Town Centre Securities Share Discussion Threads

[jonwig] 22/1/2018 07:36

Trading update - looks as though things are going to plan:



H1 results on 26 Feb.

looks interesting. Judging by the set of accounts published last year, they were in dire need of funding which they seem to have secured.

[manrobert] 18/12/2017 09:02

jonwig.you are quite correct.the buy price at Friday close was 273 and with no trades this morning you cant buy below 281.5

[jonwig] 18/12/2017 07:17

manrobert - yes, strange price swings are common with this company.

Whatever the share price, they are pushing ahead with development in Leeds. Partnership with the Council will help. They say they are "working with aparthotel operators", which seems a bit ambiguous - develop then sell, or sell and develop?

[manrobert] 17/12/2017 13:36

veryse nsible.think present price is very attractive and may buy more next week.

[peter27] 17/12/2017 13:22

4% yield - increasing dividend = long term hold. I ignore any price moves which are not news based.

[manrobert] 17/12/2017 12:03

fairly light trading but only about 20% in private hands and low free float.dont see any concerns with trading.

[retsius] 17/12/2017 10:44

Wtf happened to share price? Any info guys?

[manrobert] 08/12/2017 08:14

i find it often does with this share.

[jonwig] 07/12/2017 11:42

xd 8.25 today. Has the market forgotten?

[jonwig] 30/11/2017 06:36

1pvh - no, it was about three years ago that I went - just the once. It was uneventful.

[1pvh] 29/11/2017 23:18

Just wondered if anyone on here went to today's AGM?

[jonwig] 18/10/2017 18:20

inki - yes, he's been keen for a while (starting from a much lower price than this).

[inki] 18/10/2017 15:27

This company is constantly being tipped by Simon Thompson in the Investors Chronicle (online again this week)summarised as a Medium Term buy.

[jonwig] 26/9/2017 06:59

The video from the ED event is now on the home page of:

[jonwig] 13/9/2017 07:21

FY results:



Discount to net assets seems to be a permanent feature (18% at present). Developing rather than renting tends to cause this, plus their high headline debt (though most of that won't cause concern for 13 more years).

Increase in dividend welcome - yield nearly 4%.

Car parks still a tiny part of the business, but a growing one. Good to see electric charging points on their premises.

Strong hold, I think.

EDIT: Liberum target price 340p.

[edmonda] 04/9/2017 14:10

if anyone in/near London wants to meet the FD, Mark is presenting their FY results at the next Equity Dev Private Investor Forum. Evening of Wed, Sept 20 at MHP / free to attend, register here:

[jonwig] 07/8/2017 06:41

One of last week's tips in IC. No startling new insights, and it hasn't appeared on the web version yet.

[jonwig] 24/7/2017 12:23

ST in IC has an update. Subscriber only, but here are a couple of snippets:

...Town Centre signalled a move into the private rented sector by retaining ownership of the residential development at Piccadilly Basin, Manchester, where it is on site with a 91-unit development, and has been giving planning permission for a further 126 units as part of a framework agreement that could see 850 units worth £250m being developed....

... On a 20 per cent discount to forward NAV, against a sector average discount of 11 per cent, and offering a prospective dividend yield of 4.1 per cent, I rate the shares a buy.

I think it's worth flagging the PRS development, a popular invetsment for institutions at present.

[1pvh] 20/7/2017 10:32

Yes, agree, car parks are a fantastic complimentary part of the business. I believe they used to operate them many years ago before selling them on. I've parked in the Merrion Centre car park that TC operate and it's 5star if there is such a thing for car parks!!

[jonwig] 20/7/2017 08:51

1pvh - thanks: duly corrected.

Agree with your analysis. Also, I'm surprised car parks don't figure in more propco portfolios, as they're steady cash generators. If you go to Royal Armouries by car (how else?) you're tied into their exclusive rights.

[1pvh] 20/7/2017 08:43

Hi Jonwig. It's 357 a share not 257 as I'm sure you are well aware. Cracking company who have increased or maintained the divi over 50 years. Have looked at some of TOWNs properties in Leeds and Manchester and can see plenty of upside with the development opportunities. Bought more recently and have had them in the portfolios for many years. Steady core holding

[jonwig] 19/7/2017 11:42

Looking at the amount of development work going on, it could well be lower than 2016's 357.1p. It's not your typical REIT, but if you know Leeds and Manchester you'll see the comparative advantages to London and SE. House broker's target price is 340p.

EDIT: 2016 NAV corrected.

[winsome] 19/7/2017 08:55

Hi jonwig,

Any idea what projected NAV will be? I'm a fan of solid property portfolios such as Assura, PHP, Real Estate Investors. Thinking of adding this or Civitas to my portfolio.

[jonwig] 19/7/2017 07:14

Very positive trading statement for the year. Full results on 13 Sept.



The share price has been range-bound for about 8 months. Would be good to see 300p broken.