Town Centre Securities delivers resilient performance

LEEDS-based Town Centre Securities today said it had shown resilience during the slump in the property sector.

In the year ended June 30, the company's underlying profit was 7.6m, compared to 7.8m the year before.

The investment property portfolio had a valuation of 272.5m, reflecting an 11.2 per cent increase on a like for like basis

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The company said there was "significant headroom for asset purchases" and development within its existing portfolio.

The Merrion Centre in Leeds saw its income grow for the fifth consecutive year and there was significant management activity, with 38 lettings and 31 lease renewals and extensions

Edward Ziff, the chairman and chief executive, said: "This year, in contrast to the previous year, has been much more stable for the property sector and for Town Centre Securities. I am encouraged by the way in which we successfully negotiated the severe downturn and demonstrated the strength and resilience of our business.

"I believe there will be income and investment management opportunities for us to build on our solid foundations in the new financial year although the outlook for rental income and capital growth is relatively flat. I am also hopeful that at the Merrion Centre we can add long term value and growth to what has already proven to be an extremely resilient asset that underpins the quality of our income.

"Most importantly, we manage our portfolio to generate a sustainable and progressive dividend for the benefit of our shareholders and will continue to deliver attractive returns."

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