WITH a JSE listing planned for July, Tower Property Fund intends to be the first new property listing under the JSE’s recently launched real estate investment trust (Reit) structure.
The fund’s debut on the JSE would see it joining 12 other property listings since 2011 — and more are expected to follow. Although other listed groups have converted to the new Reit structure, Tower would be the first new fund to list as a Reit.
At listing, the fund’s property portfolio will consist of 27 properties valued at R1.65bn. The portfolio includes the mixed-use Cape Quarter complex in Green Point, Cape Town, as well as a five-star green star-rated office complex in Grayston Drive, Sandton.
Tower is being launched by Spire Property Group and partners, and has an experienced management team with a successful track record — Spire successfully listed Paramount Property Fund, which grew to R3.5bn when it was sold to Growthpoint Properties in 2006.
Its management has announced a strong focus on basic “greening initiatives” and other energy-saving measures to reduce occupancy costs.
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