Town Centre Securities revealed a 31% increase in its proposed dividend for 2007, after profits rose as a result of it taking on REIT status.

The Leeds based investor and developer also revealed a small rise in net asset values for the half-year to 31 December, but only revalues its portfolio once a year in June.

Asset backed

The company said that profits had increased 9% to £3.8m, despite the fact that rental income was reduced because some of its portfolio was being refurbished. During the period, it sold retail properties at The Malthouse and Fisherton Street in Salisbury along with development property in West Yorkshire for £29.9m at a profit of £4.2m.

It also acquired a Homebase store on the outskirts of Glasgow for £12.0m and incurred £10.9m expenditure on its refurbishments and development portfolio.

We continue to progress our development pipeline to enhance our future investment portfolio and to source new property asset backed opportunities such as car parking and serviced apartments,’ chairman Edward Ziff said.