Inventrust Properties Sells Student Housing Portfolio For $1.4B
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.