South African Student Accommodation Impact Investments (Pty) Ltd (SASAII) develops and manages affordable, purpose-built student accommodation (PBSA) in South Africa.
Structured as a holding company, not a property or private equity fund, SASAII mobilises global and local institutional capital for investment in PBSA.
THE BUSINESS MODEL
- To provide serviced, safe, secure, and affordable PBSA
- Located close to universities or Technical Vocational Education and Training (TVET) Colleges
- Targeting the National Student Financial Aid Scheme (NSFAS) market
SASAII aims to raise R2.0bn (US$134m) of commitments in 2021 to build a strong portfolio of PBSA assets in South Africa with an exit strategy of listing a PBSA-focused REIT in 5 to 7 years or a trade sale.
Investments will be made through Special Purpose Vehicles (SPVs), which will hold the assets and raise additional
development capital from banks (debt) or via joint ventures with third parties under undivided property interest arrangements.
Eris, in addition to its role as Investment Manager, will be responsible for the development of the Greenfield PBSA assets and their day-to-day property management.
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Note: SASAII is not a “Fund”
(a) Legal form: a company registered in South Africa (b) Management: externally managed but by an institutional manager (Eris), not dependent on a management team; (c.) Fee Structure: fee structure is different from a that of PE funds (including no carry, which makes the arrangement less costly and better aligned); (d) IPO: Pursues a listing and an IPO.