Canada Pension Plan, Scion Group JV Grab $1.6B Student Housing Portfolio
The three portfolios include 29 student housing properties within university markets throughout the country, Law360 reports. Canada Pension Plan Investment Board and GIC (Singapore’s sovereign wealth fund) each own a 45% stake in the portfolios, and Scion Group owns the remaining 10% interest.
Formed last January, the JV holds 48 student living communities that include 32,192 beds; this includes a 13,000-bed portfolio acquired from InvenTrust Properties Corp. for $1.4B early last year. The sellers of the three new portfolios were not disclosed.