Tower to double exposure to Croatia in next 2 years

JOHANNESBURG – Listed Tower Property Fund is set to double its exposure to the Croatia property market through the acquisition of several buildings for about 100million (R1.47billion) in the next 18 to 24 months.

Tower’s portfolio in Croatia is valued at 96m or R1.4bn. It comprises 30percent of Tower’s total R5.1bn portfolio by value.

The company took the first step in its broader strategy of establishing an offshore operation in July 2015 by acquiring a newly built office tower in Zagreb in Croatia for 23.7m. It subsequently acquired four Konzum stores and shopping centres in Croatia from Agrokor and Konzum for …read more