Spire Property Management to manage Tower Property Fund portfolio

Posted On Friday, 20 September 2013 04:16 Published by Commercial Property News
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Spire Property Management has been appointed to manage the entire portfolio of properties within the Tower Property Fund, which listed on the JSE in July as the first fund under the Diversified REITs sector.

Sean PaulThe Tower portfolio consists of 27 properties worth R1.65-billion (comprising 30% retail and 70% offices), and includes a 5 Star Green Star-rated office complex in Grayston Drive, Sandton, as well as the iconic 'Cape Quarter' complex in Green Point, Cape Town.

Sean Paul, Managing Director for Spire says that the Cape Quarter is unique in that it is an urban lifestyle village and convenience centre catering to the local community, with an emphasis on the home. "Our team will be revisiting the Cape Quarter's marketing strategy and brand positioning, as well as revisiting the tenant mix to ensure that whilst it caters for essentials it also has an upmarket boutique feel - retaining selective brands, quality value, interesting lifestyle solutions and a unique experience."

Spire's management team will be implementing Towers strategy of occupancy cost reduction across the board for all the buildings within the fund's portfolio and will utilise the Green Building Council South Africa's Energy and Water Benchmarking Tool - measuring how each building is performing in terms of energy and water consumption compared to industry norms. The team also plan to use the Performance Rating Tool for existing buildings, set to be launched at the GBCSA Convention in October.

Marc Edwards"Spire is highly regarded, and currently manages a portfolio of over R4-billion for private clients," explains Marc Edwards, CEO of the Tower Property Fund. "Having successfully listed the Paramount Property Fund, which it grew to R3,5-billion before it was sold to Growthpoint in 2006, Spire has all the necessary knowledge and experience to manage and support Tower's portfolio, assisting Tower to maximise returns for investors."

"We are very pleased and excited to be managing Tower's diversified portfolio," says Paul. "Spires experience in property management across various industry sectors as well as our proven track record with Paramount and our close relationship to the Green Building Council of South Africa as one of its founding members, puts us in the ideal position to deliver results that are in line with Towers strategy."

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