Fortress Reit says four of its buildings have been affected by flooding in KwaZulu-Natal.
The affected properties include two logistics and one industrial building in Pinetown. Another industrial park in Isipingo was also affected.
In three of the properties, the whole building was affected. But the floods only affected about half of the area in one of the logistics parks in Pinetown. The total affected area was 61 811m2.
The properties represent some 2% of its R29.6 billion portfolio
The company said only minor flood damage and no significant structural damage has been identified so far. It will continue to monitor the situation.
Fortress added that it is also comprehensively insured in all buildings.
Less than a year ago, the property company had six of its shopping centres, and one logistics park in Cornubia damaged during the July 2021 riots in KZN and Gauteng. But Sasria has already settled its insurance claims, and the company rebuilt the affected properties.
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