# Alderan SP SCI · Quarterly Review

> **Q1 2026 · 31 March 2026 · Édition N° 01**
>
> Grand Canal Capital Partners as Asset Manager of the Mandat SP SCI sub-fund. Confidential — for the SP SCI committee and GCCP partners only. **[AI-DRAFT]**

---

> **Morning Intelligence · 19.05.2026** Regime in *transition* — mixed signals · EUR-favoured · hold existing. **Signal** Hold · Weak · **Score** 9.2 · **IRL Leverage** Marginal · **UK Leverage** Deeply Negative.

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## § 01 · Executive Summary

A sixteen-asset Anglo-Irish portfolio, *operating to underwriting*, with the platform behind it newly stood up under Grand Canal Capital Partners.

£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.

### Headline KPIs

| | Value | Note |
|---|---|---|
| AUM · headline | **€150.0m** | Per Q1 carrier · placeholder |
| Passing rent · annualised | **£9.85m** `ai-draft` | EUR rent · €0 · IRL not yet seeded |
| Occupancy · by unit | **65.4%** | 53 occupied · 2 vacant · 26 unknown (IRE-Grattan) |
| WAULT · to expiry / break | **9.71 / 8.82 yrs** `ai-draft` | Computed on 35 of 81 leases (rent + expiry populated) |

### 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.

> *"Build the dashboard the committee will hold every quarter — verification visible, gaps named, intelligence live."*

### The quarter in numbers

| | Value |
|---|---|
| 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 |

---

## § 02 · Portfolio Overview

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). Postcodes populated for six of sixteen assets in Supabase; CB to backfill.

### By sector · GAV share

| Sector | Share |
|---|---|
| Office | 42% |
| Retail / Leisure F&B | 24% |
| Mixed | 15% |
| Hotel | 10% |
| Residential · IRL | 9% |

### By jurisdiction

| Jurisdiction | Share |
|---|---|
| England & Wales | 62% |
| Scotland | 19% |
| Ireland | 19% |

### By fund

| Fund | Asset count |
|---|---|
| Comète (CMT) | 15 |
| Activimmo (AVM) | 1 |

*Sector and jurisdiction percentages are placeholder until per-asset valuations are populated. Fund counts are reconciled to Supabase seed.*

### Income vs ERV · selected assets

| Asset | Fund | Sector | Passing rent | ERV | Δ |
|---|---|---|---:|---:|---:|
| ABD-Bankhead | CMT | Office | £1.742m `ai-draft` | £1.85m | −5.8% |
| LON-Wembley | CMT | Retail | £1.160m `ai-draft` | £1.24m | −6.5% |
| CDF-ChurchSt | CMT | Retail · multi-let | £0.684m `ai-draft` | £0.78m | −12.3% |
| CDF-FairfaxHouse | CMT | Leisure F&B | £0.612m `ai-draft` | £0.64m | −4.4% |
| NCL-Malmaison | CMT | Hotel | £0.985m `ai-draft` | £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 is placeholder pending population by `/lease-comps` skill — coverage partial.*

---

## § 03 · Asset-Level Performance

Every asset, on one page — *card to drilldown*, with the LS1 lease abstraction one click away.

Cards in alphabetical order by code. In the live dashboard, each opens the LS1 drilldown panel.

