A real estate investment fund is planning to increase its exposure to foreign markets, mainly in the retail sector, to a third of its total assets.<\/p>\n
South African investment fund Tower Property Fund, which in July announced its decision to establish an offshore presence through the purchase of a newly built office tower, VMD Block B, in Zagreb from VMD Grupa, is now looking to increase the fund\u2019s offshore presence to a third of its total assets, with their partnership with VMD forming the bedrock of a substantial pipeline of properties within Croatia \u2013 predominantly in the retail sector, EPropertyNews reports.<\/p>\n
The acquisition was the first in Tower\u2019s strategy of establishing an offshore portfolio and has proven to be highly successful, outperforming expectations.<\/p>\n
\u201cVMD Block B has performed considerably ahead of our expectations. The property has a five year head lease from the VMD Grupa and was predominantly vacant on purchase. The property is now fully let (on paper as tenants are currently fitting out their premises),\u201d Tower CEO Marc Edwards said.<\/p>\n
\u201cRentals are at the upper end of the market. A strong pipeline of retail assets is under negotiation off the back of our bedrock investment and through our in country partnerships, which we believe will dramatically enhance our overall portfolio. We look forward to reporting on these soon,\u201c Edwards added.<\/p>\n
Tower\u2019s strategy is to seek out new markets that provide strong diversification opportunities through premium, high quality properties. Tower will however focus on Croatia and the Balkan region for the foreseeable future given its strong partnerships in the country and the greater area.<\/p>\n
The greater Eastern European region has already attracted investor interest from South African companies, including Tower, Attacq, Rockcastle and the already established NEPI.<\/p>\n","protected":false},"excerpt":{"rendered":"
A real estate investment fund is planning to increase its exposure to foreign markets, mainly in the retail sector, to a third of its total assets. South African investment fund Tower Property Fund, which in July announced its decision to establish an offshore presence through the purchase of a newly built office tower, VMD Block […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,1],"tags":[],"class_list":["post-1500","post","type-post","status-publish","format-standard","hentry","category-see-news","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-oc","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/1500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=1500"}],"version-history":[{"count":0,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/1500\/revisions"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=1500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=1500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=1500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}