A sixteen-asset Anglo-Irish portfolio, operating to underwriting, with the platform behind it newly stood up.
£9.85 million of passing rent across 53 occupied units in fifteen Comète assets and one Activimmo asset. Verification of the lease estate is in flight — every lease-derived figure in this review carries a verification mark. Where structured data does not yet exist, the surface is preserved as placeholder so the committee sees the shape of the report it will hold each quarter.
Strategy précis
The Q1 cycle has been a reconciliation quarter: lease estate audited and abstracted to the LS1 schema, sixteen-asset register tied to the Supabase backbone, and reporting cadence calibrated to a monthly operational rhythm with this quarterly committee read on top.
Forward, the AM plan is to verify the lease estate in stages (none verified today, all marked ai-draft), stand up the valuation and capex schemas which do not yet exist, and operationalise the live Prime Yields benchmark already running in Supabase against the portfolio's own implied yields.
The Morning Intelligence ribbon above is live — sourced from v_market_context_quarterly — and reflects today's read on the rate regime against the mandate's currency and leverage exposure.
The quarter in numbers
| Assets | 16 |
| — Comète (CMT) | 15 |
| — Activimmo (AVM) | 1 · IRE-Grattan |
| Jurisdictions | E&W · SCT · IRL |
| Total units | 81 |
| Leases verified | 0 of 81 |
| Top tenant · single | KCA Deutag · £1·74m |
| Live events · next 30d | 1 · break |
| Live events · next 6m | 3 |
Verification marks reflect today's lease-estate state. The two unmarked counts (assets, total units) are reconciled to Supabase seed.
Sixteen assets across the United Kingdom and Ireland — weighted to office and retail, sterling-led.
The estate is a UK-led commercial portfolio with an Irish residential and mixed-use tail. The Activimmo sleeve enters through a single Irish residential asset (IRE-Grattan). Fund composition, sector mix and jurisdictional split are reproduced below — the map is the operating geography of the mandate.
Pin coordinates approximate. Postcodes populated for six of sixteen assets in Supabase (CB to backfill).
Sector and jurisdiction percentages are placeholder until per-asset valuations are populated. Fund counts are reconciled.
| Asset | Fund | Sector | Passing rent | ERV | Δ |
|---|---|---|---|---|---|
| ABD-Bankhead | CMT | Office | £1·742m | £1·85m | −5·8% |
| LON-Wembley | CMT | Retail | £1·160m | £1·24m | −6·5% |
| CDF-ChurchSt | CMT | Retail · multi-let | £0·684m | £0·78m | −12·3% |
| CDF-FairfaxHouse | CMT | Leisure F&B | £0·612m | £0·64m | −4·4% |
| NCL-Malmaison | CMT | Hotel | £0·985m | £1·05m | −6·2% |
| IRE-Pavilions | CMT | Mixed · IRL | €0·000m | €1·40m | n/a · not seeded |
Passing rent live from v_rental_income. ERV placeholder pending population by /lease-comps skill — coverage partial.
Every asset, on one page — card to drilldown, with the LS1 abstraction one click away.
Cards in alphabetical order by code. Each opens the LS1 drilldown panel (a representative single-let example is wired below). Tenant trading-name shown to both views; in LP view, internal covenant scoring is suppressed.
Click any card to open the LS1 lease abstraction drilldown for an indicative single-let lease on that asset. Valuation figures throughout are placeholder until the alderanam_valuations table is designed and seeded (CB).
Eighty-one tenancies, one in the next thirty days — the lease estate at audit close.
