Spire to implement Tower's 'green vision'
Spire Property Management, which has been appointed to manage Tower Property Fund's 27-property portfolio, said this week that its plans for the portfolio include implementing Tower's strategy to reduce occupancy costs at its properties.
Tower is the JSE's newest property counter, having listed in July.
The fund aims to differentiate itself by focusing on basic "greening" initiatives at its properties to save costs and make its buildings more competitive.
The fund's property portfolio, valued at about R1.65bn, includes the mixed-use Cape Quarter complex in Green Point, Cape Town, as well as a five-star, green star rated office complex in Grayston Drive, Sandton.
Tower was launched by Spire Property Group and partners. Spire Property Group also listed Paramount Property Fund, which was sold to Growthpoint Properties in 2006 when the fund had grown to R3.5bn.
Tower said this week that Spire Property Management, which is part of the Spire Property Group, had been appointed to manage the entire property portfolio, of which 30% comprises retail properties and 70% offices.
Tenant mix and cost containment
Spire Property Management's managing director Sean Paul said that among the plans for Tower's portfolio was to revise the Cape Quarter complex's marketing strategy and brand positioning.
Paul said that Spire would also revisit the tenant mix to ensure that while it caters for essentials, it also has an upmarket boutique feel - retaining selective brands, quality value, interesting lifestyle solutions and a unique experience.
Spire would also be implementing Tower's strategy of occupancy-cost reduction across the fund's portfolio and would use the Green Building Council of SA's energy and water benchmarking tool to measure that each building was performing in terms of energy and water consumption, when compared with industry norms.
Spire also planned to use the performance-rating tool for existing buildings, set to be launched at the Green Building Council's convention next month.
Paul said Spire's experience in property management across various industry sectors, as well as its proven record with Paramount and its close relationship to the Green Building Council of SA - as one of its founding members - puts it in the ideal position to deliver results that are in line with Tower's strategy.
Tower's first interim results, for the six months ending November, are expected in late January or February.
Another keenly awaited property listing is the former Atterbury Investment Holdings, which is soon to list under its new name, Attacq (Atterbury Acquisitions).
Source: Business Day via I-Net Bridge
Source: I-Net Bridge
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