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CPPIB JV buys $1.4b student housing platform
InvenTrust Properties Corp. has agreed to sell its student housing platform to a joint venture formed among the $269.5 billion Canada Pension Plan Investment Board, Singapore’s GIC and Scion Group. The joint venture’s subsidiary, UHC Acquisition Sub, will acquire InvenTrust’s student housing platform, University House Communities Group, for $1.4 billion.
“Our confidence in the U.S. student housing sector continues, given its positive fundamentals and potential,” stated Lee Kok Sun, regional head for Americas with GIC Real Estate.
Through the joint venture, known as Scion Student Communities, CPPIB and GIC each will own a 47.5 percent stake in the student housing platform, while Scion Group will hold a 5 percent stake. Scion will manage the portfolio. The transaction is expected to close in mid-2016, subject to certain closing conditions.
The portfolio comprises 18 student housing assets and four under development, totaling nearly 13,000 beds near unive