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South African business executive Steven Brown – the managing director and CEO of Fortress Real Estate Investments Limited – received a compensation package of R25.58 million ($1.35 million) in 2023 for his pivotal role in the company’s financial success.
This marks a significant 128-percent increase from the previous year’s total reward of R11.22 million ($0.59 million), underscoring the exceptional financial performance of the South Africa-based real estate investment trust (REIT).
Brown, who assumed the CEO position in July 2019, has been widely recognized for his exemplary leadership. His 2023 compensation includes a base salary of R3.98 million ($0.21 million) and a performance-based short-term incentive of R5.3 million ($0.28 million), reflecting his outstanding contributions to Fortress Real Estate.
In recognition of Brown’s unwavering dedication and expertise, he also received a long-term incentive award of R1.01 million ($0.053 million). This compensation package underscores his instrumental role in steering the real estate firm to success.
From Corovest analyst to Fortress leader: Brown’s impactful career in Real Estate
Fortress Real Estate, known for its focus on high-quality logistics properties in South Africa and Central & Eastern Europe (CEE), oversees a varied portfolio that includes 46 shopping centers. The company also holds a notable stake in NEPI Rockcastle, the JSE’s largest listed property company, boasting a €7-billion ($7.54 billion) portfolio across nine CEE countries.
Brown’s joined Fortress in December 2015, making the move from Capital Property Fund after its acquisition. With a background deeply rooted in real estate, Brown has held diverse roles, including listed property analyst for Corovest and positions within Standard Bank’s global markets division.
Brown’s leadership propels fortress real estate investments to new heights
Under Brown’s leadership, Fortress Real Estate has seen remarkable growth. In 2023, the company’s revenue increased by 9.91 percent to R3.79 billion ($200.32 million), up from R3.45 billion ($182.26 million) the previous year.
During the same period, assets rose by 14.2 percent from R47.05 billion ($2.49 billion) in 2022 to R53.73 billion ($2.84 billion) in 2023.
Beyond his executive and governance roles, Brown holds a 0.35-percent stake in Fortress, equivalent to 7,595,000 shares, valued at 6.17 million. Brown’s leadership is driving Fortress Real Estate to success, solidifying its position as a key player in the real estate sector globally.
