Broadgate Financing PLC Releases Bond Payment Calculations for July 6, 2026

Overview of Broadgate Financing PLC and the a32,080,000,000 Bond Programme

Broadgate Financing PLC is a special purpose vehicle established to issue bonds secured by the Broadgate estate in London’s financial district, one of the largest office complexes in the UK. The a32,080,000,000 bond programme represents a major commercial real estate structured finance initiative, featuring multiple bond classes tailored to various investor risk and return profiles. This programme has been active for several years, regularly disclosing payment information in accordance with its Cash Management Agreement.

British Land, a leading UK real estate investment trust, serves as the contact point for treasury-related enquiries regarding this bond structure, reflecting its key role in managing and owning the Broadgate estate. These periodic bond calculation notices are standard but crucial disclosures that ensure bondholders receive timely and accurate payment information ahead of each due date.

Bond Classes, ISINs, and Common Codes

The notice specifies four bond classes along with their Common Codes and International Securities Identification Numbers (ISINs): Class A3 (ISIN XS0211897821, Common Code 21189782), Class A4 (ISIN XS0213092652, Common Code 21309265), Class B (ISIN XS0211898043, Common Code 21189804), and Class C2 (ISIN XS0211898126, Common Code 21189812).

These identifiers are critical for bondholders, clearing agents, and financial intermediaries to accurately allocate payment calculations to their holdings. The programme’s structured setup, with distinct classes having separate amortisation and principal schedules, is typical of commercial mortgage-backed securities (CMBS) and similar secured bond structures prevalent in large-scale UK real estate financing.

Confirmed Amortisation for Class B and Class C2 Bonds

For the payment due on 6 July 2026, Class A3 and Class A4 Bonds have an amortisation amount of a30.00 per bond. In contrast, Class B Bonds have an amortisation of a3150.00 per bond, and Class C2 Bonds have a316.67 per bond. These amounts represent the scheduled principal reductions according to each bond class’s terms.

Amortisation here refers to the gradual principal repayment embedded in the payment structure, distinct from any extra or accelerated principal payments. The variation in amortisation across classes aligns with the tiered capital structure typical of secured bond programmes, where subordinate classes like B and C2 have different amortisation profiles compared to senior A-class bonds.

Bond Principal Payments Confirmed as Nil for All Classes

The notice confirms that no additional bond principal payments (a30.00) are due for Classes A3, A4, B, and C2 on the July 2026 payment date. This means bondholders will not receive principal repayments beyond the scheduled amortisation amounts for this period.

Such nil principal payment periods are common in structured finance, especially when the underlying asset cash flows and waterfall mechanics do not generate surplus funds to trigger extra principal distributions. This situation reflects the scheduled payment process under the Cash Management Agreement and does not imply any negative developments.

Outstanding Principal Amounts Per Bond as of July 2026

The outstanding principal per bond at the July 2026 payment date is as follows: Class A3 Bonds a34,111.43, Class A4 Bonds a35,000.00, Class B Bonds a33,650.00, and Class C2 Bonds a34,183.33. These figures indicate the remaining face value of each bond after accounting for amortisation up to this payment date.

The differences in outstanding principal reflect cumulative amortisation over each bond series’ life. The a35,000.00 outstanding on Class A4 Bonds suggests no amortisation has occurred to date or that principal repayments will commence at this payment. Investors will use these figures to calculate entitlements and reconcile holdings with custodians and clearing systems.

Residual Amounts: Principal, Interest, and Step-Up Figures Not Applicable

For all four bond classes, Principal Residual Amount, Interest Residual Amount, and Step-up Residual Amount are marked as not applicable (N/A). These residual amounts typically arise when excess or deferred sums accumulate in the payment waterfall and are carried forward or allocated to specific classes.

The absence of residual amounts suggests the payment waterfall is functioning as expected with no carryover balances requiring disclosure. Investors and analysts should view this as a neutral data point within the context of the programme’s governing documents rather than as an indicator of overall performance.

Clause 13 of the Cash Management Agreement: Regulatory Framework for the Notice

This announcement is made under Clause 13 of the Cash Management Agreement governing Broadgate Financing PLC’s bond programme. Such agreements require the cash manager—linked here to British Land’s treasury function—to notify relevant parties of payment calculations within specified timeframes before each payment date.

Compliance with Clause 13 ensures bondholders and transaction participants receive timely notice to prepare for payments, reconcile records, and manage hedging or reinvestment activities. Publishing this notice via the Regulatory News Service meets disclosure obligations and guarantees equal access to information for all market participants, aligning with fair and transparent disclosure principles in UK regulated markets.

British Land Treasury as Contact for Enquiries

All enquiries are directed to British Land’s Treasury at 020 7486 4466, confirming British Land’s ongoing role in managing Broadgate Financing PLC’s operations. As one of the UK’s largest real estate investment trusts, British Land’s Broadgate estate is a central asset in its London office portfolio.

The treasury team’s involvement in bond calculation enquiries highlights the close relationship between property management and the structured finance vehicle. Investors holding any of the four bond classes seeking clarification on disclosed figures or payment mechanics are encouraged to contact British Land’s treasury using the provided number.

Importance of Periodic Bond Calculations for Structured Finance Investors

For investors in commercial real estate-backed bonds like those issued by Broadgate Financing PLC, periodic calculation notices are vital for managing holdings. Unlike equities, where market prices provide continuous signals, structured fixed income instruments depend heavily on issuer disclosures to keep bondholders informed about principal and interest entitlements.

The data in this notice—covering amortisation amounts, outstanding principal per bond, and nil principal payments—will be used by portfolio managers, risk teams, and compliance officers at institutional investors to update records ahead of the 6 July 2026 payment. Investors will also monitor future notices to track amortisation progress, especially for Classes B and C2, which show active principal reductions.

Market Impact and Investor Guidance for the July 2026 Payment

This orderly disclosure is consistent with a bond programme operating within its established terms. The confirmation of nil principal payments alongside scheduled amortisation for Classes B and C2 provides bondholders with clarity before the payment date. Since Broadgate Financing PLC bonds are not equity securities, no immediate share price impact is indicated, and market pricing for individual bond classes is not included in this announcement.

Holders of Class A3 and A4 Bonds will note no amortisation for this period, while Class B and C2 investors will receive amortisation payments of a3150.00 and a316.67 per bond respectively on 6 July 2026. For further details on these figures or to verify individual entitlements, investors should contact British Land’s treasury team or consult the full Cash Management Agreement and related transaction documentation.