Tower Property Fund, which has assets in SA and Croatia, said on Thursday its rent collection for May had climbed to 79%, having previously reported it collected 61%.
Tower owns 43 properties valued at R5bn, with six assets in Croatia accounting for 32%, as of its six months to end-November. The Croatian assets are held by its subsidiary TPF International. Under level 3 of the national lockdown, the development at Old Cape Quarter has recommenced, the group said. The company is deploying capital into its Cape Quarter building in De Waterkant, a subdistrict of Green Point in Cape Town.
“Contractors are currently ensuring that the relevant sanitisation and health and safety requirements are met on site, with the site becoming fully operational on Monday, June 8 2020,” the company said.
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