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CPPIB joint venture expands US student housing footprint

The joint venture involving Canada Pension Plan Investment Board (CPPIB), Singapore wealth fund GIC, and The Scion Group has acquired a US student housing portfolio for approximately US $1.1 billion.

The transaction includes the acquisition of 22 properties from affiliates of Harrison Street Real Estate Capital and the recapitalisation of two communities previously owned by Scion-affiliated private syndications. The properties are located in 20 diversified university campus markets across the US comprising 13,666 beds.

Since its inception in January 2016, Scion Student Communities, LP has completed more than US $4 billion of investments, primarily through four significant portfolio transactions, in which approximately US $1.4 billion in equity capital has been deployed.

CPPIB and GIC each own a 45% interest in the newly acquired portfolio and Scion owns the remaining 10%.

This article has been edited. It first appeared on Private Capital Journal, a site managed by CPE Media Inc, the official data provider for PCMA. Read the rest of the article here.

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