| Code | Fund · Jurisd. | Name | Sector | Passing rent | Occ. | WAULT | Valuation | Anchor tenant |
|---|---|---|---|---:|---:|---:|---:|---|
| ABD-Bankhead | CMT · SCT | Bankhead Drive | Office | £1.742m `ai-draft` | 100% | n/a `ai-draft` | £28.5m *placeholder* | KCA Deutag Drilling Ltd |
| NCL-Malmaison | CMT · EW | Malmaison Newcastle | Hotel | £0.985m `ai-draft` | 100% | 14.2y `ai-draft` | £18.2m *placeholder* | Malmaison Hotels Ltd |
| LON-Wembley | CMT · EW | Wembley Retail Park | Retail | £1.160m `ai-draft` | 100% | 7.8y `ai-draft` | £21.4m *placeholder* | Pure Gym Ltd |
| LON-GoodmansFields | CMT · EW | Goodman's Fields | Mixed | £0.875m `ai-draft` | 95% | 5.4y `ai-draft` | £15.8m *placeholder* | Multi-let · 6 tenants |
| LON-WhiteHouse | CMT · EW | White House | Office | £0.925m `ai-draft` | 67% | 4.2y `ai-draft` | £14.6m *placeholder* | Avicena Tech Ltd |
| LON-Holborn | CMT · EW | High Holborn | Office | £0.780m `ai-draft` | 100% | 9.1y `ai-draft` | £12.9m *placeholder* | Bayard Partners LLP |
| LDS-Headrow | CMT · EW | The Headrow | Office | £0.648m `ai-draft` | 100% | 11.5y `ai-draft` | £11.2m *placeholder* | Trinity Mirror plc |
| MAN-Deansgate | CMT · EW | Deansgate Square | Mixed | £0.512m `ai-draft` | 88% | 6.7y `ai-draft` | £9.8m *placeholder* | Multi-let · 4 tenants |
| BHM-Colmore | CMT · EW | Colmore Row | Office | £0.452m `ai-draft` | 100% | 8.9y `ai-draft` | £8.1m *placeholder* | Hill Dickinson LLP |
| CDF-ChurchSt | CMT · EW | Church Street | Retail · multi-let | £0.684m `ai-draft` | 86% | 4.8y `ai-draft` | £11.5m *placeholder* | Multi-let · 7 units |
| CDF-FairfaxHouse | CMT · EW | Fairfax House | Leisure F&B | £0.612m `ai-draft` | 100% | 12.1y `ai-draft` | £10.8m *placeholder* | Fat Hippo · Flight Club · Head of Steam · Beanfreaks |
| KNT-Lympne | CMT · EW | Lympne Park | Mixed | £0.405m `ai-draft` | 100% | 7.2y `ai-draft` | £7.4m *placeholder* | Port Lympne Wildlife Trust |
| BRS-Quay | CMT · EW | Bristol Quay | Office | £0.368m `ai-draft` | 100% | 10.4y `ai-draft` | £6.9m *placeholder* | OVO Group Ltd |
| NOT-Castle | CMT · EW | Castle Gate | Retail | £0.302m `ai-draft` | 75% | 3.9y `ai-draft` | £5.2m *placeholder* | Multi-let · 3 units |
| IRE-Pavilions | CMT · IRL | The Pavilions | Mixed · Resi | €0.00m `ai-draft` | unknown | — `ai-draft` | €16.5m *placeholder* | 13 units · rent_pa null |
| **IRE-Grattan** | **AVM · IRL** | Grattan Quarter | Residential | €— m `ai-draft` | unknown · 26 | — `ai-draft` | €19.2m *placeholder* | Activimmo sleeve · 26 units · all unknown |

*Valuation figures throughout are placeholder until `alderanam_valuations` is designed and seeded (CB).*

---

## § 04 · Tenant & Lease

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.

### Top-ten tenancies · by passing rent

| Tenant | Asset | Sector | Rent p.a. | % Portf. | Expiry | Covenant | *Score (internal)* |
|---|---|---|---:|---:|---|---|---|
| KCA Deutag Drilling Ltd | ABD-Bankhead | Office · Oilfield Svcs | £1.742m `ai-draft` | 17.7% | — `ai-draft` | Investment grade | *A−* |
| Malmaison Hotels Ltd | NCL-Malmaison | Hotel | £0.985m `ai-draft` | 10.0% | 21.06.2040 `ai-draft` | Sub-investment | *B+* |
| Pure Gym Ltd | LON-Wembley | Retail · Leisure | £0.680m `ai-draft` | 6.9% | 15.08.2034 `ai-draft` | Sub-investment | *BB* |
| Trinity Mirror plc | LDS-Headrow | Office · Media | £0.648m `ai-draft` | 6.6% | 04.11.2037 `ai-draft` | Investment grade | *A−* |
| Hill Dickinson LLP | BHM-Colmore | Office · Legal | £0.452m `ai-draft` | 4.6% | 30.09.2034 `ai-draft` | Investment grade | *A* |
| Avicena Tech Ltd | LON-WhiteHouse | Office · Tech | £0.420m `ai-draft` | 4.3% | **26.05.2026 · break** `ai-draft` | Watch | *B−* |
| Port Lympne Wildlife Trust | KNT-Lympne | Mixed · Charity | £0.405m `ai-draft` | 4.1% | 30.11.2033 `ai-draft` | Charity grade | *B+* |
| OVO Group Ltd | BRS-Quay | Office · Energy | £0.368m `ai-draft` | 3.7% | 14.07.2036 `ai-draft` | Investment grade | *A−* |
| Bayard Partners LLP | LON-Holborn | Office · Legal | £0.340m `ai-draft` | 3.5% | 22.03.2035 `ai-draft` | Investment grade | *A−* |
| Fat Hippo Holdings Ltd | CDF-Fairfax | Leisure F&B | £0.215m `ai-draft` | 2.2% | 14.04.2038 `ai-draft` | Sub-investment | *BB−* |

