TOWER Property Fund grew its distributable earnings by 61% to R221m in the year to May, as the fund’s offshore acquisition strategy in Eastern Europe gained momentum and the value of the portfolio increased to over R5bn.The Cape-based real estate investment trust which released its results for the year to end-May on Thursday, made a total distribution of 92c per share, in line with its earnings growth forecast.Tower’s first international acquisition was in August 2015, when it purchased 15 floors of the premium grade VMD KVART office property in Zagreb, Croatia, for R320m (€23.7m).Shortly after the end of May this year, Tower completed its largest acquisition since listing in June 2013 with the purchase of a portfolio of four retail stores and shopping centres in Zagreb and Dubrovnik in Croatia for R1.1bn (€66.4m).These properties are anchored by Konzum, the largest supermarket chain in Croatia. Tower raised R740m on through a book-build to partially fund the new properties.This R1....
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