Owen Nkomo tries again at student housing
The entrepreneur aims to create a property fund with at least R250m in the first tranche from communities and private investors
Entrepreneur Owen Nkomo is taking another crack at creating a student property fund after failing to list one in 2018, blaming the collapse of the Resilient stable for an inability to raise money at the time. This time, instead of buying student accommodation assets, Nkomo will develop his own after raising tranches from private investors as well as communities. The public will be able to buy an interest in the new Ithubalethu fund from as little as R5,000. Nkomo aims to raise at least R250m in the first tranche, which will be concluded in the middle of April. He said community groups in townships as well as private investors had already expressed an interest in buying stakes. Nkomo had been planning to create both an unlisted and a listed property fund. The listed fund was on hold while institutional investors were anxious. “At the end of 2017 we were well on track to list Inkunzi Student Accommodation Fund with a R1.4bn portfolio. But then the property sector fell into a state of ...
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