SER sells a part of its property situated at the corner of Bofors Circle and Losack Avenue, Epping Industria II, Capetown to Sactwu Properties. The deal is finalized at R52.2m and the transfer is expected to take place at the end of June 2014.
The Sactwu Properties is basically a subsidiary owned by the Southern African Clothing and Textile Workers Union i.e. Satwu. The property can be considered as a mixture of industrial manufacturing complex that measures around 2,0234ha and has a GLA of 18,391 square metres, which is going to be sold.
However it is currently owned by the Seardel Apparel, a division of SGT which is involve in apparel manufacturing business and also a third party owner.
By closing its Western Cape and KwaZuluNatal operations the directors of Seardel have decided to move out from the apparel manufacturing business of the Seardel group - said by the company on Tuesday.
