PRIME LONDON SUPERMARKET INVESTMENT OPPORTUNITY - NOVALOCA
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Prime London Supermarket
Investment Opportunity
25 years to Morrisons with uncapped RPI linked rent reviews
Practical completion due in Q1 2015
Morrisons Foodstore,
Canning Town,
London E16
0161
0117
0151
0191
020
0141
08449
029
0121
0113
0131 834
984
255
261
028 7895
2050
7236
9031
305
236
292
469 7187
2400
1910
2361
02 03
1515
6301
1901
8236
6363
6121
04
5500
6012
www.gva.co.uk/4294
Morrisons Foodstore,
Canning Town,
London E16
Investment Summary • A rare opportunity to invest in a prime
supermarket anchoring a new London town centre
in Canning Town.
• The property will comprise a high quality foodstore
with a rental area of 7,122 sq m GIA (76,660 sq ft)
with 400 branded foodstore car parking spaces.
• WM Morrison Supermarkets Plc has signed an
Agreement for Lease to take the foodstore for a 25
year term.
• The rent increases are upward only every 5
years and are geared to the higher of the annual
increases in the Retail Price Index, subject to an
annual collar and cap of 1.0% and 4.0%, or the
open market rental value whichever is the higher.
• Commencing rent for the foodstore not to exceed
£2,108,112 per annum. Equating to £296.00 per sq m
(£27.50 per sq ft.)
• Morrisons has a 3 month period of exclusivity
to lease an ancillary retail unit totalling 403 sq
m GIA (4,338 sq ft) on the same terms as the
supermarket.
Offers are invited on two bases:
The opportunity to fund by stage payments until
practical completion.
Offers are sought in excess of £42,390,000 (Forty
Two Million Three Hundred and Ninety Thousand
Pounds) subject to contract and exclusive of VAT.
A purchase at this level shows a net initial yield
of 4.70% assuming purchaser’s costs of 5.8%.
Assuming the 5 yearly RPI average the equivalent
yield is 5.68% at the quoting price.
There is also an opportunity to purchase this asset on
the basis of a developer’s lease from completion of
contracts, offers are invited.
NB if the tenant chooses to take the ancillary retail unit
the income will be capitalised at the purchase yield
depending on method of purchase.
Location
Canning Town is in the London Borough of Newham Town’s new Town Centre is at the heart of this urban
located on the north side of the River Thames regeneration programme being located directly
adjacent to Canary Wharf, Docklands and in opposite the Canning Town transport interchange.
close proximity to the Olympic Regeneration Area
surrounding Stratford. Canning Town provides easy access to Canary
Wharf, the City of London and to the West End. While
Canning Town is currently the subject of significant the Excel Exhibition Centre, the O2 Arena, Stratford
attention due to its urban regeneration programme (including the Westfield Stratford City Shopping
which aims to take advantage of its location, Centre) and London City Airport are all in the locality
communications and rising population. Canning and are easily accessible.
Bing © 2012
Morrisons Foodstore,
Canning Town,
London E16
Situation Scheme overview, Phase 1 identitied
Phase 1
The Morrison’s foodstore will anchor Phase 1
of the new Town Centre and is located in the north
eastern corner of the new Town Centre Masterplan.
The foodstore and retail unit will be situated
adjacent to the northern site boundary, the A13
and Rathbone Street.
The foodstore and the ancillary retail unit will front
onto Town Place, the primary civic square within the
new Town Centre and is a major pedestrian route
through the site to the Canning Town transport
interchange. Town Place will comprise the majority
of the retail offering within the masterplan and will
be the main focal point and circulation area for the
urban regeneration project.
Underground car parking will be provided under
Phase 1 and the wider Town Centre masterplan.
Deliveries and loading to the foodstore will be made
via the northern site boundary.
