BUSINESS DAY TV: Tower prepares to enter a holding pattern in SA’s property market
Tower Property Fund CEO Marc Edwards discusses the company’s interim results, and how it is managing its diverging Croatian and South African portfolios
Marc Edwards is CEO of Tower Property Fund. BUSINESS DAY TV: Tower Property Fund reported a 22% rise in half-year revenue while operating profit surged 47%, but the board’s decision to no longer distribute one-off earnings saw Tower’s distribution per share decline by 15%. CEO Marc Edwards joins us in the studio now with more detail.… The acquisition of the R1bn retail property portfolio in Croatia during the period — increasing your total portfolio value to over R5bn, currently that exposure sitting at 28% — how are you managing your exposure to Eastern Europe at the moment? MARC EDWARDS: We’ve been there for a while, we were there from January 2015, so we’ve managed to get very good partners in that region. We’ve got leases which are very low management intensity, in that they’re managed by our partners over there. So we’re able to acquire large properties and have low management input. It’s the perfect scenario for us at the moment. We’re looking to grow that business quite subst...
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