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http://www.constructionenquirer.com/2016/04/15/bam-wins-41m-leeds-city-centre-office-revamp/
A bit of a dip in the SP yesterday makes you wonder if someone had some insider gen on todays results. On a quick skim nothing untoward or that great either. So more steady progress as expected then.
"Happy shoppers lift commercial property developers like Shaftesbury and Town Centre Securities" says the Daily Mail http://www.thisismoney.co.uk/money/markets/article-3433947/MARKET-REPORT-British-love-affair-bricks-mortar-shows-no-sign-abating-according-latest-house-price-figures-provides-tonic-property-firms-Shaftesbury.html
Some of the metrics look a bit worse, debt, EPS, Profit but the recycling seems to be going ok. The divi stays the same also which it has done for a few years now. I think I would prefer a growing divi although the NAV has increased. Overall steady trading although they talk about Total shareholder return. As for what to do with this, well Im continuing to hold but will look to add on dips but so far these have been few and far between. The divi yield is only 3.5% now too quite low for property but that happens when the SP rises. So a problem albit nice one to have, with what to do with January's divi?
I take it that is an old story. "Town Centre Securities at 232½p+8½. Questor says “Buy”." This is a 30% discount to the current share price. I might buy some more at that price today, instant profit! I wish you would add links to your news stories so we can see the full story and the date published
Town Centre Securities a long term buy: Leeds based property investment fund Town Centre Securities has expanded its portfolio and secured key tenants making its shares a good long term investment. The company said last week that it spent £4.48m on new warehouses with secured tenants that provide a net initial yield of 7.25%. In a low interest environment that kind of return is attractive. The company has also recently renewed a contract until 2040 with its anchor tenant Morrisons’ at its biggest property holding the Merrion Centre in Leeds city centre. Morrisons’ will be investing to refurbish and expand the existing store on the site. The early refurbishment works have also started on Merrion House after Leeds City Council signed a 25 year lease for office space. Pretax profits increased to £13.3m for the six months ended December 31, from £12.3m in the comparable period. The net assets per share increased to 326p at the end of last year, leaving the shares trading at a 6% discount. Town Centre Securities property portfolio is split, with 58% in Leeds, 24% in Glasgow and Edinburgh, and 16% in Manchester. The company also has a small presence in London. The company offers a prospective dividend yield of 3.4%. Town Centre Securities at 232½p+8½. Questor says “Buy”.
A mixed bag of results with some of the ESP figures down but profit up and debt reducing on LTV. Another year where the divi has been held also but it appears that monies are being reinvested for the longer term and car parks seem to be a way forward. Some of the reductions appear to be due to sales again to be reinvested elsewhere. Opening a London office! I liked this because it wasn't based on London so something to watch going forward. Hopefully they will stick with Yorkshire values and not get taken in by the bright lights. If property continues to rise this should do well but I would like to see a growing divi too
start to the weekend.
TOWN CENTRE SECURITIES PLC Final results for the year ended 30 June 2014 Town Centre Securities PLC ("TCS"), the Leeds based property investment, development and car parking company, today announces its unaudited final results for the year ended 30 June 2014. Financial highlights · Underlying* profit before tax £7.6m (2013: £7.4m) · Underlying* earnings per share 14.4p (2013: 13.7p) · Net assets per share 308p (2013: 267p); discount to net asset value of 25.3% at last night's closing share price of 230p · Triple net assets per share 320p (2013: 285p per share); discount to triple net asset value of 28.1% · Total dividends per share 10.44p (2013: 10.44p); proposed final dividend unchanged at 7.34p (2013: 7.34p) · Statutory profit before tax (including revaluation gains) £27.4m (2013: £3.6m) · Basic earnings per share (including revaluation gains) 51.6p (2013: 6.7p) *Excluding valuation movement Operational highlights · Another strong year's earnings · 15.3% growth in net assets per share on the back of 10% like for like portfolio growth · Total shareholder return over 19% · Dividends unchanged at 10.44p per share · Good progress with Merrion Centre on New Front. Car Park upgrade underway · Morrisons lease renewed with 20% increase in the size of the store · Land acquired at Milngavie and development of a Waitrose supermarket underway · Property sales £8.9m with a further £7.5m completed in July · Apperley Bridge, value now £4.5m (2013: £2.8m), to be sold this year · Car park profit up 5% and first acquisition completed Commenting on the results, Chairman and Chief Executive Edward Ziff, said: "We have produced another strong trading performance and our properties are now starting to show some of the growth which we have seen in London recently. Our returns to shareholders are showing the benefit of our continuing intensive management and regular churning of the portfolio. Recent letting deals in the Merrion Centre have been exceptional and we have seen excellent growth in value as well. The car park business has also out performed. We remain conservatively funded and committed to delivering superior cash returns to shareholders"
.... in the short term
They have sold 20% of property in Scotland over concerns of the vote. I don know if this is risk reduction or if it would have been better to sell the lot. Hindsight will be along shortly with the answer. Over reaction or not enough. Might not know for sure for some time as either way most likely to be an over reaction
230000 in Leeds to see Grand Depart and lots of other events going off and they all have to park somewhere. Must be OK for TCSC car parks.
