Further update regarding recent riots and civil unrest
Further update regarding recent riots and civil unrest FORTRESS REIT LIMITED (Incorporated in the Republic of South Africa) (Registration number 2009/016487/06) JSE share codes: FFA ISIN: ZAE000248498 FFB ISIN: ZAE000248506 Bond company code: FORI LEI: 378900FE98E30F24D975 (Approved as a REIT by the JSE) (“Fortress” or “the Company”) FURTHER UPDATE REGARDING RECENT RIOTS AND CIVIL UNREST Shareholders and noteholders are referred to the announcement published on SENS on 16 July 2021 containing an initial communication of our impacted buildings as a result of riots and civil unrest. As at 11 August 2021, Fortress is able to provide the following additional information in respect of our impacted buildings: Property Gross lettable Summary of damage Tenants currently trading Estimated time for area (m2) completion of repairs or re-development Cornubia Ridge 23 727 Property destroyed None 12 to 18 months Logistics Park * Biyela Shopping 8 536 Major fire damage Three stores are open 9 months Centre Evaton Mall 35 472 Shopfronts and minor Cash Crusaders The majority of tenants damage Chicken Licken are expected to reopen by Clothing Junction end of August 2021 Fashion World Gadget City John Craig KFC Legit Old Fashioned Fish and Chips Pick n Pay Sedglo Shoprite Side Step Skipper Bar Studio 88 Palm Springs 19 368 Shopfronts and fire Shoprite The majority of tenants Shopping Centre damage are expected to reopen at the end of September 2021 336 West Street 6 329 Major fire damage None 9 months Tembi Mall 6 599 Shopfronts damage All Not applicable Yarona Shopping 5 979 Shopfronts damage Shoprite The majority of tenants Centre are expected to reopen at the end of August 2021 * Fortress owns 50,1% of this property. The Makro building is situated in the same logistics park and is currently open for trading. Fortress’ pro rata share of the damaged properties, which will not be trading by the end of August 2021, represents approximately 1,7% of our total pro rata GLA. Estimated damages at the damaged properties is in the range of R450 million to R550 million and are still being assessed by the loss adjustors with input from various professional teams. This high-level estimate is well within our SASRIA cover limit of R1,5 billion. The estimated damages exclude the loss of income claim which will also be submitted to Fortress’ insurers Update on logistics facility at Cornubia Ridge Logistics Park (“Cornubia”) An act of arson at Cornubia destroyed the premises occupied by UPL and Retailability. The UPL section warehoused products for use in the agricultural sector. UPL are working closely, under the oversight of a Joint Governmental Task Team, with their team of specialists to assist with the clean-up of the impacted area, including the premises and surrounds. We again express our appreciation to all our on-site staff and security providers who have shown continued dedication in restoring the affected properties to full operation. We also express our sincere appreciation to all community volunteers who have assisted in cleaning a number of our affected shopping centres. 12 August 2021 Lead sponsor Joint sponsor Debt sponsor Java Capital Nebank Corporate and Investment Banking Rand Merchant Bank (a division of Nedbank Limited) (a division of First Rand Bank Limited) Date: 12-08-2021 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.