Consonance Investment Managers announces the completion of an equity investment in Student Accommod8, a leading developer and operator of Purpose Built Student Accommodation (PBSA) across tertiary institutions in Nigeria.
The undisclosed amount will be used to further develop Student Accommod8’s portfolio of PBSA, strengthen their talent pool and update their IT infrastructure. This is a welcome development as this investment will help to address the Purpose Built Student Accommodation sector of the real estate industry in Nigeria which has remained largely untapped for a number of reasons, despite the dire need for hostel accommodation in Nigerian Universities.
Student Accommod8’s developments are designed, built and managed to the highest standard and provide value-added services including minimarts, cafeterias, laundry services and many more with the aim of creating a desirable living experience for students.
Commenting on the investment, Abayomi Onasanya, Founder/CEO of Student Accommod8 said:
We are pleased to welcome a partner with a long term focus such as Consonance Investment Managers and we look forward to their contributions as we continue to build our platform
Mobolaji Adeoye, Founder and Managing Partner, Consonance Investment Managers said: Student Accommodation is a key education infrastructure globally. Apart from lecture halls, we believe a sizable portion of a university student’s learning will occur in hostels/dorms and as a result, conducive spaces are an enabler of good academic performance. We have confidence in the team at Student Accomod8 led by Abayomi Onasanya and Toyosi Belgore. We look forward to providing university students in Nigeria access to decent, purpose-built accommodation.
About Student Accommod8
Student Accommod8 develops and operates Purpose Built Student Accommodation (PBSA) that provides an affordable and secure environment focused on providing a quality home and community experience for all students to meet their academic potential.
Student Accommod8 hostels are strategically placed close to universities or within the university’s campus and each hostel comes equipped with all the necessary facilities every student needs to feel at home away from home. For more information, visit www.studentaccommod8.com.
About Consonance Investment Managers
Consonance Investment Managers is focused on making investments in high-quality early stage and growing businesses across sub-Saharan Africa. Our Investment team has demonstrated a track record of success in managing investments in the region. Current investments across financial services, education infrastructure, capital market infrastructure, food distribution, healthcare, data infrastructure, media, business services and retail at scale signifies Consonance’s commitment to supporting enterprises solving problems within large and profitable markets. In addition, we help our portfolio companies develop strong governance and operations discipline which results in the creation of value for our Limited Partners.