January 3, 2018 / 2:12 PM / 6 months ago

CPPIB joint venture buys US student housing portfolio for $1.1 billion

(Reuters) - Canada Pension Plan Investment Board (CPPIB), Singapore wealth fund GIC and property owner Scion Group LLC said on Wednesday their student housing joint venture had bought 24 U.S. student housing properties for $1.1 billion.

CPPIB, Canada’s biggest public pension fund, formed the joint venture, Scion Student Communities LP, with GIC and Scion in January 2016.

The deal includes the acquisition of 22 properties from affiliates of Harrison Street Real Estate Capital and the recapitalization of two communities previously owned by Scion-affiliated private syndications.

CPPIB and GIC each own a 45 percent interest in the newly acquired portfolio and Scion owns the remaining 10 percent.

The parties struck a similar deal for three U.S. student housing portfolios for about $1.6 billion last year.

Reporting by Karan Nagarkatti in Bengaluru; Editing by Martina D'Couto

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