Town Centre Regulatory News (TOWN)

4 Dec 2007 09:17

Town Centre Securities PLC04 December 2007 The following amendment has been made to RNS No. 0687J released today at 7.00am. The Chairman's comments have been amended. For immediate release 4th December 2007 Town Centre Securities PLC ("the company") £29.9m disposal Town Centre Securities PLC, the Leeds based property investment and developmentcompany, announces the sale of retail properties at The Malthouse and FishertonStreet in Salisbury along with development property in West Yorkshire to JSainsbury Plc for £29.9m before disposal costs, representing a 5.2% yield. The Maltings retail scheme comprises a 45,000 sq ft Sainsbury's supermarkettogether with a fully let shopping precinct consisting of 26 retail units,public house, residential apartments and car park. 30-34 Fisherton Streetconsists of two retail units of 21,000 sq ft. The properties provide totalrental income in excess of £1.5m. Edward Ziff, Chairman and Chief Executive of Town Centre Securities PLCcomments: "At a time of major uncertainty with respect to property values, we are pleasedto have realised excellent value for this sale. The proceeds add to ourfirepower as and when we see good opportunities to add to our portfolio,particularly if, as we expect, the issues in property and financial marketsresult in distressed vendors having to sell property at lower prices." "The price achieved will create a profit in the year in excess of £4m andresults in a gain on historic cost of almost £15m, which as a result of our REITstatus will be free of taxation." For further information, please contact: Town Centre Securities plc www.tcs-plc.comEdward Ziff, Chief Executive 0113 222 1234Karen Prior, Finance Director SmithfieldReg Hoare 020 7360 4900 This information is provided by RNS The company news service from the London Stock Exchange