44.7   46.2   1.4 3.1%   0.9 1.7  
Like-for-like capital 353.5   373.9   22.9 6.5%   20.2 19.4  
 
Acquisitions –   6.9   – –   – –  
Disposals 5.7   –   – –   0.4 –  
Total US properties 359.2   380.8   22.9 6.5%   20.6 19.4 (5.8)%
 
Total investment properties 8,206.0   8,634.9   (316.5) (3.5)%   340.6 374.3 9.9%

* Like-for-like percentage increases are in local currency.

Property analysis by use and type

  Market value   Revaluation surplus
31 December
2006
£m		 31 December
2007
£m		 % of total
properties		 Increase/
(Decrease)
Regional shopping centres and other retail
UK regional shopping centres 6,557.3 6,481.1 75.1% (4.3)%
UK other retail 780.8 807.7 9.4% (5.4)%
US regional shopping centres 123.1 138.6 1.6% 11.8%
US other retail 134.2 130.0 1.5% 2.7%
Total regional shopping centres and other retail 7,595.4 7,557.4 87.5% (4.0)%
         
Office        
UK business space 508.7 583.8 6.8% (1.5)%
US business space 67.9 78.6 0.9% 6.2%
Total office 576.6 662.4 7.7% (0.7)%
         
Exhibition        
UK exhibition – 381.4 4.4% 1.3%
         
Residential        
US residential 34.0 33.7 0.4% 0.7%
         
Total investment properties 8,206.0 8,634.9 100.0% (3.5)%
         

Analysis of UK non-shopping centres and US properties by location and type

Market value Revaluation surplus Net rental income
31 December
2006
£m		 31 December
2007
£m		 31 December
2007
£m		 Increase /
(Decrease)		 31 December
2006
£m		 31 December
2007
£m
UK non-shopping centre properties
Capco Covent Garden 491.5 663.6   (19.4) (2.8)%   9.7 23.2
Capco Earls Court – 381.4   4.8 1.3%   – 10.1
Capco London (inc. Great Capital Partnership) 323.2 353.2   (6.0) (1.6)%   16.5 14.2
Capco Opportunities 276.1 220.5   (12.2) (5.3)%   14.1 12.2
Capco Urban 198.7 154.3   (17.1) (10.1)%   7.7 6.4
Total UK non-shopping centre properties 1,289.5 1,773.0   (49.9) (2.7)%   48.0 66.1
                 
US properties                
US retail 257.3 268.6   17.9 7.2%   15.9 14.1
US business space 67.9 78.6   4.8 6.6%   4.2 4.0
US residential 34.0 33.6   0.2 0.7%   0.5 1.3
                 
Total US properties 359.2 380.8   22.9 6.5%   20.6 19.4
                 
  1,648.7 2,153.8   (27.0) (1.2)%   68.6 85.5
 

UK investment property valuation data

Market value 31 December 2007
£m		 Nominal
equivalent yield		 Passing rent 31 December 2007
£m		 Net rental income 31 December 2007
£m		 ERV 31 December 2007
£m
31 December 2006 31 December 2007
UK regional shopping centres
Lakeside, Thurrock 1,247.9 4.65% 4.90%      
MetroCentre, Gateshead 1,010.0 4.75% 4.99%      
Braehead, Glasgow 730.3 4.81% 5.02%      
The Harlequin, Watford 506.2 4.75% 4.95%      
Victoria Centre, Nottingham 444.8 4.95% 5.00%      
Arndale, Manchester 418.5 4.96% 5.13%      
Chapelfield, Norwich 324.5 5.00% 5.20%      
Cribbs Causeway, Bristol 296.3 4.74% 5.06%      
The Potteries, Stoke-on-Trent 278.3 5.00% 5.50%      
The Chimes, Uxbridge 261.8 5.00% 5.35%      
Eldon Square, Newcastle upon Tyne 258.0 5.20% 5.25%      
The Glades, Bromley 257.2 4.95% 5.40%      
St. David’s, Cardiff 101.2 5.00% 5.26%      
Xscape, Braehead 39.8 6.04% 6.21%      
Like-for-like capital 6,174.8 4.84% 5.07% 267.2 283.2 328.7
Other 306.3     7.1 5.6 7.9
Total UK regional shopping centres 6,481.1     274.3 288.8 336.6
             
UK non-shopping centre properties            
Capco Covent Garden 494.2 4.47% 4.72%      
Capco London (inc. Great Capital Partnership) 149.2 4.93% 5.49%      
Capco Opportunities 160.3 5.53% 6.20%      
Capco Urban 52.1 5.03% 5.64%      
             
Like-for-like capital 855.8 4.79% 5.18% 38.5 36.5 50.2
Exhibition 381.4       10.1  
Other 535.8     18.1 19.5 36.6
Total UK non-shopping centre properties 1,773.0     56.6 66.1 86.8
             

CSC locations:

Map for CSC locations

01 Braehead,
Renfrew Glasgow
(98,470 sq. m./1.06 million sq. ft.*)

Xscape,
Braehead
(42,730 sq. m./460,000 sq. ft.)

02 Chapelfield,
Norwich
(49,240 sq. m./530,000 sq. ft.)

03 The Chimes,
Uxbridge
(40,880 sq. m./440,000 sq. ft.)

04 Eldon Square,
Newcastle
(90,670 sq. m./976,000 sq. ft.)

Eldon Square South,
Newcastle estimated opening 2010
(42,550 sq. m./488,000 sq. ft.)

05 The Glades,
Bromley
(43,020 sq. m./463,000 sq. ft.)

06 The Harlequin,
Watford
(67,450 sq. m./726,000 sq. ft.)

07 Lakeside,
Thurrock
(133,180 sq. m./1.43 million sq. ft.)

08 The Mall at Cribbs Causeway,
Bristol
(92,440 sq. m./995,000 sq. ft.*)

09 Manchester Arndale,
(130,060 sq. m./1.4 million sq. ft.)

New Cathedral Street,
Manchester
(18,580 sq. m./200,000 sq. ft.)

10 MetroCentre,
Gateshead
(189,390 sq. m./2.04 million sq. ft.*)

11 The Potteries,
Stoke-on-Trent
(52,600 sq. m./566,000 sq. ft.)

12 St David’s,
Cardiff
(39,670 sq. m./427,000 sq. ft.)

St David’s 2,
Cardiff estimated opening 2009
(89,880 sq. m./967,500 sq. ft.)

13 Victoria Centre,
Nottingham
(91,140 sq. m./981,000 sq. ft.)

14 Westgate,
Oxford estimated opening 2011
(69,680 sq. m./750,000 sq. ft. on opening)
 

* including retail park

  

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