Merrion House in Leeds
The property investor and car park operator was boosted by the completion of the ibis Styles and Premier Inn hotels in Leeds.
Leeds-headquartered Town Centre Securities reported pre-tax profits of £12.4m for the six months ended 31 Dec, a £9.8m increase when compared to the same period the previous year.
The group’s portfolio value also increased by 2.4% during the period, with like-for-like passing rent rising by 2.2%.
TCS was also boosted by the completion of the ibis Styles and Premier Inn hotels in Leeds during the year and a strong performance by CitiPark.
Edward Ziff, chairman and CEO of TCS, said: “We are very pleased with the results for the first half of the year, with an increase in the value of our portfolio driving an improved statutory profit.
“To have maintained EPRA profitability close to last year’s levels, despite a significant level of strategic disposals and continued investment in our business, demonstrates the strength of the recently completed development programme.
“We continue to successfully progress considerable change within our portfolio. The combination of asset recycling, intensive asset management, and a strong development pipeline ensure that our future potential is being enhanced, whilst providing new opportunities for growth in income and capital values.
“These opportunities require funding and having self-funded over £85m of investment in recent years, we are exploring how we might fund investments in our future growth.
“The strength of our portfolio, and the success of the most recent development phase have allowed us to be bold in the sale of more mature assets.
“Furthermore, the strength of our CitiPark business continues to support financial delivery, whilst also bringing new opportunities such as YourParkingSpace.co.uk. We look forward to the future with confidence.”
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