An unknown buyer entered into a sale agreement to acquire Pick n Pay Distribution Centre in Pinetown, Kwazulu Natal from Tower Property Fund Limited (JSE:TWR) for ZAR 96 million on July 10, 2018. The Pick n Pay Distribution Centre property is expected to transfer to the new owner during September 2018. An unknown buyer completed the acquisition of Pick n Pay Distribution Centre in Pinetown, Kwazulu Natal from Tower Property Fund Limited (JSE:TWR) for ZAR 96 million on September 4, 2018. Tower will utilize 55% of the proceeds to reduce the company’s local debt. The remaining funds will be used by Tower to realize accretive and defensive capital projects in its existing property portfolio, and to continue to repurchase Tower shares should the circumstances be favorable.