Town Centre Securities delivers 'resilient' performance as it considers 'selective acquisitions'

The group said it had continued to reset the business in the past year with four further property sales, which were "above book value", and two strategic acquisitions. The company said it was looking at selective acquisitions and bringing forward sections of its development pipeline.

Commenting on the results, Chairman and Chief Executive Edward Ziff, said: "It has been another year where we have further strengthened TCS through our disposal programme, the resulting repayment and redeployment of borrowings, and a successful tender offer."

"Our property rental business, car park and hotel operations delivered resilient underlying revenues and earnings against challenging macro-economic conditions, which have led to a further valuation reduction of our property portfolio and impairments to our car park assets.

"However, with low levels of variable interest rate bank debt and reduced loan to value I am confident that we are in a strong position to face up to the challenges that may present themselves. "

"Rising costs, interest rate increases and the ongoing geopolitical conflicts are affecting all stakeholders and we remain committed to supporting them, in particular our dedicated employees.

"We continue to focus on maintaining good landlord-tenant relationships, with open dialogue and collaboration the cornerstones of our approach."

"Having undertaken such a successful disposal programme over the past few years, our attention is now turning to opportunities to selectively acquire assets and invest in our development programme, ever mindful of adding value whilst retaining robust finances."

"Overall, we remain committed to continuing to reset and reinvigorate TCS by delivering on our accelerated four pillar strategy of: actively managing our assets, maximising available capital, investing in our development pipeline and acquiring and improving investment assets to diversify our portfolio."

In a statement to accompany the results Mr Ziff said it was "disappointing that employers, particularly in the public sector, are taking a nonchalant approach to encouraging their employees to return to office working, with the proportion of time spent working from home surely having a negative impact on productivity and morale.

He added: “If city centres are to thrive, they need large numbers of commuters as well as shoppers and tourists.

"In that sense our business is still affected by the ongoing repercussions of the Covid pandemic."

TCS said its resilient trading performance had continued into the second half of 2023, with the ibis Styles Leeds City Centre Arena hotel benefitting from the ongoing popularity of events and staycations.