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SEARDEL SELLS EPPING INDUSTRIA PROPERTIES FOR R52.2m

Seardel sells the property situated at the corner of Bofors Circle and Losack Avenue to Sactwu Properties for R52.2m.

Investment company Seardel (SER)‚ through its wholly owned subsidiary Seardel Group Trading (SGT)‚ has sold the property situated at the corner of Bofors Circle and Losack Avenue‚ Epping Industria ll‚ Cape Town‚ to Sactwu Properties for R52.2m.

Sactwu Properties is a wholly owned subsidiary of the Southern African Clothing and Textile Workers Union (Sactwu). The property‚ a composite industrial manufacturing complex that measures about 2‚0234ha and has a gross letting area (GLA) of 18‚391 square metres‚ has been sold as a going concern.

It is currently tenanted by Seardel Apparel‚ a division of SGT involved in the apparel manufacturing business‚ and a third-party tenant. The directors of Seardel had decided to exit the Seardel group’s apparel manufacturing businesses through the closure of its Western Cape and KwaZuluNatal operations and the disposal of the remainder of its South African apparel manufacturing businesses‚ it said on Tuesday.

The transfer was expected to take place by end June 2014.

Source: eProp Commercial Property News