Town Centre Regulatory News (TOWN)

7 Aug 2006 15:23

Town Centre Securities PLC07 August 2006 For immediate release 7th August 2006 Town Centre Securities PLC ("the company") £64.5m disposal Town Centre Securities PLC, the Leeds based property investment and developmentcompany, announces the recent sale of No.1 Whitehall Riverside to New Star AssetManagement for £64.5m before disposal costs. The sale of this 12,032 square metre office building, the development of whichwas completed earlier this year, reflects a sub 5% net initial yield. Thebuilding is 80% let, on 20 year leases, to three tenants. The fully let, passingrent of the building is in the region of £3.24m per annum. Edward Ziff, Chairman and Chief Executive of Town Centre Securities PLCcomments: "We are delighted to have undertaken this stunning new office development and,in turn, capitalised on the current strong demand for offices. It is a tributeto the quality of the development that we achieved three substantial pre-letslong before practical completion. This is, however, only the second phase of ourmasterplan which should see the future development of a further 400,000 sq ft onthe Whitehall Road site." For further information, please contact: Town Centre Securities plc www.tcs-plc.comEdward Ziff, Chief Executive 0113 222 1234John Sutcliffe, Finance Director SmithfieldReg Hoare/Katie Hunt 020 7360 4900 This information is provided by RNS The company news service from the London Stock Exchange