South Africa’s Divercity Gets Funds For Housing Projects
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French development agency Proparco and South Africa’s 27four Investment Managers have teamed up to invest Rand 550 million (US$28.9 million) in South Africa’s Divercity Urban Property Group alongside reinvestment from the group’s existing shareholders.
Divercity is an investment platform focused on the development of affordable rental housing with supporting amenities in high-density and centrally-located urban precincts.
With this investment, the group says it plans to add 2,500 new apartments in South Africa. It will also support balance sheet optimisation.
In November, Divercity commenced construction on the 9 Hopkins mixed-use development at Salt River in Cape Town.
The group is partnering with the local Twin City to develop the affordable housing rental project, which is situated 2km from Cape Town’s central business district (CBD).
Divercity has several other developments including Jewel City in the Johannesburg CBD and the upcoming Barlow Park on the periphery of the Sandton CBD, which it is developing with Atterbury, Barloworld, Moolman Group and Twin City.
“The team is working on several other opportunities in Cape Town that should break ground in 2024,” said Jonathan Reader, chief investment officer at Divercity, at the 9 Hopkins groundbreaking ceremony.
Photo: Divercity development (Source: LinkedIn @ Divercity)
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