We back residential projects that solve real demand in South Africa’s growth corridors, primarily Gauteng (Johannesburg, Ekurhuleni, Tshwane), Western Cape (Cape Town’s northern suburbs, Blouberg–Table View, Somerset West), and eThekwini, plus select SADC cities where we can underwrite rental depth. We invest via SPVs where we hold control or structured co-control with proven developers; typical equity checks are R50–R300m per project, pairing senior construction loans at 55–65% LTC with limited mezzanine only where pre-sales or rentals de-risk cash flows. 

Our focus is purpose-built rental (studio to two-bed, ±24–65m²), affordable/Gap housing near mass transit, and lifestyle micro-units with shared amenities where we can achieve operating leverage. We underwrite conservative lease-up curves, target stabilised net yields of ±9–11% with CPI-linked escalations, and look for gross development margins of ±18–25%. We obsess over density (keys/ha), unit efficiency (NSA/GFA ≥ 75%), and capex discipline (R/m² all-in). On ESG we pursue EDGE/Green Star SA where feasible to lower opex (solar, heat pumps, water reuse), which improves DSCR and tenant retention. 

Exit pathways include hold-to-core in a rental platform, sectional-title sell-down if pricing widens, or forward-sale to income funds once WALE stabilises (>24 months, <5% vacancy). Target hold: 4–7 years; target levered IRR: mid-teens, with downside protected by phased releases and construction risk partially transferred via fixed-price EPC and latent defect cover.