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Town Centre Securities collects 68% of reduced rent bill

Town Centre Securities provides covid-19 update

Town Centre Securities has collected 68% of rents billed for the current quarter.

Of the £5.2m billed, which is down on the £6.6m it billed the previous quarter, it collected £3.5m. It has also agreed a deferment on £0.6m (11%) of rent.

In the previous quarter, it has collected 79% of the £6.6m billed and agreed deferment on a further £0.5m.

Cumulatively, the retail, leisure and car park owner and operator, has collected 74% of rents with a further 9% deferred. Of the remaining 17% (£2.0m), it has agreed concessions on over £0.6m, in return for an improvement in the terms or length of the lease, and is still in discussions on collection terms on £1.4m.

Operational Update

The company said over 75% of its retail and leisure portfolio, which makes up just under half of the asset base, is now open and trading.

It has experienced one administration during the period in respect of Go Outdoors, following the recent announcement by its parent company, JD Sports Fashion Plc. It is reviewing its options for the space.

It has now reopened all of its CitiPark car parking branches, which has been hardest hit in its portfolio and experiencing a material reduction in income.

TOWN : Town Centre Securities collects 68% of reduced rent bill

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