Tower Investments planning move to WSE main market

Listed on the small-cap, alternative market NewConnect, Tower Investments plans to switch to the Warsaw Stock Exchange main market at the turn of the September and October, the company said in a market filing. The company plans to issue 300,000 news shares in connection with the transition. “We are planning to issue up to 300,000 new shares, and we would like to raise at least PLN 30 million to acquire more properties and expand our portfolio,” company's CEO Bartosz Kazimierczuk said. Tower Investments also plans to set up a REIT fund after the new law on real estate funds comes into force beginning next year. “Our business model is similar to REIT assumptions. We buy attractive land on which we set up rental or sales buildings. Our fund would like to build on a large number of small facilities, with long, 10-15 years long tenancy agreements,” said Kazimierczuk. Tower Investments specializes in servicing external entities in the field of real estate acquisition, administration and facility implementation.