Fortress REIT Limited

South Africa

Fortress REIT Limited (2021-12)

Fortress’ strong portfolio quality assessment continues to benefit from its scale and bias towards high quality logistics and retail assets in a portfolio that is well diversified by asset, tenant and geography. The value of direct property holdings remained at c.R28bn at FY21, with only limited further fair value write-downs, and offset by gains on new developments and acquisitions. There was, however, a small increase in the value of the total investment portfolio to c.R44bn due to an uptick in the Nepi Rockcastle Plc (“NR”) share price. Fortress’ growth strategy remains centred on ongoing asset recycling to expand its portfolio towards the more defensive logistics sector, both locally and offshore.

Tokens: 3 Price: USD 300.00

Fortress REIT Limited

The affirmation of Fortress REIT Limited’s (“Fortress”) ratings on 09 December 2020 reflects the REIT’s large, diverse, and high-quality portfolio, through-the-cycle earnings enhancement from its pan-European exposure, as well as the headroom in financial metrics to withstand the weak letting environment. Fortress’ strong business profile benefits from its scale and bias towards good quality logistics and retail assets in a portfolio that is well diversified by asset, tenant and geography.

Tokens: 2 USD 150.00

Fortress REIT Limited

Fortress is an internally asset managed hybrid REIT that invests directly in property and in listed securities. It continues to shift its direct investment focus, with plans to retain a retail and logistics portfolio. R3.9bn was realised from disposals of non-core properties in FY17/18 (with c.R1bn expected in FY19). The net proceeds are being invested in the logistics developments to manage down the impact of the projects on the REIT’s intrinsic gearing, and will help to maintain a static LTV.

Tokens:1 Price: USD 75.00

Fortress REIT Limited (2018-06)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Fortress REIT Limited (2017-05)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Fortress REIT Limited (2016-06)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Fortress REIT Limited (2015-06)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Fortress REIT Limited (2014-05)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Fortress REIT Limited (2013-04)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Fortress REIT Limited Current Ratings

Issue Name Rating Country Rating Published
-- Short Term rating: A1+(ZA); Outlook: Stable South Africa 09-12-2020 0:00:00
-- Long Term Rating: AA-(ZA); Outlook: Stable South Africa 09-12-2020 0:00:00
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