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Town Centre Securities makes £35.2m sale of retail assets

Town Centre Securities, the regional property investor and car park operator, has sold four retail properties in Scotland and London for £35.2m.

It has sold two Waitrose stores in Milngavie and Glasgow; an Aldi/Home Bargains store in Milngavie; and a high street retail store in Chiswick, London. The details of the sales are as follows:

  • The two Waitrose stores total 70,000 sq ft and were sold for £23.2m (in line with June 2020 valuation). The stores generated an annual rent of £1.23m.
  • The Aldi/Home Bargains store totals 36,500 sq ft was sold for £10.66m (June 2020 valuation: £10.825m). The store generated an annual rent of £0.5m.
  • The retail property in Chiswick was sold at auction for £1.4m (June 2020 valuation: £1.13m). It is let to a local florist on the ground floor with residential upper floors. It generated an annual rent of £0.1m.

The proceeds of all sales will be used to reduce bank debt.

Edward Ziff, chairman and chief executive, said the sales were a part of a strategy to reposition the portfolio and reduce retail exposure.

TOWN : Town Centre Securities makes £35.2m sale of retail assets

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