Town Centre Securities chief says firm has been ‘reset’

The boss of Town Centre Securities has said the company has been “reset” and is in “a strong position in these uncertain times”, ready to focus on its development pipeline. The investor, which owns properties and car parks in Leeds, Manchester, Scotland and London, now has a portfolio split between retail and leisure at 30%, offices at 29%, car parks at 16%, residential at 13%, development projects at 8% and hotels at 4%. Over the year to 30 June the company posted a loss of £8m, narrowed from £29.5m a year ago. Net assets of £119.6m fell from £141.1m, with a 4.7% drop in the portfolio valuation. Chief executive Edward Ziff said: “We have benefitted from the last three years’ disposal and asset management programmes and reduction in borrowings, which positioned us well to contend with the ongoing macro-economic challenges… “Our attention is now focusing on investing in our development programme over the coming years. However we remain ever mindful that taking advantage of potentially accretive opportunities needs to be balanced against retaining robust finances. Overall, the business has now been reset, with a more diverse portfolio of assets, lower levels of gearing and more importantly historically low levels of variable rate borrowings.” The company’s development pipeline is valued at some £400m, and includes plans to add student accommodation to the Merrion Centre in Leeds and the Whitehall Riverside project, also in Leeds.