Town Centre Securities : TCSC – half year report

Town Centre Securities figures for the second half of 2013 show an increase in NAV from 267p to 283p (the triple net asset value rose to 301p from 285p). Occupancy was maintained at 98%. The interim dividend was maintained at 3.1p. Borrowings fell slightly to £158m. TCSC reported progress on lettings at its Merrion Way development in Leeds and is submitting a planning application to redevelop Merrion House. Outline planning consent has ben granted for a 600,000 sq ft mixed used project at Whitehall riverside in Leeds and they have also secured detailed planning consent for a 128 bedroom hotel. Elsewhere the construction contract for a new Waitrose store in Milngavie, Glasgow will soon be agreed ready for a planned opening in spring 2015.

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