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Town Centre Securities - ‘Right tenant, right property, right rentâ€

October 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TCSC
  • Price:
  • 169p
Our guess is that the numerous rights issues in the FTSE-350 Real Estate index must have already raised a whopping £3.5 billion to recapitalise a sector whose debt leverage has been exposed by a record correction in commercial property values. We all know about the big companies such as British Land (£767m), Land Securities (£785m) and Segro (£524m), which have raised new money to avert debt covenant breaches but some small companies have also been feeling the pain to an even greater extent –  the highly leveraged Wichford probably takes the mantle for a devastating fall in net asset value to just 0.1p in June from 89p last October even though its income from its largely government tenants had remained intact.One except ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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