Town Centre Securities reports 'reassuring' rent collection level in current quarter

Town Centre Securities Plc, the property investment, development and car park operator, has provided an update on rent collections for the current English quarter and an update on previous collections since the beginning of the COVID-19 pandemic.

Collected and deferred rent receipts for the current quarter stand at 86% of the total due, the company said.

TCS billed a total of £5.2m of rent and service charge (including VAT) for the English quarters payable on 25 December 2020 and 1 January 2021.

As of January 18 2021, TCS had successfully collected £3.9m or 76%. A further £0.6m or 10% has been agreed to be deferred. This totals an agreed collection of £4.5m or 86%.

In a statement, the company said: "Collection levels for the latest quarter are consistent with previous quarters’ levels at this stage. We expect the 76% collection levels to rise as we have seen improvement in each successive quarter previously."

Edward Ziff, the chairman and chief executive commented: “We continue to experience a consistent and reassuring level of rent collection, despite the ongoing level of disruption as a result of COVID-19.

"We firmly believe this reflects the quality, uniqueness and diversified nature of our portfolio and our collaborative, longstanding and strong relationships with our tenants.

"Once restrictions lift, particularly following the disposals made at the start of this financial year, the business is in a strong position to continue its programme of reset and reinvigoration.”