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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Town Centre Securities Plc | TOWN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 4.00 | 3.39% | 122.00 | 16:24:01 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 118.00 | 118.00 | 122.00 | 122.00 | 118.00 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
|---|
Posted at 18/7/2022 16:56 by nickrl Master Investors applauds TOWNs buyback approachhxxps://masterinvest |
Posted at 06/12/2021 20:01 by nickrl little write up in Master Investorhxxps://masterinvest Not sure i share the confidence of Liberum though. |
Posted at 24/10/2021 11:24 by aringadingding Castle, well fair, yes. I can't really see a good reason either. If we go looking for reasons then we will probably find them... Like the fact lots of people left the UK in the pandemic, HS2 / Leeds decisions outstanding, the general attention investors are giving to property given interest rate outlook etc. etc. But really I think there is a lot of randomness in there. Certain factors have combined so that investors have not given this stock much attention, but at some point the opposite could happen, or some trigger could come along. For example a dividend. A dividend of 12p per share would be basically 10% yield on the current price. Property industry is cyclical as per the business cycle and share prices are cyclical on top of that I guess. Have to wait and see - fortune favours the patient. |
Posted at 18/6/2021 10:40 by trepid In theory, share buybacks seem a good thing but they reduce the number of shares in issue. In the case of TOWN, this is the opposite of what is needed to improve liquidity, increase the current low level of trading, and reduce a bid/offer spread so large that it must surely deter potential investors. |
Posted at 21/9/2020 06:28 by spectoacc Some interesting sales, all at or near to book value, which is a plus. However, not sure the headline of selling some "retail" assets really accounts for the fact that the lion's share of the sales was of Waitrose/Aldi/Home Bargains, 3 very strong covenants. But all a positive for the LTV:"Town Centre Securities PLC, the regional property investor and car park operator, today announces that it has sold four retail properties in Scotland and London for a total sum of £35.2m. The units sold comprise of two Waitrose stores in Milngavie and Glasgow; an Aldi/Home Bargains store in Milngavie; and a high street retail store in Chiswick, London. The details of the sales are as follows: Two Waitrose Stores: · Sold as a single lot to Wire Oast Ltd on a freehold basis for £23.2m. Unconditional contracts have been exchanged with a completion date agreed of 8 October 2020 · The stores are located in Milngavie and Glasgow and total 70,000 square feet · As at 30 June 2020, the combined assets were valued at £23.2 million on a freehold basis and generated annual net rent of £1.23 million Aldi/Home Bargains Store: · Sold to Magell Ltd on a freehold basis for £10.66m · The store is located in Milngavie, Scotland, totals 36,500 square feet and is let to Aldi and Home Bargains · Contracts have been exchanged and will complete follow the completion of the sale of the two Waitrose stores · As at 30 June 2020, the property was valued at £10.825 million on a freehold basis and generated annual net rent of £0.5 million Retail property, Chiswick · The sale of this London property took place through an auction process in August. Let to a local florist on the ground floor with residential upper floors, the property sold for £1.4m · As at 30 June 2020 the property was valued at £1.13 million on a freehold basis and generated annual net rent of £0.1 million The proceeds of all sales will initially be used to reduce bank debt and thereby improve LTV. Edward Ziff, Chairman and Chief Executive of TCS, said: "These disposals represent an acceleration of our strategy to reposition TCS's portfolio; reducing our retail exposure, and enabling a significant reduction in bank debt. "We have successfully navigated an extremely difficult period as a result of the COVID-19 disruption, and have continued to receive high levels of rent receipts. That said it has become increasingly clear that we need to reset and reinvigorate the business. These disposals represent the beginning of that process. "Reducing indebtedness and increasing headroom for growth ensures TCS is better placed to move forward beyond the current period of uncertainty." " |
Posted at 25/8/2020 17:53 by speedsgh Property investor and car park operator, Town Centre Securities (TCS) has secured a new tenant at 75 Dale Street, in Manchester’s award-winning Piccadilly Basin.Dental practice Allegra Dental, trading as Your Smile Clinic, has signed a deal on the whole building. Your Smile Clinic will relocate its existing client base to the 1,300 sq ft self-contained, Grade II-listed building on a 15-year lease term and is due to open this October... |
Posted at 26/9/2019 13:37 by speedsgh @Specto - Hehe. I dearly hope that in 50yrs time I will be mere fertiliser for the daisies. If not, I suspect that I will be experiencing a quality of life at a deep discount to that which I would prefer to be experiencing! :-)I like to think of myself as a long term investor but 50yrs is probably beyond even my investment horizon. |
Posted at 26/9/2019 12:41 by speedsgh Whilst acknowledging that they are talking their own book below, I am inclined to agree with their statement below that in the long term the current share price will prove to have been an opportunity. In view of the board and their families' large shareholdings, I also suspect that there is low probability of the "59-year history of maintaining or increasing dividends" not continuing for years to come.-------------------- From the Finals... Creating long-term value for shareholders Our objective has always been to generate value for our shareholders, with a particular emphasis on income and dividend, and we are very proud of our unbroken, 59-year history of maintaining or increasing dividends. A source of frustration in recent times has been the disconnect between our share price and net asset value per share. We firmly believe that our long history of value creation combined with our material development pipeline should present an excellent investment opportunity for investors. £1,000 invested in TCS shares 50 years ago would today be worth circa £580,700 on a total return basis, equivalent to a CAGR of 13.6% per annum (Source: Datastream). Furthermore, again over the last 50 years, the TCS share price has increased in value by an average annual rate of 9.1%, compared to the FTSE All Share at 7.0% (As at 9/8/19) |
Posted at 28/8/2019 21:07 by speedsgh Jonwig - Have kept half an eye on TCSC/TOWN over a number of years but only noticed recently how cheap it has seemingly become. May be a reason for it but suspect it is simply out of favour like most of its sector peers. The current discount to NAV is far wider than it has been in recent years. That is doubtless due in part to the market discounting further NAV reductions in advance. But has this been overdone?Just starting on detailed research so will let you know if I uncover anything of interest. I often like family-run businesses. As an income investor their dividend track record certainly appeals & with the Ziff concert party (wider family & trusts) making up just over 50% of the share register, there's a decent probability that track record will continue. But I am aware that strong family representation on both the board & the share register can be a double-edged sword. Looking forward to getting under the bonnet, so to speak. |
Posted at 06/7/2018 13:57 by jonwig Interesting RNS:Town Centre Securities (TCS), the Leeds based property investor and car park operator, is pleased to announce that it is in detailed discussions with Leeds City Council (LCC) in relation to a re-financing of Merrion House in Leeds. On 6th February 2018, the Company announced practical completion of its Merrion House redevelopment. The 170,000 sq ft, ten-storey building is jointly owned by TCS and LCC in Merrion House Limited Liability Partnership, with LCC occupying the building on a new 25-year lease. The Company is in advanced discussions with LCC with the aim of LCC making a discounted rent advance for the fixed, non RPI, element of the 25-year lease commitment. A further announcement will be made assuming the transaction receives LCC approval to proceed. Comments welcome on the relative advantage to each party. |
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