PUNT OF THE WEEK: Town Centre Securities

What is it? A property investment firm, specialising in office and retail rentals, car park operations and hotels.

Its portfolio includes the Merrion Centre in Leeds, the Urban Exchange retail park in Manchester and Blackpool’s Abingdon Street Market.

What’s the latest? Town Centre Securities reported full-year results last week. Losses had widened from £12.5million to £24.2million.

The value of its assets also tumbled 17 per cent to £156million, after the coronavirus crisis hurt shop visitor numbers. Shares are down 60 per cent so far this year.

Who backs it?

The company was founded by Arnold Ziff in 1959 and his family still runs the business, maintaining control of more than 50 per centof the shares.

Other top investors include New Fortress Finance and West Yorkshire Pension Fund.

Why should you invest?

City broker Liberum says shares are cheap. The firm is also in the midst of a turnaround that will reduce its reliance on retail and leisure properties.

And why shouldn’t you?

The commercial property sector is a difficult place to be right now due to the pandemic.

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