South Africa (SA)-based asset management firm Inkunzi Wealth Group intends to privately secure 250 million rands ($18 million) for its student housing fund by mid-April.

The venture, dubbed Ithubalethu, plans to secure funds at $0.72 a share and with a minimum commitment set at $361.81 from retail investors before approaching asset managers.

Once Ithubalethu secures the funds, the venture will acquire and likely establish properties in towns and cities.

The cities include Mahikeng, Durban, Cape Town, Johannesburg and Potchefstroom.