FEENSTRA GROUP
Growthpoint recently received approval from the Competition Commission to acquire its first three assets in the student housing sub-sector of the real estate market from the Feenstra Group . Growhtpoint SA Chief Executive , Estienne de Klerk says the new student accommodation fund represents a “ very exciting ” development for the group . He revealed that this fund would “ Start off with assets of R2 billion ”
The word Fund refers to the fact that Growthpoint has either secured or is eyeing further acquisition in the student accommodation space . “ This transaction with the Feenstra Group is the commencement of our purpose-built
Student Accommodation Fund ,” says de Klerk “ We already have indicative equity funding from third-party investors , plus those from Feenstra Group and Growthpoint Properties .”
Feenstra says the three student housings which Growthpoint has acquired from his group include around 5,000 beds and represents around half of the Feenstra Group ’ s overall student housing portfolio . He adds : “ We are a significant investor in the fund . Feenstra Group will develop more properties for the fund in the future . We will also be the property managers of the fund .”
SA Real Estate Investor Magazine DEC / JAN 2022 5