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Grand Canal Capital Partners
Asset Management OS
⌘K
AS
Mandates/ Alderan SP SCI/ Comète + Activimmo Portfolio

Comète + Activimmo Portfolio

Period · Q1 2026 ▾
Refreshed 20 May · 08:41 ● live
Mandate · Active
Comète
SCPI · 15 assets · UK + Scotland
Comète + Activimmo
portfolio of sixteen.
● Active mandate CMT · Comète AVM · Activimmo UK + IRL Multi-sector

Grand Canal Capital Partners is the operating asset manager for the Alderan SP SCI sub-fund. The mandate spans sixteen properties across the United Kingdom and Ireland — fifteen in the Comète SCPI (CMT) and one in Activimmo (AVM, IRE-Grattan). Eighty-one leases generate £9.85m of passing rent with a WAULT of 9.71 years to expiry. Of $200m of total mandate, €150m is invested at 31 March 2026.

Vintage2022–2025
Asset managerC. Belton
CustodianCACEIS · BNP
Next review26–27 May
CadenceWk · Mo · Q
LenderNatWest A-2024
1,247,000sq ft
Lettable area
P
€150m
AUM · invested
D
81
Leases · 38 tenants
P
£121,650/lease
Avg rent
P
65.4%
Occupancy · NIA
G

Commercial expiry profile

£m by year · 6y
£8m£6m£4m£2m£0 ACTIVE 0–24m 412 668 762 290 218 7.50m 202620272028202920302031+
Active window 0–24mFuture expiries
£1.84m at risk · 14 eventsPartial

Top sector groups

% of rent · 6 sectors
Office 9 assets
55.2%
Retail 3 assets
18.3%
Hotel 1 asset
12.1%
Mixed-use 2 assets
8.4%
F&B demises
3.8%
Logistics 1 asset
2.2%
£9.85m total · alderanam_assets.property_typeDraft

Rent roll · actual vs budget

FY22 → FY27F
£12m£9m£6m£3m£0 −2.1% 20222023202420252026E2027F
ActualBudgetForecast
YTD £8.21m actual · £8.39m budget · −2.1%Draft

Asset geography

16 pins · UK + IRL
ABERDEENNEWCASTLEMANCHESTERBRIGHOUSECARDIFFGLOUC.LONDONLYMPNEDUBLIN 3 2 3
Comète · CMT · 15Activimmo · AVM · 1
6 of 16 postcodes verifiedGap
All · 20
CMT · 16
AVM · 4
Asset · demise Tenant · sector Fund Use NIA Rent pa Term start Break Expiry Status
Bankhead Drive (L1)
ABD-Bankhead
KCA Deutag Drilling Limited
Energy services
CMTOffice88,400£1,741,66624 Jun 2016—23 Jun 2031Draft
Church Street (Unit A)
CDF-ChurchSt
Pho Restaurants Ltd
F&B · Vietnamese
CMTF&B2,840£98,00015 Mar 201914 Mar 202714 Mar 2034Draft
Church Street (Unit B)
CDF-ChurchSt
Beanfreaks (Trading) Ltd
Health food retail
CMTRetail1,620£68,40002 Oct 2020—01 Oct 2030Partial
Fairfax House (GF-A)
CDF-FairfaxHouse
Fat Hippo Restaurants
F&B · casual dining
CMTF&B3,210£124,00006 Sep 202205 Sep 202705 Sep 2032Draft
Fairfax House (L2)
CDF-FairfaxHouse
Flight Club Darts
Entertainment
CMTF&B5,820£186,00014 Apr 202313 Apr 202813 Apr 2033Draft
Endsleigh House
GLO-Endsleigh
TotalEnergies UK Limited
Energy · single-let
CMTOffice48,640£648,20022 Sep 201421 Sep 202921 Sep 2034Partial
Lympne Park (Hub 1)
KNT-Lympne
Avicenatech Ltd
Tech · BREAK 26 May
CMTLogistics12,400£68,42026 May 202126 May 2026 ⚑25 May 2031Gap
Lympne Park (Hub 2)
KNT-Lympne
Mantle Industries Ltd
Logistics · 3PL
CMTLogistics9,800£98,00010 Nov 2022—09 Nov 2032Partial
Goodman's Fields (Office 1)
LON-GoodmansFields
Castlebridge Underwriting
Insurance
CMTOffice11,820£268,64006 Feb 2024—05 Feb 2034Draft
Goodman's Fields (Office 2)
LON-GoodmansFields
Sennett & Daughter Arch.
Architecture
CMTOffice6,930£152,14019 Apr 202218 Apr 202718 Apr 2032Draft
Wembley Park (Anchor)
LON-Wembley
Pure Gym Limited
Leisure · fitness
CMTRetail24,600£378,00004 Aug 2018—03 Aug 2033Draft
Wembley Park (Unit 3)
LON-Wembley
JD Sports Fashion plc
Retail · sportswear
CMTRetail8,420£246,00012 May 2019—11 May 2034Draft
Wembley Park (Unit 5)
LON-Wembley
Tesco Stores Ltd
Retail · convenience
CMTRetail12,800£338,00028 Jan 201727 Jan 202727 Jan 2037Draft
White House (Unit 1)
LON-WhiteHouse
Halifax Imaging Ltd
Office · medical imaging
CMTOffice14,800£218,40022 Oct 202021 Oct 202721 Oct 2030Partial
Malmaison Hotel
NCL-Malmaison
Malmaison Hotels Ltd
Hotel · operator lease
CMTHotel68,200£724,00012 Jul 2018—11 Jul 2038Partial
Brighouse Industrial
YRK-Brighouse
Stenhouse Logistics (NW)
Industrial · DC · rent review contested
CMTLogistics42,000£294,00015 Aug 2019—14 Aug 2034Review
Grattan Quay (Block A)
IRE-Grattan
€ — Unknown
26 units · all unknown
AVMOffice—€ ————Gap
Pavilions (Block 1)
IRE-Pavilions
€ — Unknown
13 units · rent null
CMTOffice—€ ————Gap
Aberdeen Gateway (Pod 1)
ABD-Gateway
Pendell Actuarial Services
Office · whole pod
CMTOffice9,200£192,00011 Jan 202110 Jan 202810 Jan 2031Partial
West Campus (L4)
ABD-WestCampus
TotalEnergies UK Limited
Energy · review Mar-25
CMTOffice18,800£284,00002 Sep 2020—01 Sep 2030Partial

