Town Centre Securities upbeat

PROPERTY group Town Centre Securities (TCS) said this morning it is well placed to take advantage of the early signs of economic improvement.

The Leeds-based group owns the Urban Exchange retail outlet on the edge of Manchester city centre and other assets around the Piccadilly Basin.

It said its investment property and car park operations are performing well and in line with the board’s expectations. Portfolio occupancy stood at 97% between July and November.

In an interim management statement the group said: “Our investments in the core cities of Leeds, Manchester, Edinburgh and Glasgow remain well let. At the Merrion Centre, Pure Gym opened the first of our new leisure units in early October and Costa and Cosmo have also taken possession.

“A further two units are in solicitors hands leaving three available to let with significant interest following the opening of the adjacent Arena in July. We have also extended the lease on the bowling alley on Merrion Way for a further 25 years.”

TCS has three term loan facilities, together totalling £90m, with maturity dates in late 2015 and 2016 and a £5m overdraft facility.

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