Fortress has announced the removal of its REIT status with effect from the 1st
of February 2023 as a result of not paying a dividend for its financial
year ended June 2022 due to a restrictive condition in its memorandum
of incorporation (MOI) whereby its board is not authorized to declare a
dividend due to the distributable earnings being below the Fortress A
benchmark for FY2022. Fortress will remain a listed property company on
the JSE with its existing dual share structure and the rights of it’s A
shares and B shares unaltered (Fortress Real Estate Investments
Limited).
Stor-Age REIT is experimenting with micro-warehousing
to meet the demand of businesses who are using their self-storage
product more frequently. The enhanced product has been designed to offer
commercial tenants a space in which to work and to operate their
businesses, while being able to safely store their stock in a
lock-up-and-go environment. According to Stor-Age CMO, Chris Oosthuizen,
the company has seen a surge in businesses looking for a different form
of self-storage with significant demand for plug points, lights, Wi-Fi,
and security cameras in commercial units.
Redefine Properties says
retailers are starting to sign longer leases again in lockstep with
increased footfall. Sales or total turnover across its retail portfolio
are in excess of pre-Covid-19 levels with this growth forecasted to
continue. According to Redefine’s National Retail Asset Manager, Nahil
Chotoki, the REIT’s negative lease renewal reversions have started to
improve with the growth of retail sales set to continue in 2023 – a
boost from the average of 80% seen throughout the year, when compared
with pre-pandemic levels. While sit-down restaurants were impacted the
most by the pandemic, the company has recorded a recovery of this
category to pre-Covid-19 levels with cinemas showing positive growth
driven mainly by specific popular content releases from Hollywood.
Emira Property Fund has concluded a deal with CCI South
Africa, the largest international contact centre in SA, for +4 300m2 of
office space at Newlands Terraces in Cape Town, an A-grade,
multi-storey office building located adjacent to the Newlands Rugby
Stadium (pictured). As of the 1st of
March 2023, CCI South Africa will be leasing 4,333.47m2 out of a total
of 4 531m2 available and will take over the remaining area once existing
tenants’ leases expire. CCI will be using the premises as a BPO centre
for an American airline and plans to provide a number of workplace
facilities for its employees with Emira spending around R10m on the
building for CCI, including the upgrade and adaption of the air
conditioning.
Source: Property Wheel
