The Leeds-based firm said like-for-like portfolio valuation was up 2.4 per cent from June 2021. It reported statutory pre-tax profit of £10.5m, up from a loss of £3.5m the previous year, although that year was impacted by the Covid pandemic.
Edward Ziff, chairman and chief executive at TCS, said: “We have seen a good recovery across all three segments of the business in the past six months with good momentum continuing into the early part of 2022. We also believe today’s results evidence the success of our new strategic direction, to reset and reinvigorate the business for the future.”
“Our level of rent receipts has been resilient throughout the Covid-19 period, and has now recovered back to pre-pandemic levels, an indicator of the diversified strength of our property portfolio, combined with the relative strength of, and our long-term relationships with, our tenants.”
“Our shareholder returns initiatives have been bolstered by continuing property sales, and by our confidence in the potential of, and progress within, our £600m development pipeline.”
“Over the coming months the effect the Ukraine conflict will have on the wider economy will hopefully become clearer. The impact of inflationary pressures on our business will include changes to consumer spending, increased property and other expenses, increased construction costs and rent affordability for tenants.”
“Notwithstanding the macro-economic and geopolitical environment, we remain committed to 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.”
The proportion of retail and leisure assets in the portfolio has reduced to 30 per cent from 40 per cent in June 2020, and down from 60 per cent in 2016, following the sale of over £80m of assets since March 2020.
Pure retail now represents only 22 per cent of the Leeds-based firm’s total portfolio of which 53 per cent is in the resilient Merrion Estate. It has disposed of all of its retail interest in Harrogate.
TCS has submitted plans to Leeds City Council for Whitehall Riverside - a development comprising 215,000 sq ft of grade A office space across two buildings, a 478 space CitiPark multi-storey car park and travel hub, and a 108 key aparthotel.
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