Listed property investor completes £35m sales

Edward Ziff

Town Centre Securities has announced the sale for four retail properties for a total sum of £35.2m.

The Leeds-based property investor and car park operator has agreed the sale of four assets in Scotland and London as it looks to reduce bank debt and accelerate its portfolio repositioning to reduce retail exposure.

The first deal sees two Waitrose stores one in Milngraive and one in Glasgow , totalling 70,000 sq ft which generate an annual rental income of £1.23m, sold as a single lot to Wire Oast for £23.2m. The deal will complete on 8 October.

Also in Milngraive, the business has also sold a 36,500 sq ft unit to Magell Ltd for £10.66m. The unit which is currently let to Aldi and Home Bargains generates an annual rent of £0.5m, with the deal expected to complete following the sales of the Waitrose units.

Finally the listed developer has also sold a high street unit in Chiswick which includes ground floor retail and residential upper floors via auction. The unit which is currently occupied by a florist generates an income of £0.1m and sold for £1.4m.

Edward Ziff, chairman and chief executive of TCS, said: “These disposals represent an acceleration of our strategy to reposition TCS’s portfolio; reducing our retail exposure, and enabling a significant reduction in bank debt.

“We have successfully navigated an extremely difficult period as a result of the COVID-19 disruption, and have continued to receive high levels of rent receipts. That said it has become increasingly clear that we need to reset and reinvigorate the business. These disposals represent the beginning of that process.

“Reducing indebtedness and increasing headroom for growth ensures TCS is better placed to move forward beyond the current period of uncertainty.”