CPPIB JV buys $1.1b student-housing portfolio
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 ($262 billion) Canada Pension Plan Investment Board, Singapore’s $359 billion GIC and The Scion Group, has acquired a student-housing portfolio for approximately $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 recapitalization of two communities previously owned by Scion-affiliated private syndications. The portfolio includes recently developed class A assets, primarily in first-tier university markets, as well as select value-added properties.
“This is a compelling investment opportunity to efficiently build further scale in the U.S. student-hous