Student Accommodation REIT
Growthpoint’s R240m investment represents a 16.6% shareholding in the unlisted REIT and will remain a core investor in the fund, targeting to own between 15% and 20% of the equity in the REIT in future.
Growthpoint is the fund manager and assumes overall responsibility for the success of the Student Accommodation REIT, while Feenstra, has an 11% holding in the REIT. Feenstra Group, a company majority controlled by Feenstra, is the appointed property manager for the REIT.
The REIT’s portfolio is Gauteng based and split between Universities of Pretoria (71%) and Johannesburg (29%). Each property is only a short walk from the respective campuses, and all have a history of high occupancy levels and rental growth.
The Student Accommodation REIT has several acquisition and development opportunities on the horizon. This includes an immediate growth portfolio of two development projects currently underway and opening in time for the 2023 academic year, a further acquisition of a Feenstra property under development, and another asset that will commence construction later this year.