by News24 | Fortress ups earnings almost a fifth, declares full distribution
Fortress Real Estate, which mostly owns retail and logistics properties in SA and in Europe, reported its distributable earnings rose by almost a fifth in its year to end December, and following the collapse of its dual-share structure, it’s paying all of it as a dividend.
Distributable earnings rose 19% to almost R953 million to end-December, helped by a positive performance in both retail and logistics, with the group declaring a distribution per share of 81.44c.
Fortress, valued at about R19 billion on the JSE, has a focus on developing and letting premium-grade logistics real estate in SA and central and eastern Europe while also having a commuter-orientated retail portfolio. Its total portfolio is worth R30.8 billion, with logistics making up more than half, including R15.8 billion in SA and R3.4 billion in eastern and central Europe (CEE).
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