Interim Management Statement
November 18 2010 - 2:00AM
UK Regulatory
TIDMTCSC
RNS Number : 3783W
Town Centre Securities PLC
18 November 2010
18 November 2010
TOWN CENTRE SECURITIES PLC
("TCS" or "The Company")
Interim
Management Statement
Town Centre Securities PLC, the Leeds based property investment and
development company, announces its Interim Management Statement covering the
period from 1 July to 17 November 2010 ("the period").
Overview
We have continued to progress our strategic objectives during the period. We
have focussed principally on managing our investment portfolio in a market that
remains reasonably stable. We continue to benefit from a broad spread of
tenants and our focus on the value for money retail sector.
Asset management
The successful letting of 55,000 sq ft of retail space at Urban Exchange in
Piccadilly Basin, Manchester to Go Outdoors in October was the highlight of the
period. We expect that this will encourage a further take up of the remaining
vacant space next year. Overall, following this letting, we have reduced the
level of voids which now stands at 4.7% (30 June 2010: 6.8%). Rent collection
has been very strong and 99% of the rent due at September 2010 quarter days was
collected within seven days of the due dates.
Financial performance
Our performance continues to meet our expectations with the achievement of the
anticipated savings in administrative expenses and lower interest costs.
At
1 November 2010, the Company had net debt of GBP141.9m (30 June 2010: GBP141.3m)
comprising GBP106.0m of 5.375% debenture stock repayable in 2031, and GBP35.3m
of bank loans at floating interest rates. TCS continues to operate well within
its available facilities and covenants, providing headroom to make asset
purchases and further develop our existing portfolio.
Acquisitions and Disposals
The only changes to our property portfolio during the period were the sales of
two small properties in Kings Lynn and Bradford for net proceeds of GBP1.4m as
previously reported.
Car Parking
As expected our performance is at a similar level to last year. The Merrion
Centre Multi-Storey Car Park has performed in line with our expectations since
we took over management on 1 July 2010. We continue to seek new car park
opportunities, both to own and manage.
Edward Ziff, Chairman and Chief Executive, commenting, said:
"I am very pleased with the start we have made to this financial year. The
market remains stable and we have been able to concentrate our efforts on
working with new and existing tenants to underpin the strength and resilience of
the business. We continue also to develop our plans to increase our return from
our existing assets."
For further information, please contact:
+------------------------------------------+----------------------------+
| Town Centre Securities PLC | www.tcs-plc.co.uk |
+------------------------------------------+----------------------------+
| | |
+------------------------------------------+----------------------------+
| Edward Ziff, Chairman and Chief | 0113 222 1234 |
| Executive | |
+------------------------------------------+----------------------------+
| | |
+------------------------------------------+----------------------------+
| Chris Kelly, Finance Director | |
+------------------------------------------+----------------------------+
| | |
+------------------------------------------+----------------------------+
| MHP Communications | |
+------------------------------------------+----------------------------+
| | |
+------------------------------------------+----------------------------+
| Reg Hoare / Vicky Watkins | 020 3128 8100 |
| | |
+------------------------------------------+----------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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