The property is located alongside the Musgrave Shopping Centre in Berea‚ Durban.

The agreement includes all of the issued shares in and claims against NIB 69 Share Block Proprietary Limited - a company operating a share block scheme - and all the seller's rights under leases with tenants of Clifton Place‚ it said on Tuesday.

The acquisition is in line with Tower's strategy of targeting good quality‚ well located‚ medium-sized properties in major metropolitan areas‚ it said.