(Alliance News) - Town Centre Securities PLC said Wednesday like-for-like passing rent declined over the first half of its financial year amid two significant redevelopment projects, as it continues to reposition its portfolio.
For the six months to the end of December, like-for-like passing rent dropped by 2.8%, compared to 2.6% in growth for the year ended June 2019.
This latest figure including the property investor's redevelopment of Mingavie and The Cube in Leeds. Excluding these, like-for-like passing rent grew by 0.4%.
Overall occupancy increased to 96.7% as at December 31 from 95.8% at June 30.
In the six months, Town Centre Securities completed or renewed 42 new leases, and within its portfolio there was one administration relating to a leisure unit in Leeds, but no new company voluntary arrangements.
"Once again our diversified regional portfolio and high quality tenant mix have ensured a stable and secure first six months of the year. Underlying rent continues to grow, with reductions largely being planned, strategic and for long term gain," said Chair & Chief Executive Edward Ziff.
"We remain confident about our future direction, highlighted by our continued investment in our existing properties and progress in our development pipeline. We continue to explore opportunities to dispose of further retail assets, but will only do so for the right deal," Ziff added.
Shares in Town Centre Securities, which is based in Leeds, were down 0.9% at 220.06 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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