Developments International News

Divercity’s Jewel City shortlisted for United Nations Principles of Responsible Investment Award

Divercity Urban Property Group’s Jewel City Precinct in central Johannesburg has been recognised by the United Nations Principles of Responsible Investment (UN-PRI) as one of the five most impactful ‘real world impact’ projects globally in 2021.

The only project from the African continent to be shortlisted for this year’s awards, Jewel City has been shortlisted for the UN-PRI ‘emerging markets initiative of the year’ award as one of the five highest scoring qualifying entries in the awards’ other four categories.

This announcement comes days after Jewel City was named the winner of two prestigious South African Property Owners Association (SAPOA) 2022 Property Development Awards for Innovate Excellence: Best Residential Development and the overall Transformation (impact) Award.

“We are delighted that Jewel City has received such esteemed recognition. These honours are significant because they are independent third-party validation of our thesis that developing affordable quality residential precincts in amenity-rich central locations is a powerful means of positive impact that delivers solid commercial returns,” says Carel Kleynhans, CEO of Divercity, South Africa’s leading investor in well-located affordable housing precincts.

Jewel City is a thriving, modern neighbourhood that has become the heart of Johannesburg and is reviving inner-city living. It spans six city blocks of urban amenities and Divercity invests substantially in these areas to offer essential social amenities such as childcare, education, healthcare, sport facilities, public recreational spaces, and daily retail.

The UN-PRI ‘real world impact’ award is given to a signatory who has sought to align its investments with global goals across its portfolio or for given asset classes or an investment product, with an approach that is an example of investing with UN Sustainable Development Goals (SDGs) or more broadly investing for sustainability impact.

Global goals are set through international agreements and frameworks, national implementation, or societal expectations, including the UN SDG goals and targets, The Paris Agreement, UN Guiding Principles on Business and Human Rights, The OECD Guidelines for Multinational Enterprises and other environmental, social, governance, and development objectives established by political or socio-economic institutions. It explicitly seeks approaches with broader applications than traditional impact investing.

The winner of each UN-PRI Awards category will be announced on the 1st of December 2022 in Barcelona, Spain.