Edison Investment Research - Town Centre Securities PLC (TOWN) Town Centre Securities - Positive trading update and innovative refinancing

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Edison Investment Research

Martyn King

Town Centre Securities - Positive trading update and innovative refinancing

Town Centre Securities (TCS) says that FY18 ended positively with overall trading in line with the boardâ€™s expectations. Like-for-like property rental income increased, with a good level of occupancy maintained, and car parking revenues and profits grew further. In addition to refinancing existing bank debt facilities, TCS has also now completed an innovative refinancing of Merrion House in Leeds, which allows it to maintain its joint ownership, benefit from rental increases and receive a Â£26.4m cash injection. This will provide additional financial flexibility as TCS continues to invest for growth.

23/07/2018 8 EN

Underlying

Town Centre Securities PLC

Town Centre Securities is a specialist regional property investor. Co. is engaged in property investment, development and trading and the provision of car parking. Co. focuses its portfolio in the primary regional cities of Leeds, Manchester, Glasgow and Edinburgh along with suburban London. Co. operates in two business segments comprising property rental and car park operations.

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GB0003062816 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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Town Centre Securities - Positive trading update and innovative refinancing

LIBERUM: UK Small & Mid Cap Dispatches

LIBERUM: Morning Comment

LIBERUM: Town Centre Securities* - Robust results as sales strengthen balance sheet and reduce LTV ratio

International Public Partnerships - Consistently and responsibly delivering

Portobello SpA - Focus back on the operations

Intralot - Focus on business development in FY24

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