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Student accommodation in South Africa gets R150 million boost from the World Bank Group May 13, 2021, 11:50 AM
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Students studying at South African universities and colleges are struggling to find affordable accommodation.
The International Finance Corporation says that there is a shortfall of more than 500,000 beds and has invested R150 million in a local property group to develop more dedicated student housing units.
Eris, which has developed commercial properties across Africa, will add this latest investment to a R500 million injection received in 2020.
Four-bed units in Eris’ inaugural Tshwane development cost R4,640 per month, including water, electricity, and Wi-Fi.
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The International Finance Corporation (IFC) of the World Bank IFC today announced financing for a new investment platform managed by South Africa’s Eris Property Group.
The financing aims to boost the development of affordable, quality, and resource-efficient student accommodation in South Africa, especially for low-income students.
IFC’s 150 million rand ($10 million) equity investment in Eris’s South African Student Accommodation Impact Investments Proprietary Limited platform will help Eris develop and operate accommodation for up to 15,000 students over the next five years, helping meet soaring demand.
IFC has also committed to helping Eris, a leading property developer and real estate fund manager, raise additional funds for student accommodation from other parties.