Top-ten tenancies by income, expiry distribution and the live event calendar reproduced below. Today's live read shows one event in the next thirty days (Avicena Tech break, 26.05.2026) and three within six months. Covenant grade is shown to both views; internal scoring is suppressed in LP view.
| Tenant · trading name | Asset | Sector | Rent p.a. | % Portfolio | Expiry | Covenant SCORE |
|---|---|---|---|---|---|---|
| KCA Deutag Drilling Ltd | ABD-Bankhead | Office · Oilfield Svcs | £1·742m | 17·7% | — | Investment gradeA− |
| Pure Gym Ltd | LON-Wembley | Retail · Leisure | £0·680m | 6·9% | 15·08·2034 | Sub-investmentBB |
| Malmaison Hotels Ltd | NCL-Malmaison | Hotel | £0·985m | 10·0% | 21·06·2040 | Sub-investmentB+ |
| Trinity Mirror plc | LDS-Headrow | Office · Media | £0·648m | 6·6% | 04·11·2037 | Investment gradeA− |
| Avicena Tech Ltd | LON-WhiteHouse | Office · Tech | £0·420m | 4·3% | 26·05·2026 · break | WatchB− |
| Hill Dickinson LLP | BHM-Colmore | Office · Legal | £0·452m | 4·6% | 30·09·2034 | Investment gradeA |
| OVO Group Ltd | BRS-Quay | Office · Energy | £0·368m | 3·7% | 14·07·2036 | Investment gradeA− |
| Bayard Partners LLP | LON-Holborn | Office · Legal | £0·340m | 3·5% | 22·03·2035 | Investment gradeA− |
| Port Lympne Wildlife Trust | KNT-Lympne | Mixed · Charity | £0·405m | 4·1% | 30·11·2033 | Charity gradeB+ |
| Fat Hippo Holdings Ltd | CDF-Fairfax | Leisure F&B | £0·215m | 2·2% | 14·04·2038 | Sub-investmentBB− |
Top-ten = 63·6% of portfolio passing rent. Covenant scoring placeholder pending covenant-watch register (CB to design alderanam_covenant_scores).
Nebula bar = 2026 break/expiry cluster including Avicena Tech 26.05.2026. Populated from alderanam_leases.lease_end histogram once full estate is verified.
Income to NOI — passing rent reconciled, opex and bridge marked as placeholder.
Passing rent is reconciled to v_rental_income. Opex, the NOI bridge, and the live arrears feed do not yet have structured tables — values below are placeholder shapes the committee should not read as real figures.
Income waterfall · annualised
| Contracted rent · GBP | £9·854m | v_rental_income |
| + Rent review uplift · est. | £0·245m | not modelled |
| − Vacancy / void reserve | −£0·183m | placeholder · 3% |
| − Bad debt allowance | −£0·095m | placeholder · 1% |
| Gross income · run-rate | £9·821m | computed |
| − Non-recoverable opex | −£0·420m | GAP · placeholder |
| − Management fee · capped | −£0·148m | internal · fee mechanics |
| NOI · placeholder shape | £9·253m | GAP · NOI bridge |
| Irish portion · EUR | €0·000m | IRL not seeded |
The NOI bridge will compute live once opex is structured in alderanam_opex (template at gccp-agentic-os/schemas/expense_register.json).
Arrears age · snapshot
Arrears reflect filed letter snapshots only — there is no live feed today. Source documents at 02_Comete/NCL-Malmaison/02_Tenancy/02_Financials/. Live wiring requires net-new ingestion (CB).
Service charge · CDF-ChurchSt
| Year | Budget | Actual | Variance |
|---|---|---|---|
| YE22 | £218·4k | £231·2k | +5·9% |
| YE23 | £235·8k | £241·5k | +2·4% |
| YE26 est. | £268·0k | in flight | — |
| YE27 budget | £284·0k | — | — |
CDF-ChurchSt YE22/YE23 are the only complete actuals-vs-budget reconciliations across the estate.
Like-for-like movement, valuer trail, and a Prime Yields band against each asset's own implied NIY.
No alderanam_valuations table exists today. The Prime Yields overlay is real intent: published prime NIYs plotted as a benchmark range against each asset's own pinned NIY once valuations are seeded.
Range band = prime market range from Prime_Investment_Yields_Research_April2026.xlsx. Pin = portfolio average implied yield in that segment (placeholder). Future Supabase wiring: implied_cap_rates · ary_history · yield_decomposition.
Like-for-like movement · placeholder
| Q4 2025 valuation | £148·5m |
| + Capital expenditure | +£0·8m |
| + Like-for-like | +£0·7m · +0·47% |
| − Disposals | 0 |
| Q1 2026 valuation | £150·0m |
All figures placeholder until alderanam_valuations is structured.
