Tower Property Fund makes JSE debut‚ closes at R10

Posted On Monday, 22 July 2013 09:38 Published by eProp Commercial Property News
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Tower Property Fund makes its debut on the JSE‚ closing at R10 with 126‚120 shares trading.

Marc Edwards

The JSE said its listed property sector had seen 16 companies come to the market in the past three years including international fund GoGlobal (GGP)‚ which listed in May.

Although other funds have converted to the new real estate investment trust (Reit) structure‚ Tower was the first new fund to list as a Reit.

Launched by Spire Property Group‚ Tower’s portfolio consists of 27 properties valued at R1.65bn.

Spire Property Group successfully listed Paramount Property Fund‚ which grew to R3.5bn when it was sold to Growthpoint Properties in 2006.

Last modified on Thursday, 17 April 2014 13:29

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