Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTown Centre Regulatory News (TOWN)

Share Price Information for Town Centre (TOWN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 140.00
Bid: 131.00
Ask: 140.00
Change: 4.50 (3.32%)
Spread: 9.00 (6.87%)
Open: 140.00
High: 140.00
Low: 140.00
Prev. Close: 135.50
TOWN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Sale of Rochdale Central Retail Park

17 Dec 2018 11:29

RNS Number : 6955K
Town Centre Securities PLC
17 December 2018
 

17 December 2018

Town Centre Securities PLC( 'TCS' or the 'Company')

Sale of Rochdale Central Retail Park

Town Centre Securities PLC, the regional property investor and car park operator, today announces that it has exchanged contracts for the sale of Rochdale Central Retail Park and its adjoining 4.7 acres of land to Rochdale Council for £13.2 million, payable in cash on completion.

As at 30 June 2018 the combined site was valued at £14 million and generated annual net rent of £1.15 million.  

The park totals 70,000 sq ft with current tenants Argos, Halford, Matalan and Poundstretcher all with relatively short leases. Through its prior ownership of the Rochdale Canal Company, TCS has actively managed a number of developments around Central Retail Park. As a result, the park is strongly let at an average of £16.50 per sq ft, although this is ahead of current market rates.

Having reduced our exposure to retail and leisure from 70% to 55% of the portfolio over the past two financial years, this further disposal reduces that exposure to 52% on a pro forma basis. 

The sale is unconditional and is expected to complete on 4 January 2019. The proceeds will initially be used to reduce TCS's indebtedness.

Edward Ziff, Chairman and Chief Executive of TCS, said:

"This disposal is in line with our on-going strategy of repositioning TCS's portfolio; reducing our exposure to mature out-of-town retail, and enabling further diversification of our assets and investment in our development and investment pipeline.

"Despite making significant improvements to the retail park in recent years we identified this asset as having further downside potential. This sale removes that risk whilst at the same time having the benefit of lowering debt and giving further headroom for future investments.

"Our recent sales and purchase activity reflect our strategy of investing in assets that offer the ability to create value and income through intensive asset management. We continue to concentrate our, now smaller, retail portfolio by targeting good value prime assets or supermarket and convenience retail. We see this approach as being key to generating long term growth and taking advantage of the tough retail environment."

ENDS

For further information, please contact:

 

Town Centre Securities PLC www.tcs-plc.co.uk / @TCS PLC

Edward Ziff, Chairman and Chief Executive 0113 222 1234

Mark Dilley, Group Finance Director

 

MHP Communications 020 3128 8572 / 8742

Reg Hoare / Alistair de Kare-Silver tcs@mhpc.com

Notes to Editors:

Town Centre Securities PLC (TCS) is a Leeds, Manchester, Glasgow and London based property investment and car parking operator with assets of over £400m. With more than 50 years' experience, a commitment to sustainable development and a reputation for quality and innovation, TCS create mixed use developments close to transport hubs in major cities across the UK. Their current portfolio delivers an annual income of more than £30m.

For more information visit www.tcs-plc.co.uk

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DISLLFFLFRLDLIT
Date   Source Headline
20th Mar 20247:00 amRNSHalf-year Results
5th Dec 202310:38 amRNSResults of the Tender Offer
4th Dec 20234:39 pmRNSTiming of Tender Offer Results Announcement
1st Dec 20232:49 pmRNSResult of General Meeting
1st Dec 20232:40 pmRNSResult of AGM
8th Nov 202312:55 pmRNSAnnouncement of Tender Offer
18th Oct 20237:00 amRNSFinal Results
14th Apr 202312:49 pmRNSAcquisition of remaining 50% of Belgravia Living
14th Apr 20237:00 amRNSSale of part of Whitehall Riverside, Leeds
28th Mar 20237:00 amRNSChange in notifiable holding by Directors of TCS
9th Mar 20237:00 amRNSHalf-year Results
15th Dec 20227:00 amRNSDirectorate Change
14th Dec 20222:40 pmRNSSale of Port Street car park, Manchester
24th Nov 20227:00 amRNSTransaction in Own Shares
23rd Nov 20227:00 amRNSResults of the AGM
22nd Nov 20227:00 amRNSTransaction in Own Shares
18th Nov 20227:00 amRNSTransaction in Own Shares
17th Nov 20227:00 amRNSTransaction in Own Shares
15th Nov 20227:00 amRNSTransaction in Own Shares
14th Nov 20227:00 amRNSTransaction in Own Shares
11th Nov 20227:00 amRNSTransaction in Own Shares
10th Nov 20227:00 amRNSTransaction in Own Shares
3rd Nov 20227:00 amRNSCommencement of Share Buy-back Programme
14th Oct 20227:00 amRNSFinal Results
10th Aug 202211:59 amRNSResult of Tender Offer
8th Aug 20221:32 pmRNSResult of the General Meeting
15th Jul 20227:00 amRNSAnnouncement of Tender Offer
14th Jul 20227:00 amRNSYear End Trading Update and Sale of Investment
13th Jul 20227:00 amRNSStatement re Press Speculation
23rd Mar 20227:00 amRNSChange in notifiable holding by Directors
16th Mar 20227:00 amRNSHalf year results
14th Feb 20227:00 amRNSTransaction in Own Shares
10th Feb 20227:00 amRNSTransaction in Own Shares
31st Jan 20227:00 amRNSTransaction in Own Shares
27th Jan 20227:00 amRNSTransaction in Own Shares
26th Jan 20227:00 amRNSTransaction in Own Shares
24th Jan 20227:00 amRNSTransaction in Own Shares
21st Jan 20227:00 amRNSTransaction in Own Shares
20th Jan 20227:00 amRNSTransaction in Own Shares
19th Jan 20227:00 amRNSTransaction in Own Shares
18th Jan 20227:00 amRNSTransaction in Own Shares
17th Jan 20227:00 amRNSTransaction in Own Shares
7th Jan 20227:00 amRNSTransaction in Own Shares
6th Jan 20227:00 amRNSCommencement of New Share Buy-back Programme
30th Dec 20219:00 amRNSResults of the AGM
20th Dec 20217:00 amRNSTransaction in Own Shares
13th Dec 20217:00 amRNSTransaction in Own Shares
10th Dec 20217:00 amRNSTransaction in Own Shares
9th Dec 20217:00 amRNSTransaction in Own Shares
1st Dec 202110:44 amRNSReplacement: Final Results

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.