Assets worth over R7.2bn (US$486m) in the pipeline


Projects ready for construction requiring R1.1bn


Months to deploy previous Eris SA-focussed funds


Target return

Minimum 16% IRR in ZAR over 6 years.

Target size

R2.0bn of commitments


Unlimited, but will initiate a liquidity event once all funds have been deployed and the market is appropriate for listing.

Investment structure

Company name

South African Student Accommodation Impact Investments (SASAII), Pty. Ltd.


Standard Limited Liability Company Structure (SASAII is not a “ PE Fund”)


Eris Property Group (Eris)

Investible universe

Geographic Focus – South Africa
Asset Composition – Development & Management of purpose-built student accommodation

Investment limits

20% single property limit

Exposure targets : 75% of beds developed to be within the NSFAS price point for that node (NSFAS is an SA government subsidy program for student accommodation available to the lower income)


South Africa


Asset Management Fees of 1% (on drawn capital only)

Investment strategy

The Company will develop and invest in PBSA assets which are expected to produce annual returns on equity (internal rate of return) in excess of 16.0% after fees.

Targeted investments will be in areas which are demographically attractive to ensure assets retain their investment value during the investment period and optimize the ability to find replacement cashflows for expiring of failed tenants.


Up to 60% on the consolidated and subsidiary basis


Listing on JSE (Target is within 5 to 7 years)

Secondary option of sale of the portfolio or individual sale of assets via trade sale or placement from financial investors


Governance structure is not fund-like but shareholder-driven. SASAII will be externally managed by Eris Property Group  (Investment Manager, but there will be strong oversight by shareholders).

Properties managed by


+27 (0)11 775 1000

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.