Portfolio Overview

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.

At the end of 2020 Merlin operated 129 attractions in 24 countries through 3 business segments

  • Midway Attractions: small, indoor attractions located in city centres or resorts (115 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 20192

Region Value (£m) Legend
UK 560
Continental Europe 429
North America 479
Asia Pacific 272
Total 1,740

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 7 September 2021 the company had a market capitalisation of £8.6 billion. Ramsay operated 460 facilities employing over 77,000 staff worldwide as at 30 June 2021.

In the UK, Ramsay has a network of 34 acute hospitals and day procedure centres and three neuro-rehabilitation facilities, caring for almost 200,000 patients per year and employing more than 7,300 people.  Secure Income REIT owns approximately a third of the sites operated by the Ramsay UK business.

The company has a presence in 10 countries including:

  • Australia: with 72 medical facilities, Ramsay admits over 1.0 million patients each year and employs more than 31,000 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, employing more than 4,000 people
  • France, Italy, Denmark, Sweden, Norway: operates through Ramsay Santé, with 350 facilities caring for c. 7 million patients each year and employing 36,000 staff

Key Financials of Ramsay (£m)

Financials (FYE-Jun)1 2017A 2018A 2019A 2020A 2021A
Revenue 4,673 4,925 6,200 6,526 6,674
EBITDA 705 749 854 729 1,102
Profit for the Year 296 221 307 166 275

Sources: Bloomberg, Company filings. Market data as at 7 September 2021
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 : £0.54 as of 7 September 2021.

Revenue Geographic Breakdown 2021

Region Value (AUD m) Legend
Asia Pacific 5,441
France 4,575
UK 1,024
Nordics 1,824
Total 12,864

EBITDA Geographic Breakdown 2021

Region Value (AUD m) Legend
Asia Pacific 855
France 830
UK 181
Nordics 187
Total 2,053

Orpea SA


Groupe Sinoué is a healthcare provider which specialises in psychiatry and mental health, owned by Orpea SA, the parent company of the Orpea Group.

Orpea is a leading European operator of retirement homes, rehabilitation clinics and psychiatric care, listed on Euronext Paris with a market capitalisation as at 7 September 2021 of £6.1 billion.

Key Financials of Orpea SA2 (£m – 2019 and 2020 reflecting impact of IFRS 16)

Financials (FYE-Dec)1 2016A 2017A 2018A 2019A 2020A
Revenue 2,446 2,702 2,945 3,220 3,377
EBITDA 409 472 520 817 798
Profit for the Year 153 170 189 201 138

Sources: Bloomberg, Company filings. Market data as at 7 September 2021
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 : £0.86 as of 7 September 2021.
2 Consolidated accounts.

Travelodge Hotels Ltd


Travelodge is the largest independent hotel brand in the UK and as at 30 June 2021 operated 592 hotels with over 45,100 rooms.
Key financials of Travelodge Hotels Limited (£m excluding exceptional items – 2019 and 2020 reflecting impact of IFRS 16)

Financials (FYE-Dec) 2016A 2017A 2018A 2019A 2020A
Revenue 587.7 624.0 680.2 713.2 280.4
EBITDA 106.4 108.8 119.0 334.3 45.4
Profit / (Loss) for the Year 52.1 44.5 59.0 (0.5) (167.6)
Credit Rating (S&P / Moody’s) B / Caa1

Sources: Company filings