Old Mutual Impact Investing, a division of Old Mutual Alternative Investments, has acquired 188 two-bedroom sectional title apartments through its Financial Sector Charter Fund in partnership with Asrin Property Developers for approximately R128 million as part of the fund’s mandate to increase affordable housing options in SA.
According to Tebogo Mokgata, OMAI’s Impact Investing Executive Member, the rental housing fund invests in assets that provide access to safe, quality, and affordable housing to underserved households and communities in South Africa.
The two-bedroom apartments form part of the residential estate Stellendale Village, situated in Kuils River, Cape Town. With starting rentals of R7 000 per month, these fall within the affordable rentals market nationally, making the development well placed within the middle-income segment.
The deal between OMAI’s Financial Sector Charter (FSC) Fund and Asrin Property Developers will be held as a long-term investment in the fund’s rental housing portfolio, OMRENT.
ASRIN is a B-BBEE Level 1, 100% black-owned and managed company who has delivered over 7 000 residential units with a significant pipeline of developments in the Cape Peninsula area.
The development will be built in line with the Green Building Council of SA’s EDGE standards, ensuring carbon emission reductions, water savings and lower utility costs.
