Africa’s largest asset manager, the Public Investment Corporation (PIC), has made its first investment in the multifamily residential property rental sector, given the segment a welcome boost.

PIC, which manages funds on behalf of the Government Employees Pension Fund, invested in Divercity Urban Property Group an SA-based investment platform that offers affordable built-to-rent units with essential amenities in high-density, central urban areas. They typically include apartment buildings and multiple housing units in a single complex or estate...

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