*Top-ten = 63.6% of portfolio passing rent. Covenant scoring placeholder pending covenant-watch register (CB to design `alderanam_covenant_scores`). LP view suppresses the score column.*

### Lease expiry distribution

Contracted rent at risk · by year of expiry · 2026 cluster includes the Avicena Tech break.

```
2026  ▌                  · 8%   (urgent · break)
2027  ▌▌▌▌                · 22%
2028  ▌▌▌                 · 18%
2029  ▌▌▌▌▌▌▌▌▌           · 48%
2030  ▌▌▌▌▌▌▌▌▌▌▌▌▌▌▌     · 75%  (peak)
2031  ▌▌▌▌▌▌▌▌▌▌▌▌        · 62%
2032  ▌▌▌▌▌▌▌▌            · 40%
2033+ ▌▌▌▌▌               · 25%
```

*Bars indicative · populated from `alderanam_leases.lease_end` histogram once full estate is verified.*

---

## § 05 · Financial

Income to NOI — *passing rent reconciled*, opex and bridge marked as placeholder pending schema.

Passing rent is reconciled to `v_rental_income`. Opex, the NOI bridge, and the live arrears feed do not yet have structured tables — values shown below are placeholder shapes the committee should not read as real figures.

### Income waterfall · annualised

| Line | Value | Source |
|---|---:|---|
| Contracted rent · GBP | £9.854m `ai-draft` | `v_rental_income` |
| + Rent review uplift · estimated | £0.245m *placeholder* | not modelled |
| − Vacancy / void reserve | −£0.183m *placeholder* | placeholder · 3% |
| − Bad debt allowance | −£0.095m *placeholder* | placeholder · 1% |
| **Gross income · run-rate** | **£9.821m** | computed |
| − Non-recoverable opex | −£0.420m *placeholder* | GAP · placeholder |
| − Management fee · capped *(internal only)* | −£0.148m | internal · fee mechanics |
| **NOI · placeholder shape** | **£9.253m** *placeholder* | GAP · NOI bridge |
| Irish portion · EUR | €0.000m | IRL not seeded |

*The NOI bridge will compute live once opex is structured in `alderanam_opex` (CB to design — template at `gccp-agentic-os/schemas/expense_register.json`).*

### Arrears age · snapshot

| Bucket | Amount | Tenancies | Source |
|---|---:|---:|---|
| Current | £24.5k | 0 | within terms |
| 30 days | £18.2k | 2 | snapshot |
| 60 days | **£42.8k** | 1 · CDF | snapshot · urgent |
| 90+ days | **£68.4k** | 2 · NCL · CDF | snapshot · urgent |

*Arrears reflect filed letter snapshots only — there is no live feed today. Source documents at `02_Comete/NCL-Malmaison/02_Tenancy/02_Financials/` and `02_Comete/CDF-ChurchSt/_triage/`. Live arrears wiring requires net-new ingestion (CB).*

### Service charge · CDF-ChurchSt actuals vs budget

| Year | Budget | Actual | Variance |
|---|---:|---:|---:|
| YE22 | £218.4k | £231.2k | +5.9% |
| YE23 | £235.8k | £241.5k | +2.4% |
| YE26 estimate | £268.0k *placeholder* | in flight | — |
| YE27 budget | £284.0k *placeholder* | — | — |

*CDF-ChurchSt YE22/YE23 are the only complete actuals-vs-budget reconciliations across the estate. Other assets have SC budgets only.*

---

## § 06 · Valuations · Prime Yields overlay

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 figures here are placeholder. The Prime Yields band overlay is real intent: published prime NIYs (Q4 2025 + April 2026 research files) plotted as a benchmark range against each asset's own pinned NIY once valuations are seeded.

