Growthpoint Properties, the largest listed property company in SA’s student accommodation arm will open three university student residences for South Africa’s 2023 university academic year. These are Peak Studios, located on the doorstep of the University of Cape Town, Brooklyn Studios which lies alongside the University of Pretoria and Apex Studios at the entrance of the University of the Witwatersrand. They will together house 2 200 students in high quality accommodation.
Building on its trusted range of student residences designed to enhance the university experience and academic success, the new properties increase the Growthpoint Student Accommodation Real Estate Investment Trust (Reit)’s upscale student accommodation portfolio to 7 200 beds. Its 2023 portfolio includes ten residences serving tertiary education students in three cities across South Africa.
Since launching in December 2021, the Reit has raised R1.4bn in equity, including Growthpoint Properties’ co-investment of R240m.
The portfolio of 7 200 beds for the 2023 university year is valued at some R3bn.The properties include Burnett Studios, Hatfield Studios, Festival Studios, Varsity Studios, Kingsway Place, The Richmond and Central Studios.
It has also launched Thrive Student Living by Growthpoint, a student accommodation programme application platform.
“Thrive Student Living offers a new perspective on learning and living, devoted to academic success, personal growth, safety and community. It is committed to supporting tomorrow’s leaders to reach their full potential,” said George Muchanya, head of Growthpoint Investment Partners which manages Growthpoint Student Accommodation Reit.
Growthpoint Student Accommodation Reit is helped by developer Feenstra Group.