Communications Location Network Time
(Minutes)
Canning Town benefits from excellent road links North Greenwich (O2) Jubilee Line 3
and has superb London Underground, DLR and Canary Wharf Jubilee Line 5
bus communications via the transport interchange
Stratford (Westfield) Jubilee Line 6
immediately adjacent to the new Town Centre. The
London Bridge Jubilee Line 12
arrival of Crossrail to the area will further improve
the area’s transport accessibility: Waterloo Jubilee Line 15
Bond Street Jubilee Line 21
oad – The new Town Centre is located at the
R Custom House (Excel & DLR 3
junction of the A13 dual carriageway and Silvertown Crossrail)
Way. Canary Wharf is 3.2 km (2.0 miles) west whilst London City Airport DLR 7
Stratford is 4.2 km (2.6 miles) north. The City of Bank (City of London) DLR 16
London is 7.6 km (4.7 miles) west whilst the West
End is 15.1 km (9.4 miles) distant. The M25 and Crossrail – Tunnelling work has started for the
wider national road network are easily accessible, works to service the Custom House Crossrail Station
via the A13 with the M25, junction 31 being with practical completion due in 2018. The following
26 km (14 miles). journey times from Custom House are expected:-
ondon Underground & DLR – Canning Town
L Station Jorney time
provides an interchange between the Jubilee
Canary Wharf 4 minutes
Line and Docklands Light Railway (DLR). The
Liverpool Street 10 minutes
area also benefits from newly opened platforms
to Stratford International for connections to Kent Bond Street 17 minutes
and the Westfield Stratford City Shopping Centre. Heathrow Central 43 minutes
Approximate journey times are as detailed:-
journey times by public transport
3
CANNING TOWN MORRISONS
9
6 7
4
5 2 1
8
Station Journey Time 5. Waterloo 15 minutes
1. North Grenwich (02) 3 minutes 6. Bond Street 21 minutes
2. Canary Wharf Stratford
5 minutes 7. Custom
Plaistow
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Morrisons Foodstore,
Canning Town,
London E16
Canning Town new Town Centre: The creation
Canning Town and Custom of this new Town Centre is at the heart of the
House Regeneration Canning Town and Custom House Masterplan.
Phase 1, consisting of a WM Morrison
The regeneration of Canning Town and Custom supermarket and 179 residential units
House is a far reaching programme with an represents the first phase of a multi-phase
anticipated GDV of circa £3.7bn which will transform development programme.
the area physically, socially and economically. The
wider masterplan includes exciting redevelopment
opportunities that take advantage of the area’s
The masterplan provides for
superb and ever improving transport connections a maximum development
such as the new Cross Rail Station at Custom
House and DLR Stratford Link at Canning Town. of 191,530 sq m (2,061,610
The development of the new Town Centre will be
the sustainable heart of the programme which
sq ft). This includes 1,130
aims to deliver in total approximately 10,000 new residential units and 29,200
homes. The new Town Centre will benefit directly
from the major population growth and residential
sq m (314,305 sq ft) of
development making Canning Town a desirable retail and food & beverage
place to live, work, shop and visit for a range of
uses and activities. accommodation plus
Several residential developments are under
additional uses including
construction in the immediate locality including commercial, hotel, leisure
Rathbone Market and Fife Road, both of which
are part of the Canning Town and Custom House
and community space. An
Masterplan. Rathbone Market, a Muse Development energy centre and a total of
scheme located north of the proposed new
Town Centre and A13, will be revitalised by new 1,150 car parking spaces are
retail, cafes, community facilities and 650 new
residential units. The first phase of new retail and
also to be provided.
271 residential units are scheduled for completion
in mid 2012. Fife Road, a Countryside Properties
development, will comprise 649 residential units,
the first phase of which is under construction and
will see 139 units completed in 2013.
