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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Town Centre | TCSC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 303.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 303.00 |
| Top Posts |
|---|
Posted at 03/8/2022 11:32 by linhur The other problem to TOWN is that the 30 year £100m Debenture maturity in 2031 is hovering into view. This may cause problems in a couple of years on raising funds.As long as Edward Ziff keeps running the business I will be happy. Now the car parks business is being sold £20 mill return on £1mill invested is not a bad return. Ben Ziff (son) will have to find another job. He is more a IT nerd than a property man. Trouble with Town Centre is the dividend is so low as Edward likes to reinvest in new properties. regards Linhur |
Posted at 25/2/2016 17:32 by jonwig Town Centre Securities PLC, the Leeds based property investor and car park operator, announces that its Tradable Instrument Display Mnemonic ("TIDM") will be changed to TOWN (from TCSC) with effect from 0800hrs tomorrow, Friday 26 February 2016.OK, I'll start a new thread then. But why bother? Seems trivial to me. Here it is: |
Posted at 24/2/2016 11:30 by inki jonwigThe £16m net spend appears to be part of the refurbishment incorporating a long term lease with Leeds Council for offices within the Merrion Centre. The 'Centre' has been undergoing a modernising process, hence enabling a fairly consistant occupancy. Leeds has become a vibrant city, and even if everybody considers it expensive, so is any city with the level of infrastructure and variety that exists there. The number of deals that TCSC is undertaking indicates that there should not be stagnation, even if the dividend remains moderate. |
Posted at 24/2/2016 08:34 by jonwig inki - is that the Merrion Centre redevelopment? It adds £5m to net assets, so about £10m to gross, but debt has grown by £6m in the six months. Somewhere in there will be a reconciliation of the numbers.I wonder, as well, whether the old Merrion Centre would have become a depreciating asset without this refurbishment? There's some brilliant modern stuff in Leeds (Land Secs Trinity, etc.) and they need to keep up. Is the "Northern Powerhouse" an idle Tory dream? Even if it is, Leeds and Manchester will surely take space from London, which everybody agrees (except rich Arabs, maybe) is obscenely expensive. I see they're continuing their pleasant habit of hanging on to the dividend payment for as long as possible! (3 months.) |
Posted at 05/4/2015 22:32 by jeff h LEEDS based property investment fund Town Centre Securities [LON:TCSC] has expanded its portfolio and secured key tenants making its shares a good long term investment.The company said last week that it spent £4.48m on new warehouses with secured tenants that provide a net initial yield of 7.25pc. In a low interest environment that kind of return is attractive. The company has also recently renewed a contract until 2040 with its anchor tenant Morrisons’ at its biggest property holding the Merrion Centre in Leeds city centre. Morrisons’ will be investing to refurbish and expand the existing store on the the site. The early refurbishment works have also started on Merrion House after Leeds City Council signed a 25 year lease for office space. Pre-tax profits increased to £13.3m for the six months ended December 31, from £12.3m in the comparable period. The net assets per share increased to 326p at the end of last year, leaving the shares trading at a 6pc discount. Town Centre Securities property portfolio is split, with 58pc in Leeds, 24pc in Glasgow and Edinburgh, and 16pc in Manchester. The company also has a small presence in London. The company offers a prospective dividend yield of 3.4pc. Questor recommended buying the shares (232.5p, February 13, 2013) and they have risen 32pc since then, the advice remains. Buy. |
Posted at 28/2/2015 12:09 by jonwig IC reiterates its BUY on TCSC this week.It quotes: Analysts at Oriel Securities are forecasting adjusted net assets per share of 342p by the end of June (from 308p in 2014). So what are "adjusted net assets"? Plain NAV was 326p at end-Dec and triple-NAV was 305p. Anyway, a 12% uplift over the next half year on whatever measure would be welcome. |
Posted at 24/2/2015 07:39 by jonwig Interim results:They're a busy lot, with developments and disposals. Particularly expansion of the car parks division. Opening a London office in Duke Street (posh - Mayfair). Share price will love all this, though it's already risen well in recent weeks. But are they getting rather over-confident, brazen even? |
Posted at 20/9/2014 10:02 by jonwig Good points, josephrobert.The family control is probably a bigger factor than I had believed: it certainly makes for poor liquidity and a wide spread, most of the time. As you say, there's no great institutional interest and as far as I know no broker coverage. I'm also wondering why TCSC chose to convert to a REIT. For example, a close company can't be a REIT, but TCSC must be pretty near to being one. Also there's a limit to how much non-rental business it can undertake, but here there's car parks, commercial development and a housebuilding scheme (Apperley Bridge). I think the total of non-REIT business can't exceed 25% of total assets. Incidentally, dividends tend to be a mixture of PID and non-PID to reflect this but they don't seem to have said how this applies to the current final. Having said all that, I still think the discount is too wide - but being a holder I would say so! |
Posted at 19/9/2014 20:03 by josephrobert As far as I know these real estate companies can be assessed on a small number of metrics such as:Company discount or premium to NAV relative to industry NAV Growth Debt structure and affordability Cash available for income payment TCSC has: 25% discount to NAV 15% NAV growth 4.4% WACC Covered dividend In other words: Large discount to NAV when Real Estate IT's are 5%+ premium to NAV NAV growing faster than the IPD index - minimal'over valued' London too Low cost of debt Covered dividend which isn't as common as many would think in this sector On the other side of the coin is that the poor liquidity stops wealth managers and the like from adding it to their communal buy lists. There's relatively too much debt and needs to be reduced before the beginning of the end of the UK property sector cycle, fine now though imo with strong NAV growth. The controlling interest doesn't help either. These factors are why it is so cheap imo. |
Posted at 17/9/2014 07:35 by jonwig Final results out on timme:NAV of 308p against share price of 230p. Must be one of the few propcos sitting at a discount. High gearing might be a factor, but most of the debt is a 2031 debenture. They talk about increasing cash returns to shareholders but only maintain the dividend. I suppose expanding the car parks division might be part of the reason, plus debt renegotiation next year. Scotland gets a mention: 'No' might send it back to 260p or so? |
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