MEDIA RELEASE
10 MAY 2023
RMB’s social loan helps Respublica deliver affordable student accommodation
Sufficient student accommodation is key in ensuring access to tertiary education, with South Africa having a significant shortfall. Respublica is helping to address this need with a specific focus on low- to middle-income students.
Respublica Student Living develops, owns and manages a national portfolio of student accommodation consisting of 10,055 beds, with residences servicing eight major universities (amongst many other tertiary education facilities) across the country. RMB has assisted Respublica in delivering this essential service, through a R276m social loan, structured in alignment with the Loan Market Association’s Social Loan Principles. The funding will be used to develop, manage and maintain the purpose-built student accommodation (PBSA) in Respublica’s portfolio.
Respublica’s investment in the development of PBSA supports the Department of Higher Education’s broader goal of increasing the number of students in post-schooling education. A key objective of this is the provision of quality PBSA to ensure access to post-school institutions and an enabling learning environment for students.
“Respublica’s approach directly aligns with both the South African Government’s National Development Priorities and the United Nations Sustainable Development Goals around access to essential services and socioeconomic advancement and empowerment. This made a strong case for the financing to be structured as a social loan,” says Nikki Griffiths, Social Impact Lead, Sustainable Finance & ESG Advisory at RMB.
In addition to offering affordable, quality accommodation that provides an environment conducive to learning, Respublica is focused on the holistic wellbeing of students, which forms an integral part of their environmental, social and governance strategy. Their residencies offer a vibrant community as well as a support programme that includes academics, social and cultural events, community service days and cultural activities as well as student-driven environmentally conscious initiatives, access to health and counselling services provided by the relevant universities, and sport.
“Not only does Respublica provide an essential service that is vital for South Africa’s future, but our dedication to enriching and enhancing the students’ experience at university helps to keep students at their tertiary institutions, which in turn enables more students to graduate. We are also strongly focused on delivering social impact and a sustainability strategy that contributes meaningfully to the nationwide student accommodation shortage,” concludes Steve Marriott, CFO at Respublica.
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Contact:
Kate Kelly l RMB l kate.kelly@rmb.co.za
