StockMarketWire.com - Regional property investor and car park operator Town Centre Securities said it had sold four retail properties in Scotland and London for a combined £35.2m.

The units sold comprised two Waitrose stores in Milngavie and Glasgow, an Aldi/Home Bargains store in Milngavie and a high street retail store in Chiswick, London.

As at 30 June, the combined assets were valued at £23.2m on a freehold basis and generated annual net rent of £1.23m.

'These disposals represent an acceleration of our strategy to reposition TCS's portfolio; reducing our retail exposure, and enabling a significant reduction in bank debt,' chairman and chief executive Edward Ziff said.

'We have successfully navigated an extremely difficult period as a result of the Covid-19 disruption, and have continued to receive high levels of rent receipts.'

'That said it has become increasingly clear that we need to reset and reinvigorate the business. These disposals represent the beginning of that process.'

'Reducing indebtedness and increasing headroom for growth ensures TCS is better placed to move forward beyond the current period of uncertainty.'




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