South Africa: BII announces follow-on investment in Divercity
British International Investment (BII), the UK’s development finance institution and impact investor, has announced a follow-on investment in Divercity Urban Property Group.
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British International Investment (BII), the UK’s development finance institution and impact investor, has announced a follow-on investment in Divercity Urban Property Group. This additional investment is part of Divercity’s latest fundraising round of ZAR550 million (c. $30 million).
Divercity is a low-cost housing platform based in South Africa. The company provides housing in well-located but underinvested neighbourhoods in major cities.
BII first invested in Divercity in 2021 to support inclusive growth by increasing access to safe and low-cost housing for low and middle-income households and creating jobs. Since then, Divercity has completed nearly 2,700 residential homes and has contracted more than 2,000 units. This investment will allow for an additional 2,500 units to be delivered by 2027.
BII is joined by new investors including Proparco and 27four Investment Managers in this fundraising round.
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