Town Centre signs Merrion House deal with Leeds City Council

By The Newsroom
Published 23rd Jul 2018, 14:26 BST
Updated 23rd Jul 2018, 14:32 BST
TCS announced practical completion of its Merrion House redevelopment in FebruaryTCS announced practical completion of its Merrion House redevelopment in February
TCS announced practical completion of its Merrion House redevelopment in February
Property developer Town Centre Securities has finalised discussions with Leeds City Council over a re-financing of Merrion House in Leeds, raising over £26m in the process.

The council will advance all the base rent due from 2018 until the lease ends in 2043. As a result, Town Centre Securities (TCS) will receive £26.4m in cash on July 24.

The firm said the proceeds will be used to reduce debt, giving more flexibility to invest in its acquisition and development pipeline for future growth.

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TCS announced practical completion of its Merrion House redevelopment in February. The 170,000 sq ft, ten-storey building is jointly owned by TCS and Leeds City Council, with the council occupying the building on a new 25-year lease.