Town Centre Securities PLC (LSE:TOWN) has confirmed press speculation that online parking platform YourParkingSpace Limited, in which it has an interest, is in “advanced stages” of sale to US group Flowbird.
The sale, if successful, will result in Town Centre receiving up to £20.7mln in cash for its equity investment, the property investment company said in a statement.
In its recent half-year results, it had a £3.4mln book value for non-listed investments, which primarily relate to the shareholding and loans advanced to YourParkingSpace.
Sky News reported earlier this week that YourParkingSpace founders Harrison Woods and Charles Cridland were close to concluding a deal to sell the company to Flowbird for £120mln.