16th May 2014 09:35
LONDON (Alliance News) - Leeds-based shopping-centre investors Town Centre Securities PLC Friday said occupancy across its portfolio has fallen marginally since December, despite making progress in its core cities of Leeds, Manchester, Edinburgh and Glasgow.
The company, which also operates in the car park space, said its portfolio is currently 97.2% occupied, down from 97.6% at the end of December, which was the end of its first half.
However, the firm signed a number of lettings at the Merrion Centre, its shopping complex in Leeds, so far in 2014. Town Centre Securities said there are only two units available at the site.
During the period, the firm also started the refurbishment of the Merrion Centre's multi-storey car park. This is due to be completed before Christmas this year.
Town Centres Securities said it has recently made property disposals of around GBP10 million in Scotland. It will use the proceeds to pay down debt although it is seeking to re-invest where it sees "growth potential".
"Town Centre Securities is well placed to take advantage of the early signs of economic improvement," Chief Executive Edward Ziff said in a statement. "Our activity levels are high in our property management and development and we are now starting the expansion of the car park business."
Town Centre Securities shares were quoted down 1.0% at 245.04 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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