Tower Property Fund is planning to bulk up its investments in Croatia as it hedges against weak economic conditions in SA, CEO Marc Edwards said on Tuesday. "We are a bit weary about conditions in SA so it is helpful to have exposure to an offshore market," he said. Tower owns five Croatian properties, which represent 28% of its total assets by value. The Croatian assets were ring-fenced through the establishment of TPF International during the reporting period. The new unit is based in Mauritius. TPF International received an investment of R300m from Oryx Properties, a Namibian property fund, which will reduce TPF’s euro debt. Tower, which owns a diversified portfolio of 46 convenience retail, industrial and office properties valued at R4.9bn, located in SA and Croatia, grew its dividend by 5% during the year to May after granting numerous concessions to get some tenants to renew leases. Noncore properties worth R151m were sold during the year which contributed to Tower’s revenue f...

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