Portfolio Activity Update

RNS Number : 7608I

Town Centre Securities PLC

30 March 2015

 

30 March 2015

TOWN CENTRE SECURITIES PLC

('The Company' or 'TCS')

STRONG PROGRESS WITH MERRION CENTRE SCHEMES

LEEDS BUSINESS PARK ACQUISITIONS

Town Centre Securities PLC, the Leeds based property investor and car park operator, today announces strong progress with various schemes at the Merrion Centre, Leeds, together with the acquisition of three industrial warehouse units at a Leeds business park.

Waterside Business Park

TCS has acquired the freehold interest in Units 2, 3 and 6 Waterside Business Park, a multi-let industrial estate in Stourton, Leeds from clients of CBRE Investors. The three units were purchased for a total of £4.48 million, reflecting a net initial yield of 7.25%.  Tenants include SW Group Logistics limited, European Stock Solutions Limited and Daniels Chilled Foods Ltd.

The units are detached industrial warehouse buildings totalling 77,400 square foot, located on a high quality, multi-let industrial estate strategically located in the prime industrial and distribution area of Leeds with excellent access to the national motorway network.

Merrion House

Following Leeds City Council's agreement of a 25 year lease for circa 170,000 square foot of new space, the Company has now contracted pre-construction services at Merrion House, the initial stage of works ahead of its complete refurbishment and extension. Upon completion, Merrion House will become one of Leeds City Council's key buildings, creating a central base for all of its main services.

Merrion Centre Morrisons

Following the recent renewal of anchor tenant Morrisons' existing supermarket lease until 2040, the tenant has also announced a transformation and expansion plan that increases the size of the site by 10,000 square foot, absorbing the former Peacocks unit next door. This multi-million pound investment will allow a change of layout and add a number of brand new ranges.  Work is expected to begin immediately and is scheduled to be completed by late summer this year.

Edward Ziff, Chairman and Chief Executive, commented:

"We are delighted to have acquired three high quality units at Waterside Business Park. This acquisition, our first in the industrial sector for a number of years, is a logical and complementary diversification of our existing portfolio. The site is in a strategic position, let to high quality tenants with excellent access to key routes.

"Following our new 25 year lease agreement secured last year with Leeds City Council, we are making strong headway with our refurbishment and extension plans at Merrion House with pre-construction services currently underway.

"We have also been working closely with Morrisons on its lease renewal and expansion plans at the Merrion Centre.  I am delighted that they have chosen to invest in the store which will benefit shoppers and complement our continuing investment in the Merrion Centre."

-Ends-

For further information, please contact:

Town Centre Securities PLC                                                                                                        www.tcs-plc.com

Edward Ziff, Chairman and Chief Executive                                                                         0113 222 1234

Duncan Syers, Finance Director

MHP Communications 

Reg Hoare / Adam Leviton / Gina Bell                                                                                    020 3128 8100

 

END

 

 

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