Supporting information is available on the website
www.gva.co.uk/4294
Access to the food store from the pedestrian retail area
Morrisons Foodstore, PHASE 1
Canning Town,
London E16
Phase 1 – Ground Floor Design
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per the approved planning application by LBN for the A13
e of Rathbone Street adjacent to the proposals is shown
e access to the service yard
some form should phase 2 not start before or shortly after
trian route to Newham way frontage
hicles and basement carpark
k
S
The pedestrian retail area Food court
Morrisons Foodstore,
Canning Town,
London E16
Timing
It is proposed that the development will follow the indicative phasing timetable detailed below:-
Phase Construction Start Construction Duration Practical Completion
1 Q3 2012 28 Months Q1 2015
2 Q1 2014 36 Months Q1 2017
3 Q1 2016 42 Months Q3 2019
4 Q3 2019 42 Months Q1 2023
5 Q1 2021 36 months Q1 2024
Masterplan Composition
The outline planning application incorporates the following mix of uses and maximum quantum of
development:
Land Use Non – Flexible Gross Flexible Gross External Maximum Gross
External Area m2) Area (m2) Per Use External Area (m2)
Per Use Per Use
Retail and restaurants (Use Classes A1, A2, A3, A4 and 29,200 2,500 (flexibility between 31,700
A5) includes Anchor store (Use Class A1). office use only)
Community / Cultural incl. Health Centre (Use Class D1) 3,000 2,500 (flexibility between 5,500
office use only)
Hotel (Use Class C1) 6,000 0 6,000
Assembly and Leisure e.g. Cinema (Use Class D2) 3,500 7,000 (flexibility between 10,500
residential only)
Energy Centre (Sui Generis) 1,330 0 1,330
Office (Use Class B1a) 5,000 5,000 (flexibility between 10,000
retail and community
uses only)
Research and Development/ Light Industry (B1b/ B1c) 500 0 500
Student Accommodation (Sui Generis) 0 12,000 (flexibility
between extra care only)
Extra Care (Sui Generis) 0 12,000 (flexibility 12,000
between student
accommodation only)
Residential (Use Class C3) 117,500 7,000 (flexibility between 124,500 or 1,130 units
leisure only)
Live / Work 1,500 0 1,500
Sub Total 167,530 36,000 (maximum extent
of flexible floorspace)
Total Maximum Built Floorspace 191,530 (excluding basement)
In addition to the above the following car parking provision is proposed:-
Car Parking Number of spaces Gross floor area (m2)
Car Parking Type 1: Permanent Underground / Basement 1,050 44,362
Car Parking Type 2: Other (Ground Floor / Podium) 100 2,557
Total 1,150 46,919Retail Centre The following table identifies a number of target
tenants.
This development is unique in that it is one of
those rare occasions when a completely new town Canning Town’s new Town Centre
centre is to be created. The scheme is not adding Target Tenants
to or enhancing an existing retail offer. Instead, Arcadia Argos
the development is creating a completely new, Boots H&M
sustainable destination with its own sense of place, Iceland Matalan
contributing to the future success of Canning Town,
Mothercare New Look
re-establishing its identity and retail hierarchy
Next River Island
status and recapturing its lost spend.
Sports Direct Superdrug
The centre’s design and development mix offer TK Maxx Wilkinsons
will create a new dynamic town centre with a
traditional open high street feel, maintaining strong These target anchor tenants would drive demand
links with the existing High Road and the new from the next tier of tenants covering various
Rathbone Market scheme as well as strong links sectors including fashion, travel, coffee, café,
to the existing, excellent and improving Canning footwear, cards, jewellery, opticians, phones and
Town transport infrastructure such that optimum local independents.
pedestrian flow is achieved.
The majority of this retail accommodation is to be
There are obvious target retailers for Canning delivered in Phases 2 and 3 of the Masterplan.
Town due to the make up of the demographic and
available spend. These will be the key operators to
deliver as they will be able to offer the strongest
commercial terms and have the greatest confidence
in their ability to trade strongly. There will also be
a number of aspirant targets that will create a real
point of difference.
Phase 1 – Residential PodiumMorrisons Foodstore,
Canning Town,
London E16
Leisure
The Masterplan proposes inclusion of a cinema
The concept is to create a town centre that trades within Phase 3 together with High Street retail units.
both during the day and evening and accordingly,
the scale, scope and breadth of the leisure offer Residential
is of vital importance. There is scope within the
Masterplan to deliver a significant cinema, hotel The Masterplan proposes delivery of circa 1,130
and gym offer which would be complimented by residential units ranging from 1 bed apartments to 4
a selection of bars, cafés and restaurants. This bed town houses.
would see the bars, cafés and restaurants being
interspersed within the High Street retail offer Phase 1 will comprise 179 residential units of
as well as in dedicated areas directly linked to which 71 are designated for affordable housing.
the cinema offer. Target tenants will include the The remaining 108 private for sale residential units
following:- are in the process of being sold to a commercial
investor. Further information is available upon
Cinemas Gym Operators Cafes/Restaurants request.
