Publications

Transactions

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

CPPIB JV acquires $1.6b student housing portfolio

by Andrea Waitrovich

A consortium of the C$298 billion ($223 billion) Canada Pension Plan Investment Board, Singapore’s GIC sovereign wealth fund and The Scion Group has acquired three portfolios of U.S. student housing for approximately $1.6 billion through their student housing joint venture entity, Scion Student Communities.

CPPIB and GIC each own a 45 percent interest in the three portfolios, and Scion owns the remaining 10 percent.

The three portfolios comprise six class A properties located primarily in the southern United States for $385 million, 11 class A properties in premier university markets across the United States for $640 million, and 12 recapitalizations of legacy Scion-owned and -operated communities in leading campus markets across the United States for $550 million.

“The U.S. student housing sector is an attractive investment opportunity, driven by secular strength in enrollment growth and favorable supply dynamics,” says Hilary Spann, managing director and

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?