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Singapore Sovereign Wealth Fund Moves Past U.S. Trophy Assets, Strikes $1.6B Student Housing Deal

Student housing in Copenhagen

Mapletree Investments, a real estate unit of Singapore