The Project will be developed and owned by AlleyRoads Holdings (Pty) Ltd (“AlleyRoads” or the “Company”). Founded in 2009, Alleyroads has developed over 3,000 residences to date, of which 1,850 are currently in its rental portfolio.

The Company is 100% owned by the Airmid Investment Trust, with ultimate beneficiaries Mr. Ivan Pretorius (Founder and CEO) and his immediate family.

The total Project cost is estimated to be up to ZAR620 million (approximately US$42.1 million). IFC proposes a green A-Loan investment of up to ZAR 325 million (approximately US$20.9 million. The remaining balance will be provided by the Company shareholders in the form of equity.

The Project is located in Ekurhuleni and Midvaal municipalities, a large suburban region south east of Johannesburg, South Africa.

 This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability. Based on IFC’s review, the proposed project is expected to have limited adverse environmental and social risks and impacts that are few in number and site-specific and can be avoided or mitigated by adhering to recognized performance standards, good international industry practices and guidelines as described in the following sections.

The key E&S risk associated with the project include; (i) the company's E&S systems and staffing to manage its operations in line with IFC Performance Standards (PSs); (ii) adequate E&S impact assessment of its new developments in accordance with legal requirements and IFC PSs; (iii) assurance of fair and safe working conditions for employees and contract workers (especially during construction); (iv) resource efficiency; (v) life and fire safety design of the proposed developments; (vi) impacts on nearby communities and implementation of suitable stakeholder engagement procedures including a PS compliant grievance management mechanism.