Eris Property Group (“Eris”) is an integrated property and service operation in South Africa which provides commercial property development and management services in South Africa and across Sub-Saharan Africa.  Eris is majority owned by MMI Holdings, SA’s third-largest long-term insurer (total assets of ZAR503b (US$33.3b); market cap of ZAR27.6b (US$1.8b)) as at July 2020. 

 MSAIF has a total committed capital target size of ZAR2.0billion, of which IFC’s proposed investment is up to ZAR150million in equity, not to exceed 20% of total committed capital.

 South Africa; MSAIF’s mandate is to invest exclusively in purpose-built student accommodation in South Africa.                                                  

 No governance risks to development impact noted.                                   

This is a Category B project, according to IFC’s Policy on Environmental and Social Sustainability (2012). Based on information reviewed during the appraisal, it is expected to have limited adverse environmental and social risks and impacts that are few in number, short-term and site-specific, and can be avoided or mitigated by adhering to recognized performance standards, procedures, guidelines and design criteria as described in the sections further below.

The key environmental and social (E&S) issues applicable for this project include: effective implementation of environmental, health and safety (EHS) management plans during construction and operation phases; life and fire safety and emergency response planning; grievance management for both third party workers and communities; and stakeholder engagement