Register Log-in Investor Type


Town Centre Securities collects 75% of rents in Q4

Town Centre Securities provides covid-19 update

Town Centre Securities (TOWN), which owns property in Leeds, Manchester, Glasgow and London, has collected 75% of rents for the current quarter and 82% of rents since March 2020.

Current quarter

Of the £5.2m that TOWN billed for the quarter, it had collected £3.9m or 75%. A further £0.5m or 10% has been agreed to be deferred. Of the £0.8m remaining, £0.1m has been waived with a further £0.7m still outstanding.

Collection levels for the latest quarter are ahead of previous quarters’ levels at the same stage.

March – September*


Latest Quarter**




Total billed




Total collected







Agreed to be deferred***







Agreed total







March to September

For the second and third quarters of the year, TOWN billed a total of £13.4m of which £11.3m or 84% has now been collected. A further £0.4m or 3% of deferrals have been agreed. A further £1.7m remains outstanding of which £0.8m has been waived.

Cumulative total

Of the £18.6m cumulative rent and service charge payments that have fallen due, the company has collected £15.2m and agreed to defer a further £0.9m, totalling £16.1m; equivalent to 87% of the amounts due. Of the £2.5m balance remaining, it has agreed to waive over £0.9m, mostly in return for an improvement in the terms or length of the lease, and is in talks with tenants on the £1.6m balance.

Retail asset sales

TOWN is repositioning its portfolio, selling retail and leisure assets. Last month it announced the sale of four retail properties in Scotland and London for £35.2m, with the proceeds being used to lower bank debt.

It has since agreed sales of a further three retail units; two in Wood Green in London and Abingdon Street market in Blackpool, for a total sum of £6.0m.

On a pro-forma basis, the loan to value has fallen to 47.2% (from 53.2% at 30 June 2020). The proceeds from these sales take total financial headroom to £20m, and reduces the proportion of retail and leisure in the company’s portfolio to below 41%.

The company is marketing further retail and leisure sales.

TOWN : Town Centre Securities collects 75% of rents in Q4

previous story | next story

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…