Student accommodation gets financial injection
he Eris Property Group has raised an initial R500m for its social impact student accommodation company from a consortium of domestic and international investors including Momentum Metropolitan Life and Eskom Pension and Provident Fund. Several other investors have also expressed interest and are at various stages of approval.
Tapping into its property developments and management skills, Eris is alleviating student accommodation shortages in SA through its sub-brand RISE Student Living, a completely tech-driven service where the entire leasing process happens digitally.
The company first invested in Units on Park in Hatfield, a 988-bed student accommodation property developed and managed by Eris Property Group, marking the first of a pipeline of assets currently under consideration for development and inclusion. The company is considering various projects in select cities across South Africa. Eris is committed to projects that house a minimum of 70% of the beds at the NSFAS (National Student Financial Aid Scheme) rates or below, ensuring Wi-Fi, water and electricity as inclusive in the rental.
The company’s projects will be guided by green building principles. “We’re proud to be the development partner for SA’s first university residence that received a four-star Green Star rating from the Green Building Council of South Africa (GBCSA) for the University of Cape Town (UCT) residence,” says Vuyani Bekwa, Eris Property Group’s executive head: Investments and Fund Management.
The company is expected to contribute to the significant shortage of quality student accommodation in South Africa, with the added benefits of job creation and additional work in the construction sector, which they regard as essential in these times.
Waterfall named SA’s best mixed-use development
n a recent virtual ceremony of the African Property Awards, the Waterfall Management Company was named the Best Mixed-use Development in South Africa 2020/2021 for the Waterfall development.
Besides walking away with this coveted award for the seventh consecutive year, Waterfall was also nominated for Best Mixed-use Development in Africa by the International Property Awards – Africa and Arabia chapter.
The Awards are now in their 27th year and cover over 45 different residential and commercial categories, celebrating the very best projects and professionals in the property industry worldwide. Regional heats are staged for Africa, Arabia, Europe, Canada, Central and South America, the Caribbean, USA, UK and Asia Pacific. The top winners in each region will automatically be entered into the overall international awards, culminating in announcements of the International and World’s Best winners at a virtual Grand Finale event in January next year.
The African Property Awards are judged by an independent panel of over 80 industry experts and judging focusses on design, quality, service, innovation, originality and commitment to sustainability.
“We’re honoured to continue representing South African property developments on the world stage,” says Waterfall Management Company CEO Willie Vos. “We’re building a world-class city here and receiving this recognition for Waterfall year on year is fantastic affirmation that we’re on the right track.”