Tower Property Fund acquires 15 Wellington Road property in Parktown for R80m at a 10.1% yield. Tower has concluded an agreement for the acquisition of the property rental enterprise situated at 15 Wellington Road, Parktown, from The Alchemy Property Investments Trust for an aggregate purchase consideration of R80 500 000.

The property has both office and retail space with a gross lettable area of 4 316m2 and a weighted average rental per square meter of R153.74 and an acquisition yield of 10.1%. The property is located in a strong node and is classified as A grade.

The purchase consideration will be settled through the issue of Tower shares and cash on a 50/50 basis, payable on the date of registration of transfer of the property into Tower’s name. The asset fits with Tower’s strategy of acquiring office, retail and industrial properties in good locations throughout South Africa.