GCCP · BPA Project Weekly Briefing

01 · Partner Actions — This Week 19 owned items

AS/DM
Eastdil Secured London: engage on Stonegate ~300-pub test package (LIVE Mar/Apr 2026)
By NOW
AS/DM
Mitchells & Butlers contact route: Emma Harris starts 20 Apr; £200m RCF expires Jul 2026
By w/c 14 Apr · overdue
AS/DM
Hamberley MR01 Companies House anomaly: confirm security registration path with Slaughter and May
BUILD-BLOCKING · gates Tranche 2
AS/JH
Mowlam Healthcare freehold-vs-lease gate: Irish CRO entity-by-entity verification
BUILD-BLOCKING · gates 8.0/10 DF10 deal sheet
AS
Segat France fee participation %: fee NOT AGREED, all work blocked
Rule 13
AS
Morrisons follow-on: clarify GCCP fee entitlement before any engagement — default posture = organic SONG pipeline
AS
Canada Life UK / Nicholas Bent: warm intro via LCP or Mercer
★★★★ BPA panel priority
AS
BXCI / Christopher Yonan: indirect Corebridge channel — $200bn European credit target
AS
Solar GO NOW targets: backfill 60+ unscreened targets through 60-point model
AS
PCRE revenue split: confirm % with Caolan Duffy — Irish solar benchmarking gap
AS
Verify first automated weekly brief delivery — email receipt confirmation
AS/CB
Confirm song-dealfinder 60-point screen thresholds (recommend ≥35)
AS/CB
Rewrite song-dealsheet to align with 60-point + BPA Board v2.3
AS/CB
Document 60-point vs Octave dual-model ("when to use each")
AS/DM
Confirm Keith Harris Senior Adviser title before any outreach use
AS/CoW
Big Yellow: map named originators at Aviva CRE + M&G Direct Lending
AS/CoW
Mountpark/Affinius: fund vintage + realisation obligation via PERE database
CoW
Resolve Shurgard €290m Apr 2026 refi status [DISPUTED] — needs FY2025 Annual Report
CC/CoW
DF05/DF07 grocery folder reconciliation — rename deferred pending downstream audits

02 · Pipeline Snapshot Active deals · scored targets

Target	Country	Score	Tier	Product	Facility	GCCP Fee @1%	Stage	Prob
Eclairion (HPC)	France	N/A	LIVE	Senior Term Loan	>€700m	€2.6–2.8m	LEGAL PREP	80%
GNI	Ireland	57	Tier A	Senior Term Loan	€300–500m	€3–5m	Origination	20%
Morrisons	UK	56	Tier A	Ground Debt	£1bn+	£10m+	CBRE process	15%
PHP	UK	54	Tier A	Senior Term Loan	£200–500m	£2–5m	Origination	15%
M&B	UK	52	Tier A	Ground Debt	£200–300m	£2–3m	Origination	10%
Greencoat	UK/IE	44	Tier B	Senior Term Loan	£350m	£3.5m	Monitor	5%
Pandox/Dalata	Ireland	N/A	ACTIVE REFI	Senior Term Loan	€1,165m	€11.6m	Pre-approach	10%
United Parks	US	N/A	EXPLORE	Senior Term Loan	~$1bn	TBC	Lender review	10%
Power Capital	Ireland	N/A	DEVELOP	Senior Term Loan	€200–400m+	€2–4m+	Meeting held 11 Mar	15%
Segat France	France	N/A	NDA	Infrastructure	TBC	NOT AGREED	NDA 25 Mar	5%

03 · What Changed This Week vs 15 Apr brief

New Entries

None

Removed

None

Stage Changes

None (all 4 Active deals unchanged)

Prob Shifts ≥5pp

None

Facility Shifts ≥10%

None

Four days since the Wed 15 Apr brief — flat is expected. New cadence is Monday-only from this run forward.

04 · This Week's Priorities Ranked 1–5

1

Mitchells & Butlers — engagement window opens tomorrow

Emma Harris starts as CFO 20 Apr (T+1). £200m unsecured RCF expires 20 Jul 2026. Scored 52/60 Tier A. Ground debt £200–300m on 1,470 freeholds (£3.7bn NBV). DM to confirm contact route today; introduction letter ready to send via Harris's first week.

URGENTTier A 52/60
2

Eastdil Secured London — contact NOW on Stonegate

~300-pub test package LIVE Mar/Apr 2026. £1.68bn SSN at 10.75%, Caa1. Distressed — TDR exploring Platinum sale ~£1bn. Time-sensitive: test package already in market.

URGENTDISTRESSED
3

Gas Networks Ireland — monthly outreach target (#1 of 2)

€500m bond maturing Dec 2026. Scored 57/60 Tier A — highest in current pipeline. Government-backed infrastructure (regulated gas, Ervia group). Senior term loan candidate. Approach route via Ervia/GNI Treasury; if treasury mandates banks before approach, window closes. This month's outreach target.

