Old Mutual Alternative Investment‘s R1.2 billion Education and Schools Impact investment fund and Barnstone Education have announced an additional investment in the second phase of the Prestige College project, lifting the total amount of capital allocated to financing the project to R380 million or approximately $24 million. No additional terms of the deal were disclosed.
The capital will be used to fund the development of six Prestige College affordable independent schools which will be managed by Barnstone Education and the founders of Prestige College, Thana and Robbie Pienaar.
Modelled on the highly successful Prestige Hammanskraal College outside Pretoria, the project looks to expand the availability of quality, affordable independent education to more children. The first of these, the Thornview Prestige college is now in its second year of operation while the Crystal Park Prestige College in Benoni is scheduled to open its doors in January 2017. After that, two additional facilities will be opened in 2018, followed by an additional college in 2019 and another in 2020. The additional investment should provide an education for a additional 10,000 learners.
Commenting on the deal, Thana Pienaar said “The Prestige project has brought together a committed group of investors, educationalists and a management team with a common vision of providing quality education to underprivileged learners. Phase 2 of the project will further pave the way towards offering this opportunity to as many children as possible.”