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Tower Property Fund grows its distributable earnings by 61% to R221m in the year to May.
In a deal which catapults the fund onto a entirely new level, Tower Property Fund has purchased four retail centres in Croatia from Agrokor - the largest company in the Adriatic region.
Tower’s wobbly share price not a true reflection of group’s meteoric rise.
Tower Property Fund has announced its largest acquisition to date – a Euro 66 million deal that sees the fund expanding its offshore presence through the purchase of four retail centres in Croatia.
Agrokor’s retail position improved by 30 places compared to last year’s list of the world's 250 largest retail chains and due to 4.809 million dollars of income generated in 2014, is now positioned as 192nd in the latest Deloitte report Global Powers of Retailing 2016.
Exactly 20 years ago, on December 4th 1995, the first Super Konzum store was opened.
Tower Property Fund conclude preliminary agreement with Agrokor d.d and Konzum d.d to acquire 4 Konzum stores and shopping centres in Croatia for €66 386 227 less the amount of debt in the Dubrovnik company.
In July of 2015 Tower Property Fund announced its decision to establish an offshore presence through the purchase of a newly built office tower, VMD Block B, in Zagreb, Croatia.
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.
According to Catalyst Fund Managers, the SA Listed Property Index (SAPY) recorded a positive return of 5.14% for the month ended July 2015.