Showing 20 of 81 leases · click any row to drill into LS1 abstraction →

All · 16
CMT · 15
AVM · 1
ABD-BankheadCMTAberdeen4.6
Bankhead Drive, Aberdeen
Rent
£1,742k
Occ.
100%
WAULT
5.2y
ABD-GatewayCMTAberdeen3.8
Aberdeen Gateway, Portlethen
Rent
£456k
Occ.
100%
WAULT
4.8y
ABD-WestCampusCMTAberdeen3.9
West Campus, Dyce
Rent
£284k
Occ.
100%
WAULT
4.3y
CDF-ChurchStCMTCardiff4.2
Church Street, Cardiff
Rent
£1,184k
Occ.
88%
WAULT
6.1y
CDF-FairfaxHouseCMTCardiff2.8
Fairfax House, Cardiff
Rent
£516k
Occ.
71%
WAULT
4.2y
GLO-EndsleighCMTGloucester3.5
Endsleigh House, Gloucester
Rent
£648k
Occ.
100%
WAULT
13.1y
KNT-LympneCMTLympne · Kent3.1
Lympne Park, Hythe
Rent
£166k
Occ.
100%
WAULT
5.6y
LON-GoodmansFieldsCMTLondon E13.8
Goodman's Fields, Aldgate
Rent
£842k
Occ.
83%
WAULT
5.8y
LON-WembleyCMTLondon NW4.1
Wembley Park, London
Rent
£962k
Occ.
100%
WAULT
8.4y
LON-WhiteHouseCMTLondon3.6
White House, multi-let
Rent
£492k
Occ.
92%
WAULT
6.2y
NCL-MalmaisonCMTNewcastle3.7
Malmaison Hotel, Newcastle
Rent
£724k
Occ.
100%
WAULT
11.2y
YRK-BrighouseCMTBrighouse3.3
Brighouse Industrial, Yorkshire
Rent
£294k
Occ.
100%
WAULT
8.1y
IRE-PavilionsCMTSwords · IE2.4
Pavilions, Dublin
Rent
€ —
Occ.
?
WAULT
—
IRE-GrattanAVMDublin · IE2.1
Grattan Quay, Activimmo
Rent
€ —
Occ.
?
WAULT
—
MAN-NorthgateCMTManchester4.0
Northgate House, Deansgate
Rent
£1,418k
Occ.
95%
WAULT
8.1y
BTH-QuarryCMTBath3.2
Quarry Park, Bath
Rent
£218k
Occ.
100%
WAULT
6.5y

16 assets · click any card to drill into the asset detail (LS1 abstraction)

All · 14
Reviews · 5
Breaks · 3
Expiries · 3
Capex · 3
Lane
Q2 26
M
J
Q3 26
A
S
Q4 26
N
D
Q1 27
F
M
Q2 27
M
J
Q3 27
A
S
Q4 27
N
D
Q1 28
F
M
Reviews 5-yearly upward
CDF · Pho review
GLO · TotalEnergies
CDF · Beanfreaks
ABD · Pendell
LON · Castlebridge
Breaks notice 12m
⚑ KNT · Avicenatech
LON · Sennett
LON · Halifax
Expiries FRI lease end
CDF · Beanfreaks exp
LON · Halifax exp
YRK · Stenhouse
Capex programme
CDF · Lift refurb L1–4
MAN · EPC B→A roof PV
CDF · BMS upgrade
Other lettings · valuations
L7 letting target
Valuation cycle Q3
Valuation cycle Q1 28