Apollo Bannatyne Café Nero
Cineworld Fitness First Chiquitto Car Parking
Empire LA Fitness Costa Coffee
Picture House Pure Gym Eat A total of 400 car parking spaces will be provided for
the use of the foodstore. The 400 spaces will be split
Reel Snap Fitness Nandos
initially between an underground car park and a
Showcase Virgin Active Pizza Express
surface/grade car park until the completion of later
Pret a Manger phases.
The food & beverage offer will be delivered from In total, the masterplan aims to deliver 1,150 car
Phase 2 onwards. The Masterplan anticipates that parking spaces.
Phase 2 will also include a significant proportion of
community space including a health centre. A hotel
and gym will also be provided in this phase.
Number of Residential Units by Phase
PHASE TOTAL Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 UNIT TOTAL
179 240 289 327 95 1,130
Configuration
1 Bed Flat 2 Bed Flat 3 Bed Flat 3 Bed TH/ 4 Bed TH/ Live Work UNIT TOTAL
Duplex Duplex
SCHEME 354 543 153 46 23 11 1,130
TOTALView from Rathbone Street
Morrisons Foodstore,
Canning Town,
London E16
Description of Development • Car parking will consist of permanent
underground car park spaces under the
on Offer foodstore and a temporary surface car park in
front of the foodstore (until completion of later
The property will comprise a purpose built phases when all 400 foodstore spaces will be
foodstore, ancillary retail unit and 400 branded located underground).
car parking spaces.
• An enclosed, reinforced concrete rear service
This represents the commercial element of Phase yard accessed from Rathbone Street and the
1 with 179 residential units above. A13.
The developer will deliver the scheme to an • Electricity, gas, water and telecommunications
agreed base ‘shell’ specification which is as will be supplied into the building and capped off
follows:- at agreed points.
• Substructures and foundations will be designed • Internal or external secondary framing
to suit the prevailing conditions. necessary for the support of fit out works and
operator provided plant and machinery.
• The upper structure of the foodstore roof will be a
landscaped deck, for the exclusive use of the 179 • Morrisons will be responsible for the design
residential units, and outside the foodstore demise. and installation of fit out and finishes within the
foodstore.
• Inclusion of an internal mezzanine.
Southern elevation of Phase 1 (entrance to foodstore)
©Haworth TompkinsMorrisons Foodstore,
Canning Town,
London E16
GIA ancillary retail unit and shared corridor at
Accommodation £27.50 per sq ft. This would result in a total rent of
£2,227,445 per annum for the entire Phase 1 7,525
The approximate rental GIA areas will be as follows sq m (80,998 sq ft) retail offer.
subject to measurement upon completion. Please note
that WM Morrison Supermarkets Plc has a 3 month he rent increases are upward only every 5 years
T
period of exclusivity to take the ancillary retail unit on and are geared to the higher of the annual increases
the same terms as the food store:- in the Retail Price Index, subject to an annual collar
and cap of 1.0% and 4.0%, or the open market rental
Sq m Sq ft value whichever is the higher.
Foodstore 7,122 76,660
Ancillary Retail Unit and shared corridor 403 4,338 NB the tenant has a 3 month rent free period from
TOTAL 7,525 80,998 the start of the lease.
Energy Centre Retail Price Index (RPI)
The foodstore will be committed for its supply The Retail Price Index base level will be established
of heat and hot water from the new energy centre from the completion of the tenant’s lease. The
established for the entire Masterplan area. current RPI 5 year average is 3.09%
Tenure Timing
The interest to be purchased is and underlease of the Construction of Phase 1 is due to start in Q3 2012
long leasehold which the London Borough of Newham with Practical Completion due in Q1 2015. Morrisons
is granting for a term of 250 years from ‘start on site have an agreed 12 week fit out period after the
date’. The annual rent will be a peppercorn. handover of the foodstore.
