Real estate investment trust Fortress has secured telecoms and services provider Vodacom as a new tenant at its Louwlardia logistics park development, in Centurion, Gauteng, on a five-year lease, with the option to renew for a further five years.
Vodacom will occupy a 17 000 m2 warehouse at Louwlardia from November 1, which it will use as a central storage facility for the equipment used to support and maintain its mobile network.
The warehouse has a 15 m eaves height and an ultra-flat FM2 floor, which provides the ideal platform for smooth movement of mechanised logistics machinery and the company’s substantial racking needs.
Other tenants at this development include auto retailer We Buy Cars in a 23 600 m2 warehouse and component supplier Goldwagen Car Parts in a 33 000 m2 warehouse.
Fortress development manager Nico Prinsloo is confident that the Vodacom facility will meet and exceed expectations. He says the site still has enough vacant land to comfortably accommodate another 14 000 m2 facility, should Fortress decide to proceed with additional warehouse development.
Fortress is currently developing six new logistics properties and one retail facility with a combined total gross lettable area (GLA) in excess of 154 000 m2 at a cost of R1.5-billion.
This forms part of a strategy to expand its logistics-focused asset base to about two-thirds of its total portfolio by 2020, a rebalancing process designed to capitalise on what it sees as greater growth opportunities in the foreseeable future.
The company currently owns 100 logistics-focused properties, comprising about 42% of its total portfolio.
The remainder includes retail (35%), industrial (13%) and office (10%) properties.
Its post-2020 ambition is to have an overall portfolio mix comprising two-thirds logistics and one-third commuter-focused, rural retail properties.