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Sharenet Sites
Further update regarding recent riots and civil unrest
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” or “the Company”)
FURTHER UPDATE REGARDING RECENT RIOTS AND CIVIL UNREST
Shareholders and noteholders are referred to the announcement published on SENS on 16 July 2021 containing an
initial communication of our impacted buildings as a result of riots and civil unrest. As at 11 August 2021, Fortress is
able to provide the following additional information in respect of our impacted buildings:
Property Gross lettable Summary of damage Tenants currently trading Estimated time for
area (m2) completion of repairs or
re-development
Cornubia Ridge 23 727 Property destroyed None 12 to 18 months
Logistics Park *
Biyela Shopping 8 536 Major fire damage Three stores are open 9 months
Centre
Evaton Mall 35 472 Shopfronts and minor Cash Crusaders The majority of tenants
damage Chicken Licken are expected to reopen by
Clothing Junction end of August 2021
Fashion World
Gadget City
John Craig
KFC
Legit
Old Fashioned Fish and Chips
Pick n Pay
Sedglo
Shoprite
Side Step
Skipper Bar
Studio 88
Palm Springs 19 368 Shopfronts and fire Shoprite The majority of tenants
Shopping Centre damage are expected to reopen at
the end of September
2021
336 West Street 6 329 Major fire damage None 9 months
Tembi Mall 6 599 Shopfronts damage All Not applicable
Yarona Shopping 5 979 Shopfronts damage Shoprite The majority of tenants
Centre are expected to reopen at
the end of August 2021
* Fortress owns 50,1% of this property. The Makro building is situated in the same logistics park and is currently open for
trading.
Fortress’ pro rata share of the damaged properties, which will not be trading by the end of August 2021, represents
approximately 1,7% of our total pro rata GLA. Estimated damages at the damaged properties is in the range of
R450 million to R550 million and are still being assessed by the loss adjustors with input from various professional
teams. This high-level estimate is well within our SASRIA cover limit of R1,5 billion. The estimated damages
exclude the loss of income claim which will also be submitted to Fortress’ insurers
Update on logistics facility at Cornubia Ridge Logistics Park (“Cornubia”)
An act of arson at Cornubia destroyed the premises occupied by UPL and Retailability. The UPL section warehoused
products for use in the agricultural sector. UPL are working closely, under the oversight of a Joint Governmental Task
Team, with their team of specialists to assist with the clean-up of the impacted area, including the premises and
surrounds.
We again express our appreciation to all our on-site staff and security providers who have shown continued dedication
in restoring the affected properties to full operation. We also express our sincere appreciation to all community
volunteers who have assisted in cleaning a number of our affected shopping centres.
12 August 2021
Lead sponsor Joint sponsor Debt sponsor
Java Capital Nebank Corporate and Investment Banking Rand Merchant Bank
(a division of Nedbank Limited) (a division of First Rand Bank Limited)
Date: 12-08-2021 04:45:00
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