Town Centre Securities’ chairman and chief executive Edward Ziff has told EG that if the Conservative Party “had a brain”, it would invest in the North following its newly acquired stronghold in some constituencies.
Following a landslide General Election victory, in which the Tories secured an 80-seat majority and gained significant footholds in the North of England, Ziff said the government must seek to pump money into some new constituency gains to keep voters happy.
“If the Conservative Party has a brain, they will recognise the fact that there are some constituencies that they have never won before, and if they are going to stay in power, they need to keep some of these constituencies happy,” he said. “You would hope that would be in the form of investment.”
Although the market will dictate a lot of these investment opportunities, Ziff said the government must play a part in investing in, and improving, the areas they are in. “If nothing else, that’s one thing that they really must focus on,” said Ziff.
Ziff’s comments were made after TCS updated the market on its H2 performance for the year ending 31 December.
The company’s portfolio value dipped by 1.2%, largely dented by a 7% fall in valuation for its retail and leisure properties, which represent 15% of the business.
TCS remained optimistic about the valuation slip, stating that this was “despite the continued pressure on retail valuations generally in the marketplace”.
Valuations for its out-of-town retail properties (10% of the portfolio) also fell, by 2.7%, while the equivalent for offices (20%) fell by 1.2%.
However, values for its hotels, distribution, mixed-use and residential properties increased.
Net assets per share were down 3.2% since 30 June last year at 343p, compared to 361p in 2018. However, adjusted EPRA earnings before tax increased to £4.4m, up from £3.7m in H2 last year.
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