CPPIB to sell student accommodation business for C$1.3b

The C$392 billion ($300 billion) Canada Pension Plan Investment Board (CPPIB) has plans to sell Liberty Living, its wholly owned student housing business, to The Unite Group for C$1.3 billion ($992.3 million).

CPPIB will retain a 20 percent shareholding in the combined group.

“Through this transaction, we are able to continue our investment in the student housing sector within the United Kingdom across a broader, more diverse and stable portfolio and with additional development exposure, which fits well within our global real estate strategy,” said Thomas Jackson, managing director, real estate investments, at CPPIB. “We look forward to working with Unite Students in combining these two excellent businesses to continue to provide affordable, high-quality student accommodation across the United Kingdom, and maintain strategic relationships with educational institutions."

On completion, the combined group will manage a total of more than 73,000 beds across