PIC makes first foray into affordable housing

Africa’s largest asset manager, the Public Investment Corporation (PIC), has made its first investment in the multifamily residential property rental sector, given the segment a welcome boost.

PIC, which manages funds on behalf of the Government Employees Pension Fund, invested in Divercity Urban Property Group an SA-based investment platform that offers affordable built-to-rent units with essential amenities in high-density, central urban areas. They typically include apartment buildings and multiple housing units in a single complex or estate…