Transactions - AUGUST 10, 2015

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CPPIB buys U.K. student-housing properties

by Andrea Waitrovich

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

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