Johannesburg based Tower Property Fund has purchased four retail centers in Croatia for €66m. The acquisition is subject to shareholder approval and will significantly increase Tower’s retail exposure. In August last year, Tower Property made its first offshore acquisition as it closed on 15 floors of the premium grade VMD KVART office property in Zagreb, Croatia, for €23.7m.
Tower Property Fund increased its distributable earnings by 72 percent to €6m in the six months to November 2015 as the fund began an offshore acquisition strategy.
Revenue for the half year grew by 55 percent to €10.1m and operating its profit rose by 38 percent to €7.3m. Tower’s portfolio includes 48 properties from various sectors valued at €221m.
