Highlights

  • Valuation surplus of 11.7%
  • Shopping centres outperformed IPD sector benchmark by 6.9%
  • Retail warehouses outperformed IPD sector benchmark by 0.75%
  • 350 lettings secured during the year
  • Successful opening of new John Lewis at home store in Poole
  • Successful launch of St David’s 2 shopping centre in Cardiff
  • Acquired Atlas development site in Glasgow, O2 Centre, Finchley Road NW3, and Westgate Shopping Centre, Oxford

Retail Portfolio by capital value

£4.27bn

Retail Portfolio by capital value Shopping centres and shops = 57.7% Retail warehouses and food = 27.0% Other = 15.3%

Retail valuations
at 31 March 2010 (£bn)

Retail valuations at 31 March 2010 (£bn) 2006 = 7.6 2007 = 8.1 2008 = 6.9 2009 = 4.7 2010 = 4.6

Retail Portfolio valuation
and performance summary

Retail Portfolio valuation and performance summary Combined portfolio valuation: 31 March 2010 £m = 4,265.7, 31 March 2009 £m = 4,317.6 Like-for-like:  Investment portfolio valuation: 31 March 2010 £m = 3,584.5, 31 March 2009 £m = 3,140.0 Net rental income: 31 March 2010 £m = 279.2, 31 March 2009 £m = 318.5 Gross estimated rental value: 31 March 2010 £m = 286.1, 31 March 2009 £m = 300.6 Voids by estimated rental value: 31 March 2010 £m = 5.8%, 31 March 2009 £m = 5.1%

Voids and units in administration
– Retail* (% of ERV)

Voids and units in administration – Retail* (% of ERV) March 2009: Voids = 4.9, Administrations = 6.0 September 2009: Voids = 5.0, Administrations = 3.8 March 2009: Voids = 6.0, Administrations = 1.8 * Includes central London shops

Top 10 retail tenants
(% of Group income)

Top 10 retail tenants (% of Group income) DSG International = 1.5 Arcadia Group = 1.5 J Sainsbury = 1.3 Boots = 1.2 Marks & Spencer = 1.0 Next = 0.9 Home Retail Group = 0.9 Tesco = 0.8 H&M = 0.8 New Look = 0.7 Retail other (excluding Accor) = 42.2 Total (all retail tenants) = 52.8

Retail Portfolio - tenant diversification
(% of Group income)

Retail Portfolio – tenant diversification (% of Group income) London offices = 43.0% Top 10 retail tenants – 10.6% Other retail tenants = 42.2% Accor = 4.2%

Retail Portfolio floorspace
under management

1.59 million m2

Retail Portfolio floorspace under management Shopping centres = 57.8% Retail warehouses = 22.4% Accor = 12.1% Other retail = 7.7%

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