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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.
The country’s third-largest real estate investment trust singles out 2014 as “a milestone year” for its development team.
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.
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.
The Tower Property Fund, which upon listing on the JSE in July 2013 set a clear strategy of occupancy cost reduction across the board, with a strong focus on "greening", has continued to make good on its intentions and is currently rolling out green measures to several buildings within the fund’s portfolio.
The iconic Cape Quarter complex, which is situated in Green Point Cape Town, has undergone significant renovation and rejuvenation since it was purchased by the Tower Property Fund in 2013.
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.