CPPIB buys U.K. student-housing properties
The Canada Pension Plan Investment Board, on behalf of its CPPIB Liberty Living, has acquired five student housing buildings in the United Kingdom for approximately £330 million ($515 million) from Student Castle.
The portfolio totals 2,153 beds in five major university cities. The buildings in Cardiff, London, Manchester and Newcastle — where Liberty Living already has a strong presence — complement the firm’s existing portfolio. The fifth building is in Bristol, where Liberty Living has not previously owned assets.
CPPIB acquired Liberty Living in March for $2.1 billion, marking its entry into the U.K. student housing sector. Liberty Living was one of the United Kingdom’s largest student housing providers with more than 40 high-quality properties in 17 of the largest university towns and cities across the United Kingdom.
The acquisition follows