Risk of weaker rand leads Tower Property Fund to refinance euro debt
The group has moved to take advantage of lower SA interest rates and hedge against rand weakness
17 July 2020 - 10:58
Tower Property Fund, which has assets in SA and Croatia, has restructured its euro-denominated debt to reduce the risks of a significant weakening of the rand.
The group, which has a market capitalisation of R944m had about €41.6m (R792m) owed to Standard Bank, but has refinanced €31.5m of this debt into rand at a rate of R19.06/€...
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