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University House Communities
InvenTrust Properties, the Chicago area REIT formerly known as Inland American Real Estate Trust, announced plans Monday to exit the student housing market and focus solely on multi-tenant retail.
InvenTrust is selling its student housing portfolio, University House Communities, to a JV of Canada Pension Plan Investment Board, GIC and the Scion Group, in a $1.4B deal. The portfolio comprises 18 properties, including The Fields in Bloomington, IN (pictured), and four in development. Scion will operate and manage the portfolio and retain a 5% stake, while CPPIB and GIC will retain 47.5% stakes. Last month, InvenTrust landed a $300M unsecured loan that it plans to use for acquisitions and paying off maturing debt.
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