Developments News

Growthpoint Student Accommodation REIT readies to open 3 new residences for the 2023 university academic year

Peak Studios, on the doorstep of UCT, opens in 2023.

Growthpoint Student Accommodation REIT is opening three new university student residences in time for South Africa’s 2023 university academic year – Peak Studios near the University of Cape Town, Brooklyn Studios alongside the University of Pretoria, and Apex Studios at the entrance of the University of Witwatersrand which will collectively house 2 200 private and NSFAS students.

The new properties increase the student REIT’s accommodation portfolio to 7 200 beds with its 2023 portfolio, valued at some R3 billion, including 10 residences serving tertiary education students in three cities across South Africa.

It has also launched Thrive Student Living by Growthpoint, a student accommodation platform and programme.

Leveraging the skills and expertise of Growthpoint Properties, with Feenstra Group, the student REIT aims to provide accommodation that is purposely designed for student life incorporating communal spaces and on-site amenities like Wi-Fi and computer labs, safety, and security with 24/7 support from Student Life Managers.

Growthpoint Student Accommodation REIT is not only opening new doors for students but has opened up a new opportunity for investors, and specifically impact investors, to access the defensive, alternative student accommodation asset class.

Since launching in December 2021, it has raised R1.4 billion in equity, including Growthpoint’s co-investment of R240 million, and it continues to attract solid investor interest. Growthpoint Investment Partners has appointed a dedicated Fund Manager of Growthpoint Student Accommodation REIT, Amogelang Mocumi.

Its portfolio of 7 200 beds for the 2023 university year include Burnett Studios, Hatfield Studios, Festival Studios, Varsity Studios, Kingsway Place, The Richmond, and Central Studios. Each Thrive Student Living residence is an inclusive community for learning located a short walk from its university campus.

Its three newest properties, Peak Studios, Brooklyn Studios and Apex Studios, are being developed by Growthpoint Properties and Feenstra Group.