TCSC.L Share News (TCSC)

Town Centre Securities (TCS), the Leeds-based property investment and development company, said it was on track to meet expectations despite tough conditions on the high street.However, the firm acknowledged the tenant market remained challenging and was closely monitoring tenants' performance.TCS also said it continued to look for opportunities to grow its property portfolio and car parking business, but without success.The firm said its principal achievement in the period to 16th May had been lettings at Urban Exchange in Manchester. Marks & Spencer has entered into an agreement to lease 19,000 sq ft for an outlet store and Pure Gym (a 24 hour gym operator) has entered into an agreement to lease 19,000 sq ft, TCS said.It has only one unit left unoccupied and hopes it will be let before the end of the calendar year.The company said its vacancy rates stood at 2.97%, which was the lowest level in TCS's recent history and had fallen from 4.6% at 31 December 2010.As of 16 May 2011, the company had net debt of £138.9m, down from £144.6m on 31 December 2010.This comprised £106m of 5.375% debenture stock repayable in 2031, and £32.9m of bank loans.TCS chairman,Edward Ziff, said the performance demonstrated the firm's strong asset management capabilities and the importance of retaining a focus on the value for money retail sector.---mm