Town Centre Securities (TOWN)

Sector:

Property Investment Trusts

Index:

FTSE Fledgling

87.00p
   
  • Change Today:
    -0.50p
  • 52 Week High: 232.00p
  • 52 Week Low: 81.50p
  • Currency: UK Pounds
  • Shares Issued: 53.07m
  • Volume: 20,423
  • Market Cap: £46.17m

Town Centre Securities to buy The Cube in Leeds for £12m

By Michele Maatouk

Date: Tuesday 28 Aug 2018

LONDON (ShareCast) - (Sharecast News) - Town Centre Securities has exchanged contracts with Aviva for the acquisition of The Cube in Leeds for £12m.
The property investment, development and car parking company said on Tuesday that the purchase will be funded from its existing cash resources and planned disposals.

Located opposite the Merrion Centre, TCS's largest asset, The Cube is a refurbished and extended former 1960s office building, comprising of 22,000 sqft of ground floor leisure units with leases to Hard Rock Cafe and Mecca Bingo, together with 50,000 sqft of offices over three floors let to Capita and the government.

It also includes the freehold for 84 apartments which are leased to Persimmon Homes at a peppercorn rent.

The purchase price represents an initial yield of over 12.5% on the passing income. With lease expiries in 2019 and 2020, the yield will reduce to around 9%, which TCS said is "a strong and sustainable return for a city-centre asset".

Chairman and chief executive Edward Ziff said: "The Cube represents a strategic acquisition for TCS, as we further expand our ownership in Leeds, with its proximity to the Merrion and other key destinations in the City Centre. It will provide us with asset management opportunities and importantly the additional income will help mitigate the effect of further asset sales that we plan from our portfolio.

"This transaction demonstrates our ambitious growth plans, and the momentum that we are building with both our exciting development pipeline and strategic acquisitions such as The Cube and Ducie House, in our Piccadilly Basin development."

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TOWN Market Data

Currency UK Pounds
Share Price 87.00p
Change Today -0.50p
% Change -0.57 %
52 Week High 232.00p
52 Week Low 81.50p
Volume 20,423
Shares Issued 53.07m
Market Cap £46.17m

TOWN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
57.81% above the market average57.81% above the market average57.81% above the market average57.81% above the market average57.81% above the market average
22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average
Price Trend
89.6% below the market average89.6% below the market average89.6% below the market average89.6% below the market average89.6% below the market average
94.74% below the sector average94.74% below the sector average94.74% below the sector average94.74% below the sector average94.74% below the sector average
Income
27.57% above the market average27.57% above the market average27.57% above the market average27.57% above the market average27.57% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average
Growth
74.76% below the market average74.76% below the market average74.76% below the market average74.76% below the market average74.76% below the market average
88.89% below the sector average88.89% below the sector average88.89% below the sector average88.89% below the sector average88.89% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

TOWN Dividends

  Latest Previous
  Final Interim
Ex-Div 03-Dec-20 28-May-20
Paid 05-Jan-21 26-Jun-20
Amount 1.75p 3.25p

Trades for 23-Oct-2020

Time Volume / Share Price
15:28 1,590 @ 85.66p
13:51 5,621 @ 88.34p

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