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Sign in Sign up for a FREE subscriptionAscott, Riyad Capital form U.S. student housing development venture
CapitaLand Investment’s (CLI) wholly owned lodging business unit, The Ascott Ltd., has established a development venture totaling $150 million in committed equity to develop student accommodation assets in the United States.
Named Student Accommodation Development Venture (SAVE), Ascott will manage the venture and hold a 20 percent stake in the joint venture, while the remaining stake will be held by Riyad Capital. Riyad Capital is one of the largest institutional capital partners in the Middle East and an existing partner from Ascott’s network of lodging property owners. When fully deployed, the venture will boost Ascott’s funds under management by $375 million.
SAVE’s first investment is a 779-bed, class A freehold student accommodation development asset in Lincoln, Neb. The asset will serve more than 25,000 undergraduate and graduate students from the nearby University of Nebraska-Lincoln. Currently under construction, the student accommodation asset is slat
