Tower Property: De Ville mall joins portfolio

Tower Property Fund had purchased the De Ville Shopping Centre in Durbanville from Atterbury Properties for R226 million, Tower reported yesterday. The centre, comprising 2 500m2 of office space and 13 500m2 of retail space, with Pick n Pay, Clicks and Virgin Active as anchor tenants, will be the second-largest asset in its portfolio. The A-grade retail property was refurbished three years ago. The management of the De Ville building has been awarded to Spire Property Management. Tower recently also acquired Clifton Place in the Berea node of KwaZulu-Natal for R80.5m. Tower listed on the JSE last July and has grown the value of its portfolio by 20 percent to R2 billion from R1.65bn in the past seven months. Shares rose 1.22 percent to close at R8.30 yesterday. – Roy Cokayne