- February 1, 2018: Vol. 10, Number 2

To read this full article you need to be subscribed to Institutional Real Estate Asia Pacific

CPPIB, GIC and Scion JV buys US student-housing portfolio

by Jennifer Molloy

Foreign investors continue to flock to the United States in pursuit of core — and niche — assets.

Scion Student Communities, a joint venture between the C$328 billion (US$262 billion) Canada Pension Plan Investment Board, Singapore’s US$359 billion GIC and The Scion Group, has acquired a US student-housing portfolio for approximately US$1.1 billion. The 24 assets comprise 13,666 beds located across the United States in 20 university-campus markets. Of the 24 properties, 22 were purchased from affiliates of Harrison Street Real Estate Capital and represent roughly 12,000 beds in 18 states. The additional acquisitions reflect a recapitalisation of two communities previously owned by Scion-affiliated private syndications. The portfolio includes recently-developed grade A assets, primarily in Tier 1 university markets, as well as select value-added properties.

“This is a compelling investment opportunity to efficiently build further scale in the US student-housing

Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.