TCS sells Milngavie Waitrose, Aldi sites in £35m deal

Craig Burrow, TCS CEO Edward Ziff, and Helen Green

Leeds-based property investor and car park operator Town Centre Securities (TCS) said on Monday it sold four retail properties in Scotland and London for a total of £35.2 million.

The company also announced new property team directors, with the promotion of Helen Green to property director and the new appointment of Craig Burrow who joins the business as development director from Bruntwood.

The units sold comprise two Waitrose stores in Milngavie and Glasgow; an Aldi/Home Bargains store in Milngavie; and a high street retail store in Chiswick, London. 

The Waitrose stores were sold as a single lot to Wire Oast Ltd on a freehold basis for £23.2 million. 

The Aldi/Home Bargains store was sold to Magell Ltd on a freehold basis for £10.66 million.

Edward Ziff, chairman and chief executive of TCS, said: “These disposals represent an acceleration of our strategy to reposition TCS’s portfolio; reducing our retail exposure, and enabling a significant reduction in bank debt. 

“We have successfully navigated an extremely difficult period as a result of the COVID-19 disruption, and have continued to receive high levels of rent receipts. 

“That said it has become increasingly clear that we need to reset and reinvigorate the business. 

“These disposals represent the beginning of that process.

“Reducing indebtedness and increasing headroom for growth ensures TCS is better placed to move forward beyond the current period of uncertainty.”

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Mark McSherry
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