### Prime Yields benchmark · Q1 2026

| Segment | Range | Portfolio pin |
|---|---|---:|
| Prime Office · London | 5.25–5.75% | 5.50% |
| Prime Office · Reg. Cities | 6.00–6.75% | 6.25% |
| Prime Retail · London | 5.75–6.50% | 6.00% |
| Prime Retail · Regional | 7.00–7.75% | 7.25% |
| Prime Hotel · UK | 5.50–6.25% | 5.75% |
| Prime Residential · Dublin | 5.00–5.50% | 5.25% |

*Range = prime market range from `Prime_Investment_Yields_Research_April2026.xlsx`. Pin = portfolio average implied yield (placeholder). Adjacent Supabase tables that will feed this once wired: `implied_cap_rates · ary_history · yield_decomposition`.*

### Like-for-like movement · placeholder

| Line | Value |
|---|---:|
| Q4 2025 valuation | £148.5m *placeholder* |
| + Capital expenditure | +£0.8m *placeholder* |
| + Like-for-like | +£0.7m · +0.47% *placeholder* |
| − Disposals | 0 |
| **Q1 2026 valuation** | **£150.0m** *placeholder* |

*All figures placeholder until valuation history is structured. CB to design `alderanam_valuations` (`asset_id · val_date · valuer · methodology · value_gbp · value_eur`).*

---

## § 07 · Capex Programme

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 — not a programme. Section is 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-level rows · `asset_id · project_name · phase · budget · spent_to_date · forecast · status · category_tag · esg_linked`).*

### Internal · contingency lines *(internal only)*

| Programme | Allocated | Released | Held |
|---|---:|---:|---:|
| FY26 envelope | £1.80m *placeholder* | £0.48m *placeholder* | £1.32m *placeholder* |
| Contingency · 10% | £180k *placeholder* | £0 | £180k *placeholder* |

---

## § 08 · ESG · EPC · Taxonomy

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 are misfiled under `01_Title & Conveyancing` — CB to relocate before wiring.

### EPC band distribution · units

| Band | Units | Share |
|---|---:|---:|
| A | 3 | 4% |
| B | 20 | 25% |
| C | 26 | 32% |
| D | 15 | 18% |
| E | 8 | 10% |
| F | 2 | 2% |
| G | 1 | 1% |
| — *unknown* | 6 | 8% *TBD* |

*Distribution placeholder · the source EPC PDFs are filed across `02_Comete/[Asset]/01_Property/05_EPC/`. Once relocations are complete and Supabase population finishes, the surface above is live.*

### EU Taxonomy & energy intensity

| Metric | Value |
|---|---:|
| % GAV taxonomy aligned | 42% *placeholder* |
| % GAV "do no significant harm" | 88% *placeholder* |
| Energy intensity · kWh/m² | 142 *placeholder* |
| vs CRREM 2030 path | +18% above *placeholder* |
| CRREM stranding · risk count | 3 of 16 *placeholder* |

> *"When the EPC field populates, the alignment number stops being a placeholder. Until then, the surface holds the shape."*

---

## § 09 · Risk Register · Lease Events

The live event calendar, *watch-list, and top-five risks* against the mandate.

Event calendar is 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.

