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Rental Express parts ways with Rental Management Australia

Rental Express Pty Ltd, a Queensland based company, has parted ways with Rental Management Australia Group Limited (“RMA Group”) who were formally operating under the name Rental Express Group Limited.

Previously Rental Express Pty Limited (QLD) has been contracted to provide assistance to RMA Group with managing the Groups initial property management acquisitions in WA. As part of this arrangement, they had also licenced the Rental Express brand, however on 31 October, under mutual agreement from both parties, this arrangement will cease and RMA Group will operate as Rental Management Australia.

RMA Group, while operating under the name Rental Express Group Ltd announced on the 11th May 2012 the $65 million acquisition of RUN Property (ASX:RNC). As a result of Rental Express and RMA Group terminating their agreement to work together, the management team of Rental Express Pty Ltd (QLD) including Managing Director Chris Rolls will not be involved in the management of RMA Group, nor will they be involved int he acquisition of Run Property as previously reported.

Chris Rolls this evening said, “It has been widely misunderstood that Rental Express contracted to purchase RUN Property, however this is not the case, and it has caused quite a bit of confusion.” He further commented that, “Rental Express has had limited involvement in the transaction, but as I understand the transaction is still proceeding and RMA Group have paid a $4million deposit to RUN property, and we wish them well in their future endeavours.”

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