FORTRESS REIT LIMITED - Fortress welcomes Pick n Pay to Eastport
Fortress welcomes Pick n Pay to Eastport
FORTRESS REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes: FFA ISIN: ZAE000248498
FFB ISIN: ZAE000248506
Bond Company code: FORI
LEI: 378900FE98E30F24D975
(Approved as a REIT by the JSE)
(“Fortress”)
FORTRESS WELCOMES PICK N PAY TO EASTPORT
Fortress has entered into a binding agreement to develop a new distribution centre for Pick n Pay at our
Eastport Logistics Park. Fortress will ultimately own 40% of the development, with Pick n Pay acquiring
60% of the site once the sub-division has been approved and the transfer has been completed. The development
is estimated to be completed during 2023.
The net initial yield is estimated at 7% and the remainder of the terms are market standard for this type of
development. Fortress will fund the incremental capital required for the development from existing available
facilities.
17 May 2021
Lead sponsor
Java Capital
Joint sponsor
Nedbank Corporate and Investment Banking
Debt Sponsor
Rand Merchant Bank
(a division of First Rand Bank Limited)
Date: 17-05-2021 07:05:00
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