Cape Town – Tower Properties said on Thursday that its offshore exposure had served as a hedge against “deteriorating” macroeconomic conditions in South Africa.

This comes as it reported a 32 percent increase in headline earnings, from R125 million to R164 million, on revenue that was up by 52 percent at R376 million for the year to the end of May.

The owner of a diversified portfolio of 50 retail, office and industrial properties valued at R5.1 billion in South Africa and Croatia said its first Croatian property had increased in value by about R134 million in the 10 months since being acquired.

The company said active asset management of the portfolio had continued to reduce operating costs, with the ongoing roll-out of the greening programme initiated in 2013.

Tower said all lighting retrofits in key properties and solar installations were outperforming management’s expectations.

Selected properties continued to be assessed by the Green Building Council of South Africa with the Cape Quarter currently being evaluated for an existing building rating.

Tower said it currently had two Green Building Council-rated properties.

A dividend of 92 cents per share was declared.

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