Westbrooke Stac is pleased to announce the successful acquisition of the Park Mews student accommodation business in partnership with Up My Street Properties.
A R25mil acquisition, Park Mews is a recently renovated, 145-bed student accommodation provider ideally located in Parktown, Johannesburg. With a 15 year track record of providing high quality, affordable accommodation to students, the property is within walking distance of the Wits University Education and Medical Campuses.
The acquisition also represents the first in Westbrooke Stac’s new partnership with Up My Street Properties, a highly experienced student accommodation management businesses headed by Edelweiss Gray and Shahida Baderoodien. Having previously managed a portfolio of 3 500 students as part of the Feenstra Group, Edelweiss and Shahida will continue to build on the strong reputation of the Park Mews offering, as well as unlocking additional value through efficient cost management.
According to Duncan le Grange, Westbrooke Stac Fund Manager: “We are very pleased to have successfully concluded on this new acquisition, which further bolsters our investment ratios in our Section 12J fund offering. The new partnership with Up My Street properties is also exciting, and we hope will comprise the first of many in our new partnership going forward.”