Original disclosure @ IFC website
Updated in EWS Oct 29, 2020
Disclosed by Bank Oct 7, 2020
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According to bank provided information, the proposed IFC investment is a ZAR150million equity investment in Momentum Student Accommodation Impact Fund Proprietary Limited (‘The Company” or “MSAIF”), an open-ended investment company developing and operating affordable, purpose-built student accommodation (“PBSA”) in South Africa (SA). MSAIF is registered as a private limited liability company and is managed by Eris Property Group, a leading property developer and real estate fund manager in SA.
MSAIF’s business model is to provide serviced safe, secure, affordable purpose-built student accommodation that is located close to Public- universities and/or Technical Vocational Education and Training (TVET’s) (which will be marketed under the “Rise Living” brand). MSAIF has developed one asset named “Units on Park” in Hatfield Pretoria; a 998 bed development. Concurrently, MSAIF is pursuing a pipeline of additional development and investment opportunities and expects to grow to 10/12-asset portfolio over the next 5 years. The proposed IFC financing package is to support MSAIF’s growth plans.
MSAIF has a total committed capital target size of ZAR2.0billion, of which IFC’s proposed investment is up to ZAR150million in equity, not to exceed 20% of total committed capital.
Eris Property Group (“Eris”) is an integrated property and service operation in South Africa which provides commercial property development and management services in South Africa and across Sub-Saharan Africa. Eris is majority owned by MMI Holdings, SA’s third-largest long-term insurer (total assets of ZAR503b (US$33.3b); market cap of ZAR27.6b (US$1.8b)) as at July 2020.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
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Eris Property Group
Barend de Loor
Chief Executive Officer
+27 11 755 1000
3 Gwen Lane, Sandton, Johannesburg, 2000, South Africa
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