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Fortress REIT shareholder Coronation builds stake in A shares to 25.5%

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Fortress REIT shareholder Coronation builds stake in A shares to 25.5%

Fortress REIT Ltd. shareholder Coronation Asset Management Pty. Ltd. boosted its stake in the South Africa-based diversified real estate investment trust to 25.51% of its total issued A shares.

Fortress said it has filed the required notice with the Takeover Regulation Panel. According to S&P Global Market Intelligence data, Coronation held a 3.43% stake in Fortress as of Jan. 26.

Shareholder Public Investment Corp. (SOC) Ltd., which owned a 4.17% stake in Fortress as of Jan. 26, notified Fortress that it now holds 10.053% of Fortress' total issued B shares. Fortress said it filed notice with the Takeover Regulation Panel.

Separately, the company said the Siyakha Education trusts sold roughly 550 million South African rand of Fortress shares.

The company said the trusts sold the shares through the market to provide them with liquidity and to trim bank debt. According to Fortress REIT's website, the Siyakha Education Trust is an educational initiative established to support education in rural South Africa. Fortress, Resilient REIT and Lodestone REIT Ltd. participate in the venture.

As of Feb. 15, US$1 was equivalent to 11.65 South African rand.