Cliffe Dekker Hofmeyr acted as attorneys to Tower Property Fund

Tower is the first new property listing on the JSE of a Real Estate Investment Trust (REIT) structure. At listing, the fund's property portfolio consisted of 27 properties valued at R1.65bn.

A REIT is a listed entity that invests in immovable property, receives mainly income from rental and pays it through to its investors. In terms of new legislation which became effective 1 April 2013 to clarify and align with international practice the tax treatment of listed property vehicles, a REIT can deduct such distributions if it resides in South Africa, is listed and at least 75% of its gross income is rental income.