Portfolio value edges up at listed property investor and developer

Edward Ziff
X The Business Desk

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Leeds-headquartered property investment and car park operator, Town Centre Securities, says its collected and deferred rent receipts for the current quarter are 99% of the total due – back to pre-pandemic levels.

In an update issued today, TCS also says the external valuation of its property portfolio as of 30 June 2021 has been completed, and on a like-for-like basis has shown a marginal increase of 0.3% over the 30 June 2020 valuation.

Since 25 March 2020, of the £41.2m cumulative rent and service charge payments that have fallen due and subsequently billed, TCS has collected £38.1m and agreed to defer a further £0.4m, totalling £38.5m.

Of the £2.7m balance remaining, the business has agreed to concessions totalling over £2.1m of this outstanding amount which will not be collected, mostly in return for an improvement in the terms or length of leases

TCS says it continues to work with the respective tenants on the balance of £0.6m.

Edward Ziff, chairman and chief executive of the business, said: “I am pleased to report the modest increase, on a like-for-like basis, of the valuation of our property portfolio again underlines its quality, uniqueness and diversified nature.

“Rent collection is a key element of this and in the last quarter it returned to pre-pandemic levels, whilst the amounts outstanding with no agreement with tenants for the entire COVID -19 period has significantly reduced.

“This is testament to our collaborative, longstanding and strong relationships with our tenants.”

“Alongside the property portfolio, our hotel and car park businesses are both showing strong recoveries and I am looking forward to seeing this continue in the current financial year.”

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

The company adds that it intends to announce its results for the year ended 30 June 2021 on 24 November 2021.

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