Property firm posts £112m loss

Property firm posts £112m loss




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Leeds-based property firm, Town Centre Securities, has reported a pre-tax loss of £112 million for last year. 

However, the group said that despite seeing £107.7 million wiped off the value of its portfolio, it remained hopeful of surviving the property downturn.

 

Following the sale of some of its properties, and employing various cost cutting measures, underlying profits improved to £7.9 million in the 12 months to June 30.

 

Town Centre Securities owns the Merrion shopping centre in Leeds and Piccadilly Basin in Manchester, and has cited the success of these centres for improving the company’s financial position this year.

 

Edward Ziff, chairman and chief executive of the firm, said: “We have been through the most challenging year that I can ever remember for commercial property. Nevertheless I remain optimistic for the continued long term success of our business.

 

“We understand the challenges facing our portfolio; our wealth of experience in asset management means we face those challenges with confidence.”

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