Valuer rotation
Independent valuer rotation reviewed annually. Current valuer of record is placeholder pending population of the methodology trail. The committee's expectation is that valuations are carried at fair value (RICS Red Book) with the investment method as primary technique and a comparable transactions sanity-check.
Future-state: every asset's last valuation date, valuer identity and methodology will surface here, with a click-through to the source PDF on SharePoint.
Programme status, budget against actual, ESG-linked tag.
No structured capex schema exists today. The single capex-shaped artefact in the corpus is an operational budget for ABD-Bankhead. Section preserved as the institutional surface CB will populate when the schema lands.
| Asset | Project | Phase | Budget | Spent · QTD | Forecast | Status | ESG |
|---|---|---|---|---|---|---|---|
| ABD-Bankhead | Reception refit | 2 of 3 | £420k | £218k | £415k | In flight | |
| LON-Wembley | HVAC + LED retrofit | 1 of 4 | £680k | £42k | £680k | Planned | ESG |
| CDF-ChurchSt | Roof + drainage | 3 of 3 | £185k | £192k | £195k | +3·8% | |
| NCL-Malmaison | Lift refurbishment | Pending | £245k | £0 | £245k | Approval | |
| LON-WhiteHouse | EPC C uplift · Unit 4 | 1 of 2 | £128k | £12k | £128k | In flight | ESG |
| IRE-Pavilions | Common areas · phase 1 | Planned | €340k | €0 | €340k | Q3 2026 |
Whole section is placeholder shape. CB to design alderanam_capex (project rows · asset_id · phase · budget · spent · forecast · status · category_tag · esg_linked).
| Programme | Allocated | Released | Held |
|---|---|---|---|
| FY26 envelope | £1·80m | £0·48m | £1·32m |
| Contingency · 10% | £180k | £0 | £180k |
EPC distribution, taxonomy alignment, and the source PDFs that underpin the claim.
EPC ratings are partially populated in alderanam_leases.epc_ber_rating (unit-level) and alderanam_assets.green_cert_rating (whole-building). EU Taxonomy alignment and energy intensity have no structured fields. Filing drift: Wembley + Malmaison EPCs misfiled — CB to relocate before wiring.
Distribution placeholder · source EPC PDFs filed across 02_Comete/[Asset]/01_Property/05_EPC/.
EU Taxonomy & energy intensity
Taxonomy alignment is the institutional ESG headline: percentage of GAV aligned to Climate Adaptation and Climate Mitigation criteria. Today there is no structured field, so the figure is placeholder. CB to design alignment category at asset level, populated from EPC + capex_category.
| % GAV taxonomy aligned | 42% |
| % GAV "do no significant harm" | 88% |
| Energy intensity · kWh/m² | 142 |
| vs CRREM 2030 path | +18% above |
| CRREM stranding · risk count | 3 of 16 |
The live event calendar, watch-list, and top-five risks against the mandate.
Event calendar live from v_upcoming_events — one event in the next thirty days. Internal view holds the full risk register with named owners and mitigations; LP view shows the public event calendar and the top-five risks framed at portfolio level.
-
26 · 05 · 2026 · break · 7 days
Avicena Tech · break exercisedLON-WhiteHouse · Unit 4 · £420k p.a.
-
14 · 07 · 2026 · rent review
OVO GroupBRS-Quay · upward-only · £368k p.a.
-
22 · 09 · 2026 · expiry
Beanfreaks · lease endCDF-Fairfax · £88k p.a.
- 04 · 11 · 2026 · rent reviewTrinity Mirror plcLDS-Headrow · £648k p.a.
- 15 · 01 · 2027 · breakHead of SteamCDF-Fairfax · £142k p.a.
- 30 · 03 · 2027 · expiryJD Sports · lease endLON-Wembley · £240k p.a.
- 14 · 04 · 2027 · reviewFat Hippo HoldingsCDF-Fairfax · £215k p.a.
- 22 · 04 · 2027 · breakMulti-let tenantMAN-Deansgate · £85k p.a.