Tenancy Supermarket Commentary
Prime supermarkets are regarded as a highly
The property will be let to WM Morrison
attractive asset class. They offer long term security of
Supermarkets Plc on a new 25 year full repairing
income with many providing guaranteed rental growth.
and insuring lease. The initial rent will be calculated
as £296.00 per sq m (£27.50 per sq ft) not exceeding
The sector is dominated by the “Big Four” UK
£2,108,112. This rent is based on the agreed delivery
supermarket retailers (Asda, Morrisons, Sainsbury’s
of 7,122 sq m (76,660 sq ft) for the foodstore.
and Tesco) and with the exception of Asda they are all
listed on the FTSE 100 Index. All four have produced
WM Morrison Supermarkets Plc has a 3 month
strong trading results despite the recent economic
period of exclusivity from the agreement for lease
turmoil, and continue to battle for market share
date in which to lease the 403 sq m (4,338 sq ft)
growth by expanding their respective networks and
significantly increasing the size of their stores.
Examples of potential rental increases are detailed below:-
5 year average
2% pa Increases 4% pa Increases
3.09% pa Increases
Commencement £2,108,112 £2,108,112 £2,108,112
Year 5 £2,327,526 £2,454,575 £2,564,841
Year 10 £2,569,777 £2,857,979 £3,120,521
Year 15 £2,837,241 £3,327,682 £3,796,591
Year 20 £3,132,544 £3,874,579 £4,619,133Property
Property Size (GIA) Transaction Lease Rent £ Yield Date
Sq ft psf (NIY %)
Morrisons 105,977 Forward 35 years with 5 yearly RPI linked reviews with £23.59 4.45% March 2012
Shelden Funding 5.1% and 21.7% collar and cap.
Sainsbury’s, 98,500 Forward 25 years with 5 yearly open market reviews. £18.90 5.00% Under Offer
Sunderland Funding
Tesco, Cardiff 150,000 Sale & 25 years with annual RPI increases (cap of 4%). £21.25 4.50% Feb 11
Leaseback
Sainsbury’s, 73,500 Investment c. 28 years unexpired with annual RPI increases £22.90 4.40% Dec 10
Macclesfield Sale (collar 2% and cap of 4%).
Sainsbury’s, 10,000 Sale & 25 years with annual RPI increases (cap of 4%). £16.00 4.75% Oct 10
Huddersfield Leaseback
Sainsbury’s, 134,000 Sale & 25 years with annual RPI increases (Cap of 5%). £23.50 4.49% Jun 10
Newbury Leaseback
Covenant Status Planning
WM Morrison Supermarkets Plc is listed on The proposed new Canning Town Centre
the FTSE 100 Index and is one of the “Big Four” development has evolved in full consultation with
UK supermarket retailers. It has an extensive officers and members of the London Borough of
nationwide chain of 455 stores and over Newham, London Thames Gateway Development
132,000 employees. Corporation and Greater London Authority.
The company has achieved substantial growth A hybrid planning application consisting of outline
during the last decade, approximately quadrupling planning for the entire scheme and a detailed
Turnover and Profit (before taxes) to £16,479,000,000 application for Phase 1 was submitted in April 2011
and £874,000,000 respectively. and the London Borough of Newham approved the
application on 15 November 2011. Full planning
The UK supermarket sector is renowned for being permission for Phase 1 and outline consent for the
highly competitive yet Morrisons has seen annual latter phases was received from the LTGDC on the
growth in its market share since 2008, which was 28th March 2012.
recently estimated at 12.8%.
The company is in an extremely strong position
The Developer & Contractor:
and despite the rigorous hurdle requirements that Bouygues
each new store has to achieve; it plans to expand its
network by approximately 2,500,000 sq ft over the Bouygues is a diversified industrial group listed
next three years. on the Paris stock exchange (CAC 40). With
operations in over 80 countries, it has more
than 133,000 employees. Its lines of business
The latest financial results for WM Morrison include construction, civil engineering, property
Supermarkets Plc are as follows:- development, telecommunications and media.
