Tenants
Merlin Entertainments Limited
Merlin Entertainments, based in the UK, is Europe’s largest and the second largest operator of leisure attractions in the world. In 2019, Merlin was the subject of a takeover from a consortium of substantial, established long term investors that took the business private at a price representing an enterprise value of some £6 billion. It is rated B by S&P and B2 by Moody’s.
Merlin operates over 130 attractions in 25 countries through 3 business segments
- Midway Attractions: small, indoor attractions located in city centres or resorts (over 100 attractions in 22 countries)
- Legoland Parks: Lego themed accommodation, rides and shows (8 attractions in 7 countries)
- Resort Theme Parks: includes accommodation, rides and shows (6 attractions in the UK, Germany and Italy)
Key Financials of Merlin (£m)
| Financials (FYE-Dec) | 2015A | 2016A | 2017A | 2018A | 2019A |
| Revenue | 1,278 | 1,457 | 1,594 | 1,688 | 1,740 |
| EBITDA | 402 | 451 | 474 | 490 | 496 |
| Profit for the Year | 170 | 211 | 209 | 230 | 122 |
| Credit Rating (S&P / Moody’s) | B / B2 |
Sources: Company filings.
Note: The information has been extracted from public sources, but has not been independently verified
1 Reflects pre-IPO capital structure.
2 Merlin Entertainments plc
Revenue Geographic Breakdown 20182
| Region | Value (£m) | Legend |
| UK | 527 | |
| Continental Europe | 413 | |
| North America | 453 | |
| Asia Pacific | 295 | |
| Total | 1,688 |
Ramsay Health Care Ltd
Ramsay Health Care is Australia and France’s largest private hospitals operator, the 5th largest private hospital operator in the world and a constituent of the ASX 50 index. As at 8 September 2020 the company had a market capitalisation of £8.3 billion. Ramsay operated approximately 500 hospitals and day surgery facilities employing almost 80,000 staff worldwide as at 30 June 2020.
Secure Income REIT owns 35%2 of the sites operated by the Ramsay UK business.
The company has a presence in 11 countries including:
- Australia: with 72 medical facilities, Ramsay admits over 1.1 million patients each year and employs more than 30,000 staff
- Asia: operates 3 hospitals and a nursing college in Malaysia, 3 hospitals in Indonesia and a day surgery in Hong Kong through a JV with Sime Derby Berhad
- France, Italy, Denmark, Sweden, Germany, Norway: operates through Ramsay Santé, with 300 medical facilities caring for c. 7 million patients each year and employing 36,000 staff
Key Financials of Ramsay (£m)
| Financials (FYE-Jun)1 | 2016A | 2017A | 2018A | 2019A | 2020A |
| Revenue | 4,825 | 4,831 | 5,091 | 6,410 | 6,746 |
| EBITDA | 704 | 729 | 774 | 883 | 753 |
| Profit for the Year | 284 | 306 | 228 | 317 | 171 |
Sources: Bloomberg, Company filings. Market data as at 8 September 2020
Note: The information has been extracted from public sources, but has not been independently verified
1 Financials converted to GBP from AUD using a GBP/AUD exchange rate of A$1 : £0.5548 as of 8 September 2020.
2 By number of UK assets: Ramsay operates 36 medical facilities in the UK (Annual Report 2016) of which 5 are treated as forming part of a single hospital in the company’s portfolio.
Revenue Geographic Breakdown 2019
| Region | Value (AUD,000) | Legend |
| Asia Pacific | 5,182,497 | |
| France | 4,280,974 | |
| UK | 942,801 | |
| Nordics | 1,146,513 | |
| Total | 11,552,785 |
EBITDA Geographic Breakdown 2019
| Region | Value (AUD,000) | Legend |
| Asia Pacific | 969,895 | |
| France | 476,472 | |
| UK | 89,690 | |
| Nordics | 56,061 | |
| Total | 1,592,118 |
Orpea SA
Groupe Sinoué is a healthcare provider which specialises in psychiatry and mental health, 45% owned by Orpea SA, the parent company of the Orpea Group.
Orpea is a leading European operator of nursing homes, post-acute care and psychiatric care, listed on Euronext Paris with a market capitalisation as at 8 September 2020 of £5.8 billion.
Key Financials of Orpea SA2 (£m)
| Financials (FYE-Dec)1 | 2015A | 2016A | 2017A | 2018A | 2019A |
| Revenue | 2,163 | 2,569 | 2,838 | 3,093 | 3,382 |
| EBITDA | 362 | 429 | 495 | 546 | 589 |
| Profit for the Year | 139 | 161 | 179 | 199 | 222 |
Sources: Bloomberg, Company filings. Market data as at 8 September 2020
Note: The information has been extracted from public sources, but has not been independently verified
1 Financials converted to GBP from EUR using a GBP/EUR exchange rate of €1 : £0.9043 as of 8 September 2020.
2 Consolidated accounts.
Travelodge Hotels Ltd
Travelodge is the largest independent hotel brand in the UK and as at 30 June 2020 operated 589 hotels with over 45,000 rooms.
Key financials of Travelodge Hotels Limited (£m excluding exceptional items – 2019 reflecting impact of IFRS 16)
| Financials (FYE-Dec) | 2015A | 2016A | 2017A | 2018A | 2019A |
| Revenue | 559.6 | 587.7 | 624.0 | 680.2 | 713.2 |
| EBITDA | 105.1 | 106.4 | 108.8 | 119.0 | 334.3 |
| Profit / (Loss) for the Year | 61.2 | 52.1 | 44.5 | 59.0 | (0.5) |
| Credit Rating (S&P / Moody’s) | B / Caa1 |
Sources: Company filings