Tower Property Fund says rental collection is improving
The group collected about 74% of its rent in June, while July is tracking ahead of other months
Tower Property Fund, which has assets in SA and Croatia, said on Friday that rental collection is improving, with July tracking ahead of recent months.
The group collected 74% in June, saying in a digital update on Thursday that it had collected about 60% of its rent for July so far.
From a rental perspective, things are improving, but Tower remains concerned about the economic effect on tenants, CEO Marc Edwards said.
Tower is selling apartments at Cape Quarter located in De Waterkant, a sub-district of Green Point in Cape Town, but said sales have stalled, and it is reconsidering selling prices in the area.
The group is also considering shifting its strategy and renting the apartments, Edwards said.
Tower owns 43 properties valued at R5bn, with six assets in Croatia accounting for 32%, as of its six months to end-November.
In afternoon trade on Friday, Tower’s share price was unchanged at R2.72, having fallen 46.14% so far in 2020.
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