Fortress Property Income Fund boosts offshore arm

Fortress Property Income Fund (FFB‚FFA) is strengthening its offshore property exposure and has subscribed for additional shares in AltX-listed Rockcastle Global Estate. File Photo: Fortress MD Mark Stevens

Fortress Property Income Fund (FFB‚FFA) is strengthening its offshore property exposure and has subscribed for additional shares in AltX-listed Rockcastle Global Estate.

The JSE-listed property group reported on Thursday it had subscribed for additional shares in AltX-listed Rockcastle Global Estate for just more than R500m as part of its strategy to increase offshore indirect property exposure.

Rockcastle‚ which has a primary listing on the Stock Exchange of Mauritius‚ had issued shares to raise capital that will be invested in listed real estate securities and/or direct property in selected jurisdictions.

The latest share acquisition brings Fortress’s holding in Rockcastle to 21.93%.

Fortress which listed in October 2009 on the Johannesburg Stock Exchange (JSE), is part of the Resilient family firms, which hold stakes in each other, include, Capital Property Fund, Resilient Property Income Fund, New Europe Property Investments and Rockcastle Global Real Estate Company.