Fortress CEO-designate Steve Brown says the property fund, which owns more industrial property than any real estate company listed on the JSE, is ready to sell its stake in shopping centre landlord, Resilient. Brown told Business Day that Fortress’s 10% stake in Resilient was no longer a key investment and that it could be sold soon. He said the funds received would then be invested in either developing new logistics properties or in buying high-end ones. Fortress’s Resilient stake is worth about R2.7bn. It also owns a quarter of east European shopping centre owner Nepi Rockcastle with its stake worth about R17.9bn, and a R750m stake in Lighthouse Capital and more than R30bn worth of property directly. Fortress, which was formed by former directors of Resilient and listed in 2009, has been trying to separate itself from companies that were considered to be its stable partners. Fortress, Resilient, Nepi Rockcastle and Lighthouse Capital had been considered to be in the Resilient stab...

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