Fortress reports 7.6% rise in nine-month revenue from retail portfolio

Revenue from Fortress’s retail portfolio grew 7.6% in the nine months to end-October compared with a year ago, despite the riots in July that affected six of its shopping centres.

“Our retail portfolio continues to show its defensiveness in this challenging trading environment with collections not materially different from amounts being billed to tenants, and operations reflecting a more normalised environment,” the company said a statement. The logistics portfolio in Central and Eastern Europe logistics is fully let since November 2021. The industrial portfolio vacancy rate has decreased as a result of shorter-term leases being concluded, amid strong demand evident for smaller units in the group’s industrial parks.

“The drivers of this demand continue to be tenants’ consolidation of existing space, supply-chain efficiencies and ecommerce,” it said.

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