Town Centre Securities sells car park stake

PROPERTY group Town Centre Securities has sold its stake in a major car park as it looks to raise funds for further developments.

The Leeds-based company sold the 50% stake in QT Partnerships for £8.7m to Q-Park which already owns the remainder of the shares in the company.

QT was formed as a joint venture between TCS and Q-Park in 2006 and its sole business is the ownership of the 678 space multi-storey car park at Sheffield Railway Station.

QT Partnership has been a successful investment for TCS and Q-Park, however the board said that the sale represented a good opportunity for TCS to realise funds and add to its cash resources “mindful of future opportunities which should present themselves as the property development and investment markets begin to stabilise.”

Cash from the sale will go towards reducing the group’s debt.

Chief executive Edward Ziff Chairman said: “The proceeds of this disposal, together with our robust financing arrangements, strengthen our ability to move forward with our development projects and provide firepower to acquire new assets for investment and development when the time is right.”