TCF, a fund of property funds that is gradually liquidating its portfolio, has announced interim results for the period ending 30 September 2013. At that date TCF’s NAV was 86.4p and, following a compulsory redemption of shares in October, the NAV had risen to 96.2p by the end of October. There are now only two assets in the portfolio – the Italian property company, Spazio, and Tamar European Industrial : TEIF. TCF’s Board is warning that changes to financing of Spazio’s properties may restrict progress in releasing cash from that fund.
