Last checked at 19 Jul 2012 07:00
19 July 2012
Town Centre Securities PLC
Property Acquisition
Town Centre Securities PLC (the "Company" or "TCS"), the Leeds based property investment and development company, announces that it has acquired 6-7 Park Row, Leeds from a client of AXA Real Estate. The Company paid £7.05m in cash for the property, which it has financed through its existing revolving credit facilities.
The property is leased to Lloyds Bank and was originally built as its regional headquarters, being located in the prime commercial core of Leeds City Centre. The property is leased in its entirety to the bank with just under 4 years left at a passing rental of £630,000 per annum.
Edward Ziff Chairman and Chief Executive of TCS said:
"Although overall we are maintaining a cautious attitude given the economic background, we are prepared to be opportunistic and acquire prime income generating properties in cities where we know the market such as Leeds.
"The acquisition fits our strategy of continuing to prioritise asset management initiatives within our portfolio whilst maintaining income generation at a level that sustains the business and our dividend."
For further information, please contact:
Town Centre Securities PLC: www.tcs-plc.co.uk
Edward Ziff, Chairman and Chief Executive 0113 222 1234
Richard Lewis, Property Director
MHP Communications: 0203 128 8100
Reg Hoare/ Vicky Watkins