Fortress Reit’s biggest logistics development to date was signed with Pick n Pay at its flagship premium-grade Eastport Logistics Park, close to OR Tambo International Airport in Gauteng.
Scheduled for completion in 2023, the new development will cover 36ha of state-of-the-art infrastructure. Fortress will own 40% of the development, with Pick n Pay acquiring 60% of the new inland distribution site once the subdivision has been approved and the transfer completed. Fortress will fund the incremental capital required for the development from existing available facilities.
The long-term lease with an option to extend and grow the size and footprint of the facility, is set to “position Fortress’s Eastport Logistics Park and the broader R21 area as SA’s prime logistics hub as allied industries and businesses seek proximity and rational integration into the country’s leading logistics ecosystem,” says Fortress CEO Steven Brown.
Source: Business Live
CLICK BELOW FOR THE FULL ARTICLE