Town Centre Securities has posted a 7% jump in NAV for the six months to 30 June.
NAV per share at the Leeds-based developer was 288p at the end of the fist half, compared with 269p in H1 2010.
During the same period, underlying pretax profit rose by 8% to £8.2m from £7.6m.
Performance at the firm’s Urban Exchange development in Manchester was bolstered by lettings to Marks & Spencer and Pure Gym. Group occupancy level stood at 96.9%, up from 93.2% in the six months to 30 June 2010.
Some £6.5m was also raised during H1 via the disposal of assets.
Edward Ziff, TCS chief executive, said: “We remain cautious about the economy, however, and are wary of the potential for tenant failures and pressure on rental levels.”
But he added that projects at the Merrion Shopping Centre in Leeds will enhance asset value, and improve company returns.
joanna.bourke@estatesgazette.com
