Town Centre Securities (LON: TOWN) continues to trade at a significant discount to net tangible assets, even though they declined in the six months to December 2022.
The valuation of the portfolio fell by 7% over six months, which was much better than the market benchmark, which fell by 17.5% due to the tough property market and higher interest rates. Net assets are 314p a share, while underlying net tangible assets are 306p a share, down 8%. The tender offer using disposal proceeds from the stake in the YourParkingSpace app helped to keep up the net tangible assets for each share.
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