Reacting to the President’s address, Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, said South Africa was the living embodiment of the “good news, bad news” paradigm.

Tower’s subsidiary company, TPF International Limited has expanded the scope of its operations through the recent purchase of a prime industrial property in Croatia for  €8 592 000.

Strong December retail trade was recorded by the Flanagan & Gerard Property Development & Investment portfolio of shopping centres, with its top performing mall growing turnover by 18%.

South Africans invested in Polish retail property are well positioned to benefit from the country’s growing consumer spend and the popularity of mall shopping among Poles.

The SA REIT sector’s focus on improved corporate governance is expected to support positive sentiment for investment in listed property in 2019.

“South Africa’s residential market is in for an interesting time in 2019, but our predictions for the year are all positive, and we believe that home buyers and investors who take the plunge and buy early will be well-rewarded.”

Shareholders of Texton Property Fund have voted against the repurchase of shares in terms of the ‘Put Option’ related to Texton’s 2014 Broad-based black economic empowerment deal.

Although the Camps Bay market has responded predictably to the prevailing socio-economic climate with lower sales volumes across the board, it has proven more resilient than most comparable areas this year with a 1.88% increase in the average house price and a diminishing gap between asking and selling prices.

The SA REIT sector is set to deliver double-digit total returns to investors next year.

Vukile Property Fund today reported 7.5% growth in dividends to 78.1 cents per share for its half-year to 30 September 2018, which is well in line with its full-year guidance.

Page 6 of 29

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