Town Centre Securities is looking forward to “normal life resuming” after a “challenging year”.
Edward Ziff’s property and car parking firm announced a loss for the year to June 2021 of £600,000, after suffering a £6.2m hit to income from Covid-19.
Over the year it sold £48m of assets and reduced debt by 21% to £146m, giving it a loan-to-value ratio of 51.3%. Net assets were up by 0.2% on the previous year to £155.4m, or 292p per share.
Chair and chief executive Ziff said the promise lay in its £600m development pipeline, including its latest PRS development in Manchester, Elder House, which has passed its final planning hurdle.
Ziff added that TCS was continuing to reposition the business. “This includes reducing our debt, completing refurbishment projects and continuing to reduce the proportion of retail and leisure assets in our portfolio through a substantial disposal programme,” he said.
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