Town Centre portfolio transformation

Town Centre Securities (LON: TOWN) has been reducing its dependence on retail property and that proved a good thing this year. COVID-19 has hit rents and property valuations, but the downside has been limited and the discount to NAV appears overdone.

Retail and leisure property used to account for four-fifths of the portfolio and that has been reduced to 42%. Offices account for around one-quarter of the portfolio.

The strategy to reduce dependence on retail is being accelerated and since June, there have been further disposals of two Waitrose supermarkets and other retail properties. Th...

Previous articleFTSE on top as global equities lick their wounds after pandemic panic
Next articleCineworld – three monsters standing in the way of the cinema’s recovery
Avatar photo
Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.