Why student housing specialist Inkunzi pulled the plug on listing
The student housing company was unable to raise R800m needed to bring R1.4bn portfolio to the JSE
It will be some time before a student housing specialist comes to the JSE now that the founders of Inkunzi Student Accommodation Fund have pulled the plug on the hyped listing. The group was unable to raise R800m from the commercial real estate investment community. It hoped to use the funds to bring a R1.4bn student housing portfolio to the bourse, beating various other groups who had similar interests. The likes of upper market tertiary education accommodation provider CampusKey, inner city specialist South Point and diversified student housing provider Respublica Student Living, which is majority owned by Redefine Properties, have suggested they may list when big enough and when conditions were favourable. But Inkunzi, which was founded by Kameel Keshav and Owen Nkomo, was supposed to be the maiden student listing in September, for a new subsector of property. Over the past two to three years, numerous fund managers have said the listed property sector was over-shopped with retai...
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