Tower Property Fund could receive a rerating this year and raise capital as the junior property stock looks to stabilise its Croatian portfolio and complete developments in Cape Town. CEO Marc Edwards, who was speaking after the release of financial results for the six months to November, said the company was in its best position in a year, having navigated a barrage of challenges here and abroad. The company, which owns a R5.1bn portfolio across SA and Croatia, increased its distribution to shareholders 6% to 40.7c per share in a challenging but slowly improving operating environment in the six months to November, said Edwards. As much as 70% of Tower’s assets by value are in SA and 30% in Croatia. In SA, the properties are split by value: Gauteng 29%; the Western Cape 31%; and KwaZulu-Natal 10%. The total distribution for the reporting period was R138m. "Last year, we retained 96% of the tenants across our portfolio amid weak economic conditions. We have implemented a number of sh...

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