The 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.