- 2027 · 07 · review cluster4 reviews · upward-only£1·24m p.a. aggregate
- 2027 · Q4 · breaks3 breaks · multi-let£640k p.a. at risk
- 2028 · H1 · expiries4 lease ends£890k p.a. at risk · re-leasing
Live read from v_upcoming_events. The Avicena Tech break on 26.05.2026 is the only event inside thirty days as of the audit date. AM team to confirm break exercise status by 24.05.2026.
The quarterly objectives, decisions pending, and the asks back to the committee.
Strategy précis pulled from the operator-extracted Strategic AM Plan (Feb 2026). Decision log and LP asks are internal in production; the LP view shows outcomes only. Today's meeting context: ALDERAN MEETING 26TH & 27TH MAY 2026.
Quarterly objectives · status
| Q1 — Audit + tie lease estate to Supabase | Complete |
| Q1 — Stand up monthly reporting cadence | Complete |
| Q1 — Operationalise Morning Intel ribbon | Live |
| Q2 — Verify 25% of leases (target 21 of 81) | In flight · 0% |
| Q2 — Design valuation schema + seed Q1 vals | Schema spec · pending |
| Q2 — IRE-Pavilions rent seed | Property mgmt appointed |
| Q3 — Capex schema + FY26 programme tag | Planned |
| Q3 — Prime Yields benchmark wired | Planned |
LP asks · for the committee
1 · Verification cadence. Confirm Q2 target of 25% of leases verified (21 of 81) is acceptable, or set a different bar.
2 · Valuation methodology. Approve approach (RICS Red Book, investment method primary, comparables sanity-check) before Q2 seed.
3 · Irish AUM seed. Committee to confirm whether a market-rent placeholder is acceptable as interim or whether the surface remains blank until management contracts return data.
4 · Capex envelope. FY26 capex programme indicative envelope of £1·8m. Confirm cap and approve ESG-linked tagging convention.
5 · Meeting agenda. Items flagged for face-to-face on 26–27 May: KCA Deutag covenant, Avicena Tech break, Irish data plan, valuation schema design.
Where every figure comes from — and where the gaps are named.
Every field in this review has a source. Where structured data exists in Supabase or filed documents in SharePoint, the path is reproduced below. Where data does not yet exist — GAP — the surface holds the shape and the gap is named.
Methodology
Field definitions, filing conventions, and the lease audit taxonomy follow the GCCP_FilingConvention_v3.0 and GCCP_LeaseAuditTaxonomy_v1_3 documents. Verification states (ai_draft · verified · disputed) are tracked at lease level in alderanam_leases.verification_status; today 0 of 81 leases are verified.
Data Source Map · per section
Every field maps to one of three places: Supabase (structured database) · SharePoint (filed documents at /sites/GCCPAlderanAM/Shared Documents/) · GAP (no source today; CB to scope).
Glossary · selected
WAULT Weighted Average Unexpired Lease Term · weighted by passing rent. To expiry = contractual end. To break = next earliest contractual break.
NOI Net Operating Income · passing rent + ancillary income − non-recoverable opex − management fee.
ERV Estimated Rental Value · open-market rental value, populated by /lease-comps skill.
LS1 Lease abstraction schema version 1 · 13 structured fields per lease. Source markdown abstracts at 02_Comete/[Asset]/02_Tenancy/01_Lease/[Asset]_[Tenant]_LS1_DRAFT.md.
Verification states ai-draft (small nebula-warm dot) · no badge = verified · REVIEW small caps in terracotta = disputed.
Fund codes CMT = Comète · AVM = Activimmo.
Jurisdiction codes EW = England & Wales · SCT = Scotland · IRL = Ireland.
Note on placeholder figures
Every figure that does not yet have a structured source has been styled to be visually distinct from verified figures — by the verification badge pattern (lease-derived) or a hairline dotted underline (non-lease). Data shapes are realistic; figures themselves are not. CB has scoped the GAP tables above.
This document carries an AI-DRAFT tag in the masthead until partner sign-off lifts it.
Version
Dashboard v0·3·0 · 19 May 2026 · Q1 2026 reporting cycle. Comet Tail cover ported as canonical. Authored by Grand Canal Capital Partners as Asset Manager of the Mandat SP SCI. Confidential.