Tower Real Estate Investment Trust (TWRREIT) said its board has approved a 24-month extension for using the proceeds from its rights issue that closed on May, 28 2024. The deadline moves from May, 29 2026 to May, 28 2028.

The rights issue raised about 65.216 million Singapore dollars, of which 46.395 million Singapore dollars had been spent as at Mar, 31 2026. Roughly 18.821 million Singapore dollars remains, almost entirely earmarked for refurbishing existing properties.

The REIT manager cited longer-than-expected refurbishment works—due to scope adjustments, supply challenges and the need to minimise disruption at operating properties—as the main reason for seeking more time.

No additional regulatory or unitholder approvals are required for the revised timeline, and the manager said it will continue to report on the status of the remaining proceeds. The announcement was dated May, 06 2026.