Tower Property Fund conclude preliminary agreement with Agrokor d.d and Konzum d.d to acquire 4 Konzum stores and shopping centres in Croatia for €66 386 227 less the amount of debt in the Dubrovnik company.

In July of 2015 Tower Property Fund announced its decision to establish an offshore presence through the purchase of a newly built office tower, VMD Block B, in Zagreb, Croatia.

The Tower Property Fund, which upon listing on the JSE in July 2013 set a clear strategy of occupancy cost reduction across the board, with a strong focus on "greening", has continued to make good on its intentions and is currently rolling out green measures to several buildings within the fund’s portfolio.

The iconic Cape Quarter complex, which is situated in Green Point Cape Town, has undergone significant renovation and rejuvenation since it was purchased by the Tower Property Fund in 2013.

Most property funds that have listed in the past two to three years have matched or outperformed investors’ expectations.

Tower Property Fund reports a 42% increase in distributable earnings for the year to May 2015 as its portfolio grew strongly and the fund makes its first offshore acquisition.

According to Catalyst Fund Managers, the SA Listed Property Index (SAPY) recorded a positive return of 5.14% for the month ended July 2015.

Tower Property Fund has begun the move into the residential property sector through the exciting development of a residential node within the Cape Quarter precinct.

Tower Property Fund has purchased eight industrial properties as part of the funds strategy to increase their exposure to the industrial sector to 20%.

Western Cape-based Tower Property Fund is branching out overseas along with several other SA property companies, but analysts warn that these markets come with their own challenges.

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