The Cape-based property group declares a dividend of 36.83c per share for the six months to November, almost 10% lower than year beforeTower Property Fund CEO Marc Edwards. Picture: HETTY ZANTMAN
Tower, which owns the mixed-use Cape Quarter development, declared a dividend of 36.83c per share for the six months to November, results showed on Thursday, 9.5% lower than in the corresponding period. He said he wanted the LTV to remain “in the lower 30s”, as this would be prudent while Tower was operating in a weak economic environment in SA. Tower owns a diversified portfolio of 44 convenience retail, industrial and office properties valued at R5bn across SA and Croatia.
Tower also faced challenges when its main retail tenant, Konzum, could not pay its rent last year because its parent group, Agrokor, had gone into administration.The Croatia assets were ring-fenced through the establishment of TPF International, which is based in Mauritius.