Potential re-financing of Merrion House, Leeds

RNS Number : 9034T

Town Centre Securities PLC

06 July 2018

 

6 July 2018

Town Centre Securities PLC
(The 'Group' or the 'Company')

Potential re-financing of Merrion House, Leeds

Discussions underway with Leeds City Council

Town Centre Securities (TCS), the Leeds based property investor and car park operator, is pleased to announce that it is in detailed discussions with Leeds City Council (LCC) in relation to a re-financing of Merrion House in Leeds.

On 6^th February 2018, the Company announced practical completion of its Merrion House redevelopment. The 170,000 sq ft, ten-storey building is jointly owned by TCS and LCC in Merrion House Limited Liability Partnership, with LCC occupying the building on a new 25-year lease.

The Company is in advanced discussions with LCC with the aim of LCC making a discounted rent advance for the fixed, non RPI, element of the 25-year lease commitment.

A further announcement will be made assuming the transaction receives LCC approval to proceed.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation.

LEI Number: 213800XRCH9RW2RIZD79 

ENDS

For further information, please contact: 

Town Centre Securities PLC                                                        www.tcs-plc.co.uk / @TCS PLC

Edward Ziff, Chairman and Chief Executive                                                           0113 222 1234

Mark Dilley, Group Finance Director      

MHP Communications                                                                                           0203 128 8742

Reg Hoare / Alistair de Kare- Silver                                                                                                                                                                                                                                                                         [e-mail]

Notes to Editors:

Town Centre Securities PLC (TCS) is a Leeds based property investor and car park operator with assets of approximately £385m. With more than 50 years' experience, a commitment to sustainable development and a reputation for quality and innovation, TCS creates mixed use developments close to transport hubs in major cities across the UK. Its current portfolio delivers an annual income of more than £26m.

 For more information visit www.tcs-plc.co.uk

 

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