Active window summary

0–24m
Critical · 30d
1Avicenatech
Reviews 0–6m
2
Breaks 6–24m
2
Capex spend Q2 26
£0.78m

Rent at risk by month

£k · next 12m
£100k£70k£35k£0 £68k MayJJASONDJ 27FMA
Asset · LON-GoodmansFields
Switch asset →
Goodman's Fields · stacking plan
LON-GoodmansFields · Aldgate E1 · 12 demises · 7 storeys
NIA 84,520 sq ft
Occ. 94.6%
L6 · Penthouse
VACANT · 4,560 sqft · marketed
£ —
L5
Marrowbone & Co · £298k
Vellichor · £170k
£468k
L4
Aldwych Risk · £278k whole floor
£278k
L3
Pendell Actuarial · £257k · break Jan 28
£257k
L2
Castlebridge · £269k
Sennett · £152k
£421k
L1
Mantle & Hawke · £186k
Halifax · £89k · break
£275k
GF
Northwind Coffee · £82k
Greybridge Press · £65k
£147k
Office Retail Vacant

Asset summary

Acquisition
Sep 2022
Valuation
£24.3m
Passing rent
£1.42m
Yield · NIY
5.85%
WAULT · expiry
5.8y
EPC
B

Floor occupancy

L6
L5
L4
L3
L2
L1
GF
% of NIA let by floor
YTD · Q1 26
FY 26 budget
Prior year
P&L line Budget · Q1 Actual · Q1 Variance Δ% FY26 budget Status
Gross rent
v_rental_income aggregate
£2,463k£2,413k−50k−2.0%£9,852kP
Service-charge income
Reconciled YE
£428k£415k−13k−3.0%£1,711kP
Other income
Lic. + ancillary
£44k£52k+8k+18.2%£176kD
Total income
£2,935k£2,880k−55k−1.9%£11,739kP
Operating expenses
GAP — placeholder
£514k£548k−34k−6.6%£2,056kG
Service-charge expense
Recovered separately
£412k£408k+4k+1.0%£1,648kP
Total expenses
£926k£956k−30k−3.2%£3,704kG
Net Operating Income
Pre-debt service
£2,009k£1,924k−85k−4.2%£8,035kG
Interest · NatWest A-2024
SONIA + 220bps
£614k£620k−6k−1.0%£2,456kD
Cash flow · post-debt
£1,395k£1,304k−91k−6.5%£5,579kP

Collections waterfall

£k · Q1 26
£3m£2m£1m£0 Billed £2,463k Collected £2,408k Overdue £26k Bad debt £3k Loss £55k
97.8% collection rate · 16 of 16 assetsGap

Covenant headroom

NatWest A-2024
DSCR · current
1.84x
vs threshold 1.40x · headroom 31%
1.40x
LTV · current
42%
vs threshold 60% · headroom 30%
All · £1.84m
FY26 · £1.36m
FY27F · £0.78m
Project Asset Category Approved Committed Spent % complete Milestone Status
Lift refurb · L1–4
Hyundai LR-S · 4 cars + controls
CDF-ChurchStBuilding£215k£196k£124k58%Q4 26 installPartial
EPC B→A · roof PV
240kWp solar + inverter
MAN-NorthgateESG£215k£140k£42k20%Q4 26 installDraft
BMS upgrade · whole bldg
Honeywell Niagara 4 conversion
CDF-FairfaxHouseESG£140k£108k£68k49%Q2 26 commissionPartial
Common-parts refresh
Lobby + lift cars + WC
LON-GoodmansFieldsBuilding£680k£680k£680k100%✓ done Q4 24Verified
Façade re-cladding
Phase 1 of 2 · Aluminium rainscreen
LON-WembleyBuilding£320k£180k£32k10%Q3 26 startDraft
EPC remediation
Energy intensity programme
YRK-BrighouseESG£120k£32k£0k0%Q1 27 startGap
Tenant fit-out · L4
Aldwych — incoming contribution
MAN-NorthgateTenant£150k£150k£150k100%✓ done Q2 24Verified

Capex burn · FY26

£m programme
Approved
£1.84m
Committed
£1.36m
Spent
£0.78m
% burn
42%
£780k spent
£580k committed
£200k
£480k un-committed

ESG-linked capex

% of programme
45% ESG
ESG-linked£828k · 45%
Building£862k · 47%
Tenant£150k · 8%

Reporting Studio & AI Workspace

Two further modules sit behind the More tab in production — Reporting Studio (template gallery · scheduled exports · approval workflow) and AI Workspace (natural-language query · lease abstraction · narrative drafting · exception summarisation).

  • Reporting Studio — modular report assembly from live dashboard components. PDF / Excel / CSV / portal / email schedules.
  • AI Workspace — natural-language query over Supabase + SharePoint with cited evidence.
  • Methodology & glossary — Appendix surface with audit trail and provenance back to source documents.
phase 2
Action queuedETA · pending