Tower Property Fund receives good investor support for its capital raise prior to the fund’s listing on the JSE today.

Tower Property Fund will list on the JSE’s main board on July 19.

Linked unitholders are advised that Arrowhead's application for Real Estate Investment Trust ("REIT") status has been approved by the JSE Limited.

South Africa’s listed property sector declined by 3.4% during the week that ended on 5 July 2013 on the back of higher global bond yields, a weaker Rand and the unwind of June’s quarter-end window dressing. 

Tower Property Fund, set to list on the JSE under REIT structure, has set a clear strategy of occupancy cost reduction across the board for all the buildings within the fund’s portfolio, with a strong focus on "greening" underpinning the fund.

Volatile bond markets may have caused some suffering for SA’s listed property sector in recent weeks, but the opportunities for investors are still there, thanks to higher yields and sound market fundamentals.

Emira Property Fund has been granted REIT (Real Estate Investment Trust) status by the JSE effective from today.

Interest rate sensitive securities like listed property were also sold off aggressively by investors who were worried that bond yields would rise further. 

Vunani Property Investment Fund (VPF) said on Tuesday its application for Real Estate Investment Trust (Reit) status had been approved by the JSE.

About R34bn has been wiped off the local listed property sector’s market capitalisation since the middle of last month, which, analysts say, will make many property deals less viable than before.
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