Town Centre Securities


£113.2m market cap

213p last close

Town Centre Securities is a UK REIT focused primarily on Leeds, Manchester, Scotland and (mainly suburban) London. It also has a car parking operation (CitiPark). The investment portfolio is intensively managed for income and capital growth.

Investment summary

H119 saw continued progress with unlocking value from the development pipeline, which is particularly focused on offices and residential assets. A challenging retail environment was well managed, occupancy increased, and car parking profits grew. Excluding some short-term factors, EPRA earnings were robust and the DPS well covered, but NAV was negatively affected by weak investor sentiment, particularly for retail assets.

Y/E Jun
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 19.4 N/A 7.0 13.2 16.1 8.4
2018A 19.3 N/A 6.9 13.0 16.4 6.2
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Last updated on 22/03/2019
Industry outlook

The supply demand balance for regional office and industrial property remains generally firm, and a positive yield spread between the regions and London offers potential for further narrowing. Parts of the retail sector are displaying clear signs of stress.

Last updated on 22/03/2019
Share price graph
Balance sheet
Forecast net debt (£m) 180.9
Forecast gearing ratio (%) 89
Price performance
Actual (1.8) 2.4 (23.4)
Relative* (2.0) (4.7) (25.2)
52-week high/low 296.0p/204.0p
*% relative to local index
Key management
Edward Ziff Chairman & Chief Executive
Mark Dilley Finance Director