REG - Town Centre Secs. - Acquisition of remaining 50% of Belgravia Living

Town Centre SecuritiesAnnouncement

14/04/2023 13:00

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RNS Number : 3026W  Town Centre Securities PLC  14 April 2023

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014 (as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018) and has been announced in
accordance with the Company's obligations under Article 17 of that Regulation.
This announcement has been authorised for release by the Board.

 

14 April 2023

Town Centre Securities PLC

(The 'Group' or the 'Company')

Acquisition of remaining 50% of Belgravia Living Group Limited

Town Centre Securities PLC, the Leeds, Manchester, Glasgow and London property
investment, development, car park and hotel operator, is today pleased to
announce the completion of the acquisition of the remaining interest in its
Belgravia Living Group Limited Joint Venture ('BLG').

On 14 April 2023 the Company completed on the acquisition of all of the
remaining ordinary shares in Belgravia Living Group Limited, which was
originally set up as a 50/50 Joint Venture between the Company and the
Highgrove Group in February 2016. As at 31 December 2022 the Company's
investment in BLG was £6.46m; including rolled up shareholder loan interest
this balance has increased to £6.5m immediately prior to this further
acquisition. Following this acquisition, the Company now owns 100% of the
issued share capital of BLG and from today the results of BLG will be
consolidated as a wholly owned subsidiary of the Company.

The net investment made by the Company today to acquire the Highgrove Group
interest was £3.5m and was funded utilising existing cash resources within
the Group. The company's total investment in BLG now equates to £10.0m. This
investment is primarily in the form of a shareholder loan to BLG.

The primary asset within BLG is the Burlington House build-to-rent residential
investment at Piccadilly Basin, Manchester which generated a net rental income
of £0.92m in the year ended 30 June 2022. The gross assets of BLG as at 31
December 2022 were £27.7m. BLG has an external debt facility of £14.5m which
is secured over the Burlington House asset; this facility is not being
refinanced as part of this transaction.

Edward Ziff, Chairman and Chief Executive, said:

"Burlington House was our first build to rent development and has performed
well. We are seeing high levels of occupancy and rental growth, which provides
the confidence to acquire the remaining interest in BLG, whilst seeking
further acquisitions and bringing forward development of potential residential
projects within our portfolio."

ENDS

For further information, please contact:

 

 Town Centre Securities PLC                        www.tcs-plc.co.uk (http://www.tcs-plc.co.uk) / @TCS PLC
 Edward Ziff, Chairman and Chief Executive         0113 222 1234

 Stewart MacNeill, Group Finance Director

 MHP Group                                         020 3128 8567
 Reg Hoare / Matthew Taylor                        tcs@mhpgroup.com

 Liberum                                           www.liberum.com (http://www.liberum.com)
 Jamie Richards / Lauren Kettle / Nikhil Varghese  020 3100 2123

 Peel Hunt                                         www.peelhunt.com (http://www.peelhunt.com)
 Carl Gough / Henry Nicholls                       020 3597 8673 / 8640

 

 

 

Town Centre Securities PLC (TCS) is a Leeds based property investor, car park
and hotel operator with assets of over £300m. With more than 60 years'
experience, a commitment to sustainable development and a reputation for
quality and innovation, TCS creates mixed use developments close to transport
hubs in targeted major regional cities across the UK.

For more information visit www.tcs-plc.co.uk (http://www.tcs-plc.co.uk)

 

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