TCS portfolio value gains 5%

Town Centre Securities, developer of Piccadilly Basin in Manchester, increased net asset value to £173.5m as of 31 December compared to £163.9m in June 2014.

TCS said in its interim results this morning it was preparing to start marketing 91 flats in a new block designed by Simpson Haugh & Partners in Piccadilly Basin. Consent was granted in September for 11-storey building in Tariff Street.

Rental income from across the group's investment portfolio was £7.9m (2013: £8.9m). The fall was partly due to £17.3m of disposals including Park Row Leeds completed in July 2014. Income from car parks was £3.0m (2013: £2.5m). Property and administrative expenses totalled £4.4m (2013: £4.0m) and net finance costs decreased to £3.4m (2013: £3.9m). The company produced pre-tax profit of £3.4m in the last six months of 2014.

Net assets per share increased to 326p (31 December 2013: 283p). The group has a loan to value ratio of 47% (2013: 50%). The occupancy level is 97%.

Shares in TCS were unchanged at 290p, valuing the company at £154m.