### Event calendar

**0 – 6 months · 3 events**

- **26.05.2026 · break · 7 days** — Avicena Tech · break exercised — LON-WhiteHouse · Unit 4 · £420k p.a. `ai-draft`
- 14.07.2026 · rent review — OVO Group — BRS-Quay · upward-only · £368k p.a. `ai-draft`
- 22.09.2026 · expiry — Beanfreaks · lease end — CDF-Fairfax · £88k p.a. `ai-draft`

**6 – 12 months · 5 events**

- 04.11.2026 · rent review — Trinity Mirror plc — LDS-Headrow · £648k p.a. `ai-draft`
- 15.01.2027 · break — Head of Steam — CDF-Fairfax · £142k p.a. `ai-draft`
- 30.03.2027 · expiry — JD Sports · lease end — LON-Wembley · £240k p.a. `ai-draft`
- 14.04.2027 · review — Fat Hippo Holdings — CDF-Fairfax · £215k p.a. `ai-draft`
- 22.04.2027 · break — Multi-let tenant — MAN-Deansgate · £85k p.a. `ai-draft`

**12 – 24 months · 11 events** *aggregated*

- 2027 · 07 — review cluster · 4 reviews · upward-only · £1.24m p.a. aggregate `ai-draft`
- 2027 · Q4 — breaks · 3 breaks · multi-let · £640k p.a. at risk `ai-draft`
- 2028 · H1 — expiries · 4 lease ends · £890k p.a. at risk · re-leasing `ai-draft`

*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.*

### Top-five risks · ranked by mandate impact

**R-01 · Verification gap** *(severity: High · owner: CB)*

All 81 leases marked `ai-draft`. LP-credibility risk if not surfaced; mitigated today by visible verification badge on every lease-derived figure. Full lease-by-lease verification is the Q2 cycle's primary deliverable. *Mitigation: Q2 verification programme. Independent lease abstraction audit.*

**R-02 · Tenant concentration** *(severity: Medium · owner: CB)*

KCA Deutag at 17.7% of portfolio rent. Oilfield services exposure to commodity cycle. Single-asset, single-tenant covenant. *Mitigation: Quarterly covenant review; tenant-led capex programme to extend WAULT. Deployment diversification under § 10.*

**R-03 · UK rate regime** *(severity: High · owner: AS)*

Morning Intel shows UK leverage `DEEPLY_NEGATIVE` · spread −194/−94 bps. Capex financing on UK assets is materially cost-positive for cash. *Mitigation: EUR-favoured deployment per intel verdict; UK refinancing deferred to next rate window. Hedge review monthly.*

**R-04 · Avicena Tech break** *(severity: High · owner: CB)*

7-day break exercise at LON-WhiteHouse Unit 4. £420k p.a. (4.3% of portfolio rent) at risk if not retained. *Mitigation: Retention negotiation in flight. Marketing brief prepared as fall-back. Unit-4 EPC C uplift capex (§07) signals to tenant.*

**R-05 · Irish data seed** *(severity: Medium · owner: CB)*

IRE-Pavilions (13 units) has null `rent_pa`. IRE-Grattan (26 units) all `status = unknown`. The two Irish assets contribute zero verifiable rent today. *Mitigation: Q2 seeding programme. Independent residential management agent appointment. Currency split surfaced on every KPI.*

---

## § 10 · Strategy · Action Items

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

| Objective | 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.** IRE-Pavilions and IRE-Grattan have no live rent. 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 in this report flagged for face-to-face on 26–27 May: KCA Deutag covenant, Avicena Tech break, Irish data plan, valuation schema design.

### Internal · decision log *(internal only)*

| Ref | Decision | Owner | Status |
|---|---|---|---|
| D26·004 | Avicena Tech break · retain at −5% concession (LON-WhiteHouse Unit 4 · 7-day window) | CB / AS | Open · 26.05 |
| D26·003 | Q2 verification scope · KCA + LON cluster first (top-rent prioritisation) | CB | Actioned |
| D26·002 | Valuation methodology · RICS Red Book confirmed (Q2 seeding template) | AS | Pending LP |
| D26·001 | IRE-Pavilions PM appointment · Hooke & MacDonald (resi management contract) | CB | Actioned |

---

## § 11 · Appendix · Methodology · Sources · Glossary

Where every figure comes from — *and where the gaps are named*.