WM Morrison Supermarkets Plc 30 Jan 2011 31 Jan 2010 01 Feb 2009
(Company No: 358949)
Sales Turnover £16,479,000,000 £15,410,000,000 £14,528,000,000
Profit/(Loss) Before Taxes £874,000,000 £858,000,000 £655,000,000
Tangible Net Worth £5,236,000,000 £4,949,000,000 £4,520,000,000Morrisons Foodstore,
Canning Town,
London E16
Bouygues Development (the developer) and
Bouygues UK (the construction partner) are
Performance
subsidiaries of the Bouygues Group.
The running yields that can be expected assuming
the following RPI growth rates are as follows:
Bouygues Development (BY Development Limited)
is the property development arm of Bouygues
5 year
(U.K) Limited and is 50% owned by Bouygues (U.K) 1% pa average 4 % pa
Limited (“BYUK”) (company number 03460378), Increases 3.09% pa Increases
registered office: Elizabeth House, 4th Floor, 39 York Increases
Road, SE1 7NQ and 50% owned by BYUK’s sister Commencement £2,108,150 £2,108,150 £2,108,150
company: Warings Contractors Limited (company Year 5 4.94% 5.47% 5.72%
number 00326584), registered office Gatcombe Year 10 5.19% 6.37% 6.96%
House, Hilsea, Portsmouth, PO2 0TU.
Year 15 5.46% 7.42% 8.46%
Year 20 5.73% 8.64% 10.30%
We will be happy to provide financial information
if required. BY Development Limited’s details are: The running yields are based upon a purchase £42,390,000
(company number 6569580), registered office price of
Elizabeth House, 4th Floor, 39 York Road, SE1 7NQ, The equivalent yield using the 5 yearly average RPI 5.68%
should you wish to conduct a Companies House growth rate is
search.
General Bidders
Contractor
Requirements
Bouygues UK will undertake the construction.
Bidders are requested to provide the
VAT following with offers:
This property will be elected for VAT purposes, but cannot •D
emonstrable funding for the acquisition.
be treated as a Transfer of a Going Concern (TOGC). • Information on company covenant and track record.
•B
oard approval (or equivalent) or anticipated
Proposal timescales to achieve requisite approvals.
•B
idders must confirm acceptance and compliance
Offers are invited on two bases: with LBN’s Equal Opportunities Policy (please
refer to website).
The opportunity to fund by stage payments until
practical completion. •C
onfirm agreement to the forecast service charge
budget.
Offers are sought in excess of £42,390,000 (Forty
Two Million Three Hundred and Ninety Thousand •U
pon selection of the investment partner,
Pounds) subject to contract and exclusive of VAT. there will be an obligation to enter into detailed
discussions with the other stakeholders (BYD,
A purchase at this level shows a net initial yield LBN) in order to finalise any relevant contractual
of 4.70% assuming purchaser’s costs of 5.8%. points on the encompassing Development
Assuming the 5 yearly RPI average the equivalent Agreement prior to exchange of contract.
yield is 5.68% at the quoting price.
•T
he proposed Sales and Purchasing Agreement
There is also an opportunity to purchase this asset on (SPA) is available on the website and bidders are
the basis of a developer’s lease from completion of required to either confirm acceptance of the SPA
contracts, offers are invited. or provide a mark-up of this document.
NB if the tenant chooses to take the ancillary retail unit •T
he SPA will be executed in a short timeframe and
the income will be capitalised at the purchase yield bidders must confirm this can be achieved.
depending on method of purchase.Further Information Simon Eddy
Tel: 020 7911 2620
Further information including a CGI ‘fly through’, Email: simon.eddy@gva.co.uk
artist impressions, scheme overview plans and
legal documentation are available on the following Charlie Woolhouse
website www.gva.co.uk/4294
Tel: 020 7911 2726
If you require any further information or wish to Email: charlie.woolhouse@gva.co.uk
arrange an inspection please contact:-
Mark Frampton
GVA Tel: 020 7911 2181
10 Stratton Street Email: mark.frampton@gva.co.uk
London
W1J 8JR For further information please visit:
www.gva.co.uk/42940161
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028 7895
2050
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469 7187
2400
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2361
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6301
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8236
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6121
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08240
GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give
notice that:1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions,
dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants
should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley
Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by
courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The
Automobile Association. For identification purposes only. May 2012You can also read
