REX Trueform Announces The Acquisition Of A Majority Stake In Belper Investments
REX Trueform Announces The Acquisition Of A Majority Stake In Belper Investments. Rex Trueform Group Limited has announced that it has acquired a 51% stake in Belper Investments, which is a newly established property letting enterprise for R104 million.
Rex Trueform Group Limited (formerly Rex Trueform Clothing Company Limited) is currently invested in the property and retail segments. Its interest in retail is through its wholly-owned subsidiary company, Queenspark Proprietary Limited. Rex’s interest in property includes direct property ownership and indirect property investment through its wholly-owned subsidiary, Queenspark Distribution Centre Proprietary Limited. Rex changed its name to Rex Trueform Group Limited to better reflect the diverse nature of its business.
The group has a significant interest in the retailing of fine-quality women’s and men’s clothing and related accessories through its ownership of Queenspark, which operates a nationwide chain of Queenspark stores in South Africa. Queenspark also operates retail stores in Namibia via Queenspark Namibia. Rex Trueform owns a minority interest in SA Water Works Holding Company, which is a 100% South African, majority black-owned, private water and waste water utility group operating via controlled subsidiaries, under 30 year water concession agreements in Mpumalanga and KwaZulu-Natal.
The Transaction presents an opportunity for Rex Trueform to diversify its existing property portfolio while leveraging the opportunity to acquire commercial property with a high tenant demand at the right value.
