Eris Student Accomdation Newco

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IFC’s proposed ZAR150m (US$8.96m equiv.) equity investment in Momentum Student Accommodation Impact Fund (“MSAIF” or “the company”) is aimed at developing affordable purpose-built student accommodation (“PBSA”) in South Africa (‘SA”). MSAIF intends to develop 10-15,000 beds of affordable purpose-built student accommodation (“PBSA”) over the next five to seven years in SA (the “project”). The PBSAs include common use facilities like parking areas, recreational areas and individual study and cooking hotplate in each room. MSAIF is an external platform managed by Eris Property Group (“Eris” or the “sponsor” - https://www.eris.co.za), the property development / management subsidiary of MMI Holdings, SA’s third-largest long-term insurer. Eris has so far completed over 100 developments in South Africa including a pioneer students’ standalone bedrooms accommodation with shared kitchens and common areas in Hatfield, Pretoria, will be the developer and property manager for the project.