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Fortress Income Fund continues to be one of the darlings of the listed property sector and is expected to once more deliver double-digit, sector-beating returns for owners of its B shares.
The top 40 stock has soared after its takeover of Capital Property Fund about a year-and-a-half ago. It was now well positioned to handle local and offshore shocks, said Fayyaz Mottiar, fund manager at Absa Asset Management.
Fortress is an internally managed, South African-based real estate investment trust (Reit) listed in October 2009. Its B shares listed at R1 and now trade at about R35.
The company’s B shares rose 0.34% in the past week.
Fortress is a hybrid fund, which initially offered investors exposure to SA’s commuter-orientated retail market. It attained offshore exposure through holdings in Rockcastle Global Real Estate, New Europe Property Investments (Nepi) and Hammerson. Through its acquisition of Capital, it became the largest owner of logistic space in the country.
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