Tower Property Fund changes distribution policy amid Covid-19
The group, which previously paid out 100% of distributable earnings, says it will only pay out 75% for its year to end-May
Tower Property Fund, which has assets in SA and Croatia, says it has changed its distribution policy in light of Covid-19.
The group is a real estate investment trust, and is required to pay out at least 75% of distributable earnings annually. Tower said it would reduce its payout to the minimum, and while this would be revised from time to time, it does not expect to pay out more than 90% going forward...