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Scion Student Communities, a joint venture between three separate entities including Chicago-based Scion Group, has grabbed three U.S. student housing portfolios for $1.6B.
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.
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