We recently released our interim results for the period ending December 2020. In my view, it is an exceptionally good set of results, given the economic circumstances and the Covid lockdown. For me, the most exciting highlight of these results is that since the end of June 2020, we have let and secured tenants for 340,000m² of our 1 million square metre logistics real estate pipeline.
The Retail Evolution
The rhetoric of “retail is dead” is incorrect. In fact, retail is advancing at a rapid rate to meet the consumer demands for in-store innovation and service solutions for their shopping requirements in this post-Covid era.
The whole logistics market has changed and in Fortress’s case, for the better. Our long-term strategy, pivoting the business to a two-thirds logistics real estate weighting composed of state-of-the art modern logistics boxes in key urban locations – in South Africa and Europe – has helped us to buck the trend in what has been a lacklustre year in the real estate sector.
We recently acquired two modern high-quality logistics parks in strategic locations in Poland. Ideally located to supply high-growth western European economies, these signature acquisitions deepen and extend the investment proposition of South Africa’s leading supplier of quality, prime located logistics real estate.