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- March 1, 2016: Vol. 8, Number 3

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GIC JV buys US$1.4b US student housing platform

by Andrea Waitrovich

InvenTrust Properties Corp has agreed to sell its US student-housing platform to a joint venture formed by Singapore’s S$480 billion (US$344 billion) GIC, the C$283 billion (US$203 billion) Canada Pension Plan Investment Board and The Scion Group. The joint venture’s subsidiary, UHC Acquisition Sub, will acquire InvenTrust’s student housing platform, University House Communities Group, for US$1.4 billion. The portfolio comprises 18 student housing assets and four developments, totalling nearly 13,000 beds near universities across the United States.

Through the joint venture, known as Scion Student Communities, GIC and CPPIB each will own a 47.5 percent stake in the student housing platform, while Scion Group will hold a 5 percent stake.

Under the terms of the purchase agreement, the final net proceeds will be determined at the closing of the transaction, following the determination of several events and closing considerations. The transaction is expected to close

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