IntroductionToAnnington-2019-web - Page 41



Introduction to Annington 2019
High Wycombe, Buckinghamshire
APPENDIX
GLOSSARY
Annington Holdings (Guernsey)
Limited.
AL
Annington Limited.
HPI
Assured Shorthold Tenancy.
House Price Index, as defined by a
regionally blended average of the
Nationwide and Halifax indices.
Bid SAVPV
Indexed Bid SAVPV
BtR
Build-to-rent.
Fair Value
The price at which an orderly
transaction to sell an asset or to transfer
a liability would take place between
market participants under current
market conditions. With respect to
MQE, fair value is determined by
Allsop under the Red Book, taking
into account the existence of the
underlying lease arrangements with the
MoD (including the applicable agreed
discount to market rent). With respect
to the non-MQE portfolio fair value is
based on a yearly valuation conducted
by Allsop on a c. 20% sample, with any
valuation movements in the sampled
properties applied by management to
the entirety of the portfolio.
| Annington Limited Introduction to Annington 2019
Comprises the regions South East,
South West, East Anglia and Greater
London.
AST
SAVPV of MQE determined by Colleys
(independent real estate advisor to
Annington) in 1996.
40
Greater South
Bid SAVPV indexed by regional HPI.
MoD
Ministry of Defence.
MQE
The Married Quarters Estate.
OMV
Open Market Value.
SAVPV
Special Assumption Vacant Possession
Value. This is used by Annington
to estimate the MQE based on the
hypothetical assumption that each
property is vacant (i.e. without existing
MoD lease arrangement), sold on
an individual basis with no costs on
disposal and introduced to the market
in a phased and orderly manner.
Annington and Allsop’s estimate SAVPV
using Indexed Bid SAVPV (see below.)
SFA
Service Family Accommodation.
SFH
Single Family Homes.
Site Review
Annualised rental income based on
the cash rents payable at the reference
date.
Assessment of open market rent on
a site-by-site basis under specified
valuation assumptions every 15 years
starting with the initial Site Review in
2021 – 2024.
PRS
Surplus Estate
Passing Rent
Private Rented Sector.
Red Book
RICS Valuation – Professional
Standards, January 2014 (published in
November 2013).
Rent Review
Also “Beacon Unit Review”. 5 yearly
process of rent adjustments based on
representative units on each site.
Retained Estate
Units leased by the MoD under the
original MQE that have not yet been
released.
Units released from the Retained Estate
but not yet disposed of by the Group.
Triple Net Lease
Lease net of management,
maintenance and repair obligations
and other associated costs, including
insurance, tax and utilities.
Unit
Individual dwellings including flats and
houses.
| Annington Limited Introduction to Annington 2019
AH(G)L
41

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