Last checked at 4 Oct 2010 07:00
TOWN CENTRE SECURITIES PLC ("TCS" or "the Company") Portfolio update
Town Centre Securities PLC, the Leeds based property investment and development company, announces that it has entered into an agreement to lease 55,000sq ft of its Urban Exchange property in Piccadilly Basin, Manchester, to Go Outdoors. Go Outdoors are the UK's largest independent and fastest growing retailer of outdoor products. Of the total retail area of Urban Exchange 60% is now let and there are two remaining units on the ground floor.
In a further letting, the company has entered into a 10 year lease of a shop in its Shandwick Place Estate in Edinburgh to Amplifon, the world leader in the distribution and fitting of hearing aid systems.
Edward Ziff, Chairman and Chief Executive of Town Centre Securities said:
'I am delighted by our progress in letting these and other properties in what is a very challenging retail environment. Go Outdoors are a very well established retailer operating in a growth market and I am confident that they, along with existing tenant ALDI, will assist in re-establishing Urban Exchange as a major retail destination.'
'We continue to focus on managing our portfolio and since the year end we have also agreed to dispose of two small properties in Kings Lynn and Bradford for £1.4m. Our portfolio voids are now below 5%, down from 6.8% as at 30th June 2010.'
For further information, please contact:
| Town Centre Securities PLC | www.tcs-plc.com |
| Edward Ziff, Chairman and Chief Executive | 0113 222 1234 |
| Chris Kelly, Finance Director |
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| MHP Communications |
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| Reg Hoare / Vicky Watkins | 0207 357 9477 |