### Methodology

Field definitions, filing conventions, and the lease audit taxonomy follow the `GCCP_FilingConvention_v3.0` and `GCCP_LeaseAuditTaxonomy_v1_3` documents in `01_Governance/01_AIOperatingSystem/01_BuildDocuments/`. 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).

| Field | Source | Path |
|---|---|---|
| AUM headline | SharePoint | `02_Comete/00_Portfolio/CMT_AnnualReview_FINAL Alderan UK & Ireland AUM in Euro.xlsx` |
| Passing rent / NOI | Supabase | `v_rental_income` (per-asset · per-currency) |
| Occupancy | Supabase | `v_portfolio_summary.occupied · .vacant · .unknown · .total_units` |
| WAULT | Supabase | `v_portfolio_summary.wault_to_expiry · .wault_to_break` |
| Asset register (16) | Supabase | `alderanam_assets.{code · name · fund · property_type · address · postcode · jurisdiction}` |
| Lease estate (81) | Supabase | `alderanam_leases` · LS1 schema · 13 fields incl. `verification_status` |
| Lease source PDFs | SharePoint | `02_Comete/[AssetCode]/02_Tenancy/[01_Lease | [Demise (Tenant)]/01_Lease]/` |
| Tenant register | Supabase | `alderanam_tenants.{name · trading_name · sector · company_reg_number}` |
| Event calendar | Supabase | `v_upcoming_events` · live (1 event ≤ 30d · 3 ≤ 6m today) |
| Morning Intel | Supabase | `v_market_context_quarterly` |
| EPC unit-level | Supabase | `alderanam_leases.epc_ber_rating · .epc_ber_expiry` (partial) |
| EPC whole-building | Supabase | `alderanam_assets.green_cert_scheme · .green_cert_rating · .green_cert_expiry` |
| EPC source PDFs | SharePoint | `02_Comete/[Asset]/01_Property/05_EPC/` · filing drift: Wembley + Malmaison misfiled under `01_Title & Conveyancing/` |
| Arrears snapshots | SharePoint | `02_Comete/[Asset]/02_Tenancy/02_Financials/ArrearsLetter_*.pdf` · live feed = GAP |
| Service charge | SharePoint | `02_Comete/[Asset]/01_Property/04_Service Charge/SCBudget_*.{pdf · xlsx · xlsm}` |
| Strategic AM Plan | SharePoint | `02_Comete/00_Portfolio/CMT_QuarterlyReport_2026-02-18_Internal GCCP Strategic AM Plan.docx` |
| Today's meeting | SharePoint | `ALDERAN MEETING 26TH & 27TH MAY 2026.odt` · repo root |
| Prime Yields | Local · pending Supabase | `gccp-agentic-os/Prime_Investment_Yields_Q4_2025.xlsx · Prime_Investment_Yields_Research_April2026.xlsx` |
| Document inventory | SharePoint | `01_Governance/01_AIOperatingSystem/04_FilingLogs/GCCP_Filing_Manifest_v3.json` · 1,325 documents |
| Per-asset valuations | **GAP** | `alderanam_valuations` · table to be designed (CB) |
| Capex programme | **GAP** | `alderanam_capex` · table to be designed (CB) |
| Opex / NOI bridge | **GAP** | `alderanam_opex` · template at `gccp-agentic-os/schemas/expense_register.json` |
| Live arrears feed | **GAP** | Live ingestion required · today only filed snapshots |
| Covenant scoring | **GAP** | `alderanam_covenant_scores` · `/credit-check` skill exists · no output table |
| EU Taxonomy alignment | **GAP** | No structured field · design + population required |
| Energy intensity kWh/m² | **GAP** | Not in schema · design + population required |
| Decision log | **GAP** | No decision-log table · design placeholder |

### Glossary · selected

- **WAULT** — Weighted Average Unexpired Lease Term · weighted by passing rent. *To expiry* = contractual end date. *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` (warm taupe 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 in this dashboard that does not yet have a structured source has been styled to be visually distinct from verified figures — by either the verification badge pattern (lease-derived) or a hairline dotted underline (non-lease). The data shapes are realistic; the figures themselves are not. CB has scoped the GAP tables above; the surface is preserved so the committee sees the report it will hold each quarter.

This document carries an **AI-DRAFT** tag in the masthead until partner sign-off lifts it.

### Version

Dashboard v0.1.0 · 19 May 2026 · Q1 2026 reporting cycle. Authored by Grand Canal Capital Partners as Asset Manager of the Mandat SP SCI. Confidential.

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*Grand Canal Capital Partners | Confidential*