On Christmas Eve in 2005, a 25-year-old with plans to become an entrepreneur was playing squash, as he often did. But he became dizzy and had to stop.
Kameel Keshav went to the doctor and was told he had a new challenge: a 3.5cm brain tumour. He was completing his studies to become a chartered accountant — one of his major goals — and a tumour wasn’t going to stop him.
In 2010, Keshav was 30 years old and excited about the Soccer World Cup being hosted by SA and his forthcoming marriage. He had passed both board exams to become a CA(SA). The crippling pain returned and he went back to the doctor.
He was told that if he did not have surgery, he would not live for more than five years. The tumour was too large to be removed by radio surgery. Keshav’s prognosis was that he had a 50-50 chance of survival.
"The operation was risky. I could have gone into a coma or lost my eye as the tumour was by the ophthalmic nerve."
He had the operation in May and couldn’t attend any World Cup matches. He took three months to recover, losing some sensation in his face permanently. He married his "rock and long-time love".
The surgery was the scariest time in Keshav’s life since his father’s unexpected death in his matric year. He had to work nights at the Investec group’s call centre to support himself — and, to a degree, his family — while studying at Wits University. He lived at home while he was studying.
"When I blow my horn, it’s not because I’m a spoilt brat. I want to create a business of my own that has a social impact," he says, describing the Inkunzi Student Accommodation Fund that he and his partner Owen Nkomo hope to list this year.
Nkomo is chief investment officer at Inkunzi Student Fund, while Keshav is the CEO. It will be the JSE’s first specialist student housing real estate investment trust (Reit).
At listing, Inkunzi’s R1.6 billion portfolio will comprise 9 high-quality assets housing 5,200 students, most within walking distance of the University of Johannesburg, the University of Pretoria, Vaal University of Technology, North West University and the Nelson Mandela University in Port Elizabeth.
Keshav expects Inkunzi Student Accommodation Fund to list at about R10 a share.
"We’re excited about this listing as it addresses one of SA’s key problems, which is a lack of student accommodation as well as making a strong socioeconomic impact through having a 25%-30% direct black ownership," Keshav says.
"Inkunzi will bring something unique to the listed real estate space, offering investors direct access to a countercyclical asset class."
There is a shortfall of about 250,000 student beds at universities in SA, according to the Department of Higher Education and Training. This rises to about 750,000 beds if technical and vocational training colleges are included, according to Keshav.
He is no stranger to risking his health or his wealth to achieve his goals. Before launching Inkunzi, he was chief financial officer at Rebosis Property Fund.
During a three-year stint there, he served as CEO of one of Rebosis’s subsidiaries, Ascension Properties, and was involved in the acquisition of a majority stake in UK group New Frontier Properties and the takeover of Billion Group.
Keshav was offered R20m worth of equity that would vest over a period of years but he wants to lead something from its start instead of settling at a company that already has a track record, he says.
Nkomo, 38, has had an entrepreneurial bent since childhood. Protesting students at universities sparked his interest in student accommodation.
"How the fees riots of angry students were about their studying and living conditions really caught my attention. I researched student accommodation in SA and internationally," he says.
"Given that more mature student housing markets are struggling to meet demand, I could only imagine how bad it must be for the South African market."
Inkunzi Student Accommodation Fund’s management is looking to work with companies that offer bursaries for tuition and accommodation for students. By doing business with Inkunzi, they will improve their broad-based black economic empowerment scores.
"Inkunzi was Owen’s idea. He sold a very strong concept to me," says Keshav.
Nkomo manages high net worth individuals’ money through Inkunzi Wealth Group, which has taught him that there is a demand for more varied investment products.
"People are tired of unit trusts. They want new types of products. I believe real estate ticks the box of a new product type. I soon realised student housing could be a mature asset class here in SA like it is internationally," Nkomo says.
He worked as a banker and trader at Deutsche Bank and other groups before starting a wealth management business. He enjoys unwrapping business trends and discussing commerce events on Kaya FM.
Inkunzi will assist with career guidance, interview readiness and other ways of making sure students leave university with more than academic qualifications. "I think for black people to create businesses which generate wealth and improve SA, it’s imperative for us to support each other," Nkomo says.
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