Europe assets boost Fortress gains
Dividend set to grow 25% as Polish and Romanian investments benefit from weaker rand and make up for poor performance of local office portfolio
Fortress Income Fund, the largest industrial property owner on the JSE, is on track to achieve 25% dividend growth in its 2017 financial year, easily beating the expected market average of 7% to 8%. “We have a carefully balanced portfolio of our own properties and listed securities. Our listed securities have performed exceptionally well of late, largely thanks to our exposure to excellent assets in Romania and Poland,” said CEO Mark Stevens, who was speaking after the release of financial statements for the six months to December. Fortress, a hybrid real estate investment trust which invests in physical property and listed property securities, offers different risks and rewards with its “A” and “B” share structure. Investors in the “A” shares are paid the lower of the consumer price index (CPI), or 5%, but have a preferential claim to earnings.The group grew its “B” shares dividend 25.12% in the six months to December, from 62.81c to 78.59c per share compared with the previous peri...
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