Maia Capital Partners, through its Maia Debt Impact Fund I, has provided crucial mezzanine debt financing to Student Living Asset Management (SLAM). The funding enables SLAM to acquire a 51% stake in Academia, Stellenbosch’s largest student residence, located on the campus of Stellenbosch University.
Academia, a 1,026-bed residence boasts modern amenities, including a restaurant, padel and volleyball courts, biometric access, CCTV, and 24-hour security. Established in 2000 and internally managed for over 25 years, the facility accommodates a 20% international student cohort and operates under a strong code of conduct to foster safety and community.
This off-market acquisition, executed with the existing ownership team, reflects SLAM’s preference for “best-in-class” assets with sustained student demand and operational continuity.
“This will be business as usual,” said Ndumiso Davidson, CEO and Co-Founder at SLAM. “SLAM invests in assets of scale in defensive locations with a strong operating track record and demonstrable long term student demand. Academia exemplifies the profile of assets we seek to provide our investors.
We are joining forces with the existing leadership team. There will be no disruption, no staff overhaul, and no operational restructuring. We’re here to build on a strong foundation, not to fix an operation that’s already working exceptionally well and has been the residence of choice in Stellenbosch for the last 25years.”
Tshandu Ramusetheli, CEO of Maia Capital, highlighted the dual significance of the transaction: pragmatic investment and social impact. He remarked that the partnership advances Maia’s strategy of targeting infrastructure that alleviates student accommodation shortages while also championing gender inclusivity. The management team at Academia is all-female, and the investment prioritises female tenant access underscoring a conscious effort to foster inclusive environments for young women.
“We are delighted to partner with SLAM on this landmark transaction, which reflects our commitment to addressing the pressing shortfall of student accommodation in South Africa. Our partnership with SLAM not only enhances our portfolio but aligns with our gender-focused investment strategy; by prioritizing female tenants at Academia, and with an all-female management team ensuring exemplary operations, we are fostering an inclusive environment for students.
Romeo Makhubela, SLAM’s chairman, called the acquisition “a strategic anchor for our national portfolio,” noting its capacity to deliver inflation-beating income while strengthening educational outcomes and supporting youth development.
This transaction aligns with emerging trends in South Africa’s student housing sector. The country continues to face a severe accommodation shortfall estimated at 500,000 to nearly 780,000 beds by 2025. Private-sector investment in purpose-built student accommodation (PBSA) is therefore not only filling a critical infrastructure gap but becoming a lucrative opportunity with strong yields.
Public-private partnerships and strategically financed deals like this one are emerging as viable, sustainable solutions to address this shortage, enabling students to access safe, modern, and affordable housing close to their institutions
With this acquisition, SLAM cements its position as a leading investor in institutional-quality student accommodation in South Africa demonstrating the potential of mezzanine financing to power both financial returns and social impact. For Maia Capital Partners, founded in 2020 and having raised over R1 billion by June 2024, the deal underscores their ambition to drive economic transformation across sectors such as education, affordable housing, and renewable energy.
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