URGENTTier A 57/60
4

Pandox/Dalata — CMD 5 May, monthly outreach target (#2 of 2)

Dave attending Capital Markets Day (One Moorgate, London — 16 days out). €1,165m DNB acquisition facility matures Jul 2027, floating 225bps + 25bps step-up. AIB €150m joined Feb 2026; BOI joining. ACTIVE REFINANCING. Brief Dave with full PerpX HIGH-fit profile + questions before CMD.

URGENTACTIVE REFI
5

Carrefour €500m 4 May maturity (15 days)

HIGH SONG FIT per PerpX. €1.25bn 2026 wall, SLB refi angle. Score immediately; determine whether SONG structured appetite exists or whether Carrefour public bond market access makes this monitor-only.

15 DAYS

05 · Maturity Wall — Next 90 Days Source: PerpX 50-target master summary

Target	Instrument	Size	Coupon	Maturity	Rating	Fit
Carrefour	FR0013383213 (SLB)	€500m	1.750%	4 May 2026 (15d)	BBB	HIGH
RWE AG	EUR Green Bond	~€1bn	TBC	May 2026 [DATE INCOMPLETE]	BBB+	MONITOR
Veolia	FR14002C30	€750m	0.000%	9 Jun 2026 (51d)	BBB	MONITOR
Yorkshire Water	Guaranteed	£300m	1.750%	2026 [DATE INCOMPLETE]	BBB+	MONITOR
Heathrow	Class A GBP	£700m	6.750%	2026 [DATE INCOMPLETE]	BBB+	MONITOR
ESB / NIE Finance	XS0633547087	£400m	6.375%	2026 [DATE INCOMPLETE]	A-/A3	MONITOR

06 · Outreach Log — April 2026 Rule 74 monitor · target 2/month

2

Monthly Target

0

Completed

2

Remaining

11 days left

In April

Target Conversations — April 2026

Gas Networks Ireland (GNI) — 57/60 Tier A. €500m Dec 2026 maturity. Senior term loan. Route via Ervia/GNI Treasury. OUTSTANDING
Pandox/Dalata — €1,165m Jul 2027, active refi. CMD 5 May (Dave attending). AIB/BOI already in. HIGH PerpX fit. OUTSTANDING

Active Conversations — Context

•
Power Capital — currently in talks with Alpha Real Capital on debt financing. GCCP relationship via Aaron (European Adviser role). Solar/BESS platform, €200–400m+ target. [SINGLE SOURCE — partner note, 19 Apr 2026]
Populate ## Outreach Log in pipeline/live-deals-private.md after each contact event. Monthly view aggregates from that source.

07 · Key Dates — Next 30 Days BPA market · targets · internal

Mon 20 Apr

Emma Harris starts as M&B CFO (ex-M&S)

Engagement window opens. Introduction letter ready.

~Fri 1 May

Bi-weekly pipeline sync

Last sync 3 Apr. Archive Access Storage.

Mon 4 May

Carrefour €500m maturity

HIGH SONG FIT per PerpX. FR0013383213 SLB, 1.750%.

Tue 5 May

Pandox/Dalata Capital Markets Day

Dave attending. One Moorgate, London. Brief needed.

Thu 7 May

RWE ~€1bn EUR Green Bond

May 2026 [DATE INCOMPLETE — week TBC]. RWE 77% fixed; bank-preferred.

Sat 9 May

Veolia €750m maturity

FR14002C30, 0.000%. Largely pre-funded via 2025–26 issuance.

Mon 11 May

Weekly briefing cycle — next run

Auto-generated Mon 07:30 Dublin. RULE 74 check.

~Fri 15 May

Bi-weekly pipeline sync

Re-score any Tier B updated entries.

Mon 18 May

Weekly briefing cycle

Month-end outreach count vs target (2).

~May 2026

Heathrow £700m Class A maturity

[DATE INCOMPLETE] · WBS structure, 40+ bond lines. Jan 2026 £400m Class B already placed.

Month-end

Populate with partner calendar

BPA insurer briefings, SONG calls, industry events — Aaron to add.

08 · Risk Flags Build-blockers, fee expiry, archive

Build-Blocking

#15 — Mowlam Healthcare freehold-vs-lease gate (AS/JH)

Rule 64 gate blocks progression on DF10 8.0/10 deal sheet until Irish CRO confirms freehold control entity-by-entity. Aedifica/Cofinimmo REIT lease evidence surfaced in MEGA-5 against existing freehold framing.

Build-Blocking

#18 — Hamberley Tranche 1 MR01 anomaly (AS/DM)

No new MR01 filing on any of 10 Hamberley FV entities despite Jan 2026 £210m close. Security architecture for Tranche 2 cannot be proposed until registration path confirmed with Slaughter and May.

Fee Monitor

HPC / Natif Investments — 10 Nov 2026

205 days remaining. Covers hotels AND data centres (Eclairion + any HPC opportunity). Clause 6.2 protects pre-expiry financing. Renewal negotiation calendared for Sept 2026.