Tower Property Fund expands portfolio with first offshore acquisition

Posted On Wednesday, 26 August 2015 10:01 Published by
Rate this item
(0 votes)

Tower Property Fund reports a 42% increase in distributable earnings for the year to May 2015 as its portfolio grew strongly and the fund makes its first offshore acquisition.

           Marc_Edwards

Western Cape-based diversified Tower Property Fund (TWR) on Wednesday reported a 42% increase in distributable earnings for the year to May 2015 as its portfolio grew strongly and the fund made its first offshore acquisition.

Tower intends to be an investment for people seeking returns from a fund holding a mix of properties.

Revenue for the year increased 30% to R248m and operating profit by 24% to R201m. A total distribution of 86.8c per share has been declared‚ an increase of 16% on the previous year.Tower’s portfolio has been expanded to 48 commercial‚ industrial and retail properties‚ with the value increasing by 88% to R3.8bn at the end of July 2015.

CEO Marc Edwards said the fund’s acquisition strategy had been rolled out with careful timing in mind.

“Our investment strategy is to expand the portfolio by targeting well located‚ medium-sized properties with strong cash flows and to ensure a diversified sectoral and geographic portfolio‚” he said.

Fourteen properties were acquired during the past year. These included sections of the well-known Sunclare office block in Claremont‚ three Shoprite-anchored shopping centres in Gauteng‚ the Medscheme head office in Florida Glen and a portfolio of eight industrial properties in Gauteng and KwaZulu-Natal.

Since the year-end Tower has bought a further four properties valued at R730m. These include the fund’s first offshore acquisition in Zagreb‚ Croatia‚ where it purchased 15 floors of the premium grade VMD KVART office property for EUR23.7m.

Last modified on Thursday, 27 August 2015 11:57

Most Popular

Attacq sees success with high-rise development The Mix

Sep 22, 2021
Giles_Pendleton_Attacq
Waterfall’s latest high-rise residential development, The Mix Waterfall, is approaching…

When can I cancel an Offer to Purchase?

Sep 22, 2021
News_from_Rawson_Property_Group
There’s nothing more exciting (or nerve-wracking) than submitting an Offer to Purchase on…

Serviced office space provider The Business Exchange opens in Cape Town

Sep 21, 2021
TBE_Cape_Town2
Serviced office space provider The Business Exchange (TBE) has extended operations and is…

Interest rates still on hold but scales start tipping towards a hike

Sep 23, 2021
Carmen_Nel_Matrix_Fund_Managers
The SARB Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 3.5%…

Please publish modules in offcanvas position.