Town Centre Securities closes Rochdale deal

The deal includes its adjoining 4.7 acres of land and amounts to £13.2 million, payable in cash on completion.

The park totals 70,000 sq ft with current tenants Argos, Halford, Matalan and Poundstretcher.

The sale is unconditional and is expected to complete on January 4. The proceeds will initially be used to reduce TCS’s indebtedness, the firm said.

Edward Ziff, chairman and chief executive of TCS, said: “This disposal is in line with our on-going strategy of repositioning TCS’s portfolio; reducing our exposure to mature out-of-town retail, and enabling further diversification of our assets and investment in our development and investment pipeline.

“Despite making significant improvements to the retail park in recent years we identified this asset as having further downside potential.”