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UPP Bond 1 Issuer PLC is an incorporated, special purpose company listed on the Irish Stock Exchange (ISE). The Company’s ultimate parent is UPP REIT Holdings Limited which is the UK’s leading provider of on-campus residential and academic accommodation infrastructure.
The Company was admitted to the ISE on 5 March 2013 and has issued three tranches of debt; £307,100,000 Amortising Fixed Rate Senior Secured Notes due 2040 (ISIN: XS0897452412); £75,000,000 Amortising RPI Index-Linked Senior Secured Notes due 2047 (ISIN: XS0897451877) and £149,700,000 Amortising RPI Index Linked Notes Due 2049 (ISIN: XS1148134601).
UPP Bond 1 Issuer operates 11,693 rooms across 7 asset companies (‘the AssetCos’). Notes issued under the Programme will indirectly benefit from security granted by the AssetCos specified below in respect of seven student accommodation concessions granted by seven English higher education institutions, namely:
The payment of interest and repayment of principal by each AssetCos in respect of the On-Loan will provide the primary source of funds for the Issuer to make payments of interest and repayments (or prepayments) of principal under the Notes.
Occupancy for 2021/22 of 99.8 per cent (2020/21
of 96.6 per cent). Turnover for the financial year end was up by 5.4 per cent to £71.5million based on 99.8% occupancy.
Gross profit increased in line with turnover, with UPP having completed a significant programme of asset investment works totalling £7.7m across the Bond portfolio.
This report provides an unaudited summary reflecting the position to the six months ended 28 February 2023 pursuant to the Common Terms Agreement (‘CTA’). Forward-looking statements reflect the current judgement of the Obligors regarding conditions that it expects to exist in the future. These statements involve risks and uncertainties depending on circumstances that will occur in the future and on that basis are not guarantees of future performance.
The UPP Bond Prospectus sets out the key legal, business and financial aspects of the UPP bond offering.