The JSE said its listed property sector had seen 16 companies come to the market in the past three years including international fund GoGlobal (GGP)‚ which listed in May.

Although other funds have converted to the new real estate investment trust (Reit) structure‚ Tower was the first new fund to list as a Reit.

Launched by Spire Property Group‚ Tower’s portfolio consists of 27 properties valued at R1.65bn.

Spire Property Group successfully listed Paramount Property Fund‚ which grew to R3.5bn when it was sold to Growthpoint Properties in 2006.