Town Centre Securities pointed to the benefits of converting to a real estate investment trust in its better-than-expected first-half results. Financial Times

The Leeds-based investor and developer said that net asset value per share rose from 437p in 2006 to 562p, benefiting from a 104p a share boost from conversion to REIT status in October 2007.

Edward Ziff, chief executive, said: 'Town Centre Securities has strong rental income and low void levels. Our focus remains on improving our assets and our income through redevelopment, refurbishment and active management.'

He added that the company would continue to acquire property assets such as car parking and serviced apartments.