TCS talks resilience as rent collections recover

Property investor, developer and car park operator, Town Centre Securities has said that it has collected 80% of the rent and service charges it has billed for the latest Quarter which was payable on 25 March and 1 April and that it has agreed to defer payment of a further 12%.

In a trading update it noted that with the gradual easing of lockdown it was “seeing collection levels improving on a quarter by quarter basis” and that it expects this trend to continue.

The Leeds-based firm also noted that on 7 April it both exchanged and completed on the sale of its property interests at Thorntons Chambers Leeds, bringing the total value of asset sales to £45.3m.

Edward Ziff, chairman and chief executive said: “I am pleased to report that rent collection has continued at a strong level, with the current quarter’s rent showing the highest level of recovery, when you include amounts agreed to be deferred, during the entire Covid-19 period. This demonstrates the resilience of our continuing portfolio reflecting its quality, uniqueness and diversified nature and our collaborative, longstanding and strong relationships with our tenants.

“We will continue to make further disposals of non-core assets, providing both additional security and the ability to reinvest in the long-term growth opportunities in our development pipeline, whilst furthering our programme of reset and reinvigoration.”