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
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.