I decided to keep quiet about the good results hoping to top up but it looks like people have started to cotton onto this one. Probably still ok but has risen too much for me now. Maybe in a month or two things will go quiet and the SP will come back down a tad.
Despite some tenants hitting administration TCSC has reallocated usage and is coping well with the downturn. It is pleasing to see voids at lowish levels or changes of use. Some good news going forward too so overall continuing nicely. Always handy to get some 25 year contracts. Maybe the low bank rates do have some uses, seems to be helping here. Buy on the dips!
Results show slight improvement, some losses now gains, divi remains the same, borrowing increased, assets increased. Overall steady and trading at 23% discount to NAV. The surprise to me was the buy of London property!
Visited Leeds last week and had planned to have another look at what was happening with regard to TCSC holdings and updates on the properties but spent too much time shopping and didn't really get to see what I had planned. It was hot and sunny which always make things seem nicer anyway. Might try again on a grim winters day. Might be a truer picture The SP seems to be bounding about the 180 - 220 range, so its watch and wait for me!
I agree.They always maintain a good dividend where possible (looking after the little Ziffs).Leeds is always remarkably resilient throughout downturns.I was there the other week and it has a good "feel" The portfolio has been adequately devalued in last years accounts to reflect current market conditions The family will always be there to take advantage of any downturn in share price to swoop in A no brainer really
Maybe it was too far south! At 180 this could be a good long term view, debt is under control and at fairly low cost, is the worst over for commercial real estate? and are prices about to start rising?. The new arena should help things too and a rise in divi? This is one area where the Ziffs and I seem to agree. Maybe I'm being just being greedy in hoping for a temporary fall a bit lower.
Missed it .I use Bestinvest portal and i couldnt unfreeze a limit order in time for market opening Re the Ziff thing .We werent offering Ist class it was demanded and considering it was a fairly chunky building for Banbury 20k and had been standing empty finished for over 12 months in not particularly a good spot in a weak market -it was ballsy stuffff .I think he didnt believe the interest was real
Did you buy? I was hoping for it to drop a little further, into bargain territory to top up but it looks like it is following the market back up. Might have to wait to a bad news day. Maybe that office was small chips at the time and was taking up too much time compared to "bigger" issues on the go at that time. I would always travel 1st class ..... when someone else is paying!
I didnt buy back in November and then missed out on the spike but told myself if it comes back to these levels illt ake a chance .When i was a young agent they had a new empty office building in Banbury which had been sitting in the sun for sometime.We were letting a large warehouse and a new venture by W H Smith agreed to take it for a new operation but it was short on offices.This was the only building available closeby One of the Ziffs refused to come down to a meeting unles swe paid for a first class rail ticket for him to travel.so they had a bit of neck and Smiths they took it only to close down the operation in a couple of years Thought ill share that with you
The share price had risen from 185 area, mid last year up to a peak of 220+ in May. It has subsequently fallen back to the 180s and below its 200 day average. Was this all in the back of QE? Ive not seen anything else to drive the price down and this was seen as a bit of a bargain on a big discount below 160. I watched the cars flowing into their Leeds car park on my last visit that way and this looks to be approaching value territory.
A ziffing good share and you never know might come into play as the family widens Portfolio pretty sound but being highly geared towards retail would put some pundits off Nothing wrong with investing in the North might buy some
Not much of a price change
Hi is their anyone investing here?