Tower Property Fund concludes an agreement for the acquisition of the entire issued share capital of and claims against Link Hills Shopping Centre Proprietary Limited which owns the Links Hill Shopping Centre, situated at Inanda Road, Waterfall, KwaZulu-Natal from The Sabre Trust and Matlu Family Trust for an aggregate purchase consideration of R160 991 284.

Link Hills Shopping Centre is situated in an upper LSM high-growth residential area, next to the newly established Watercrest Mall.

Tower is of the view that Link Hills Shopping Centre will benefit from the establishment of Watercrest Mall, a regional mall, as shoppers who previously travelled to other areas are being drawn to this retail node.

Link Hills is a convenience centre anchored by Pick n Pay, Mica Hardware and Ford. Inanda Road, which offers access to Link Hills Shopping Centre has recently been upgraded to a dual-carriage way, thereby providing easy access to the area, increasing its attractiveness to potential shoppers.

The acquisition will also increase Tower’s exposure to the retail sector, in line with Tower’s longer-term objective to increase its retail exposure to 50% of its portfolio.

The acquisition remains conditional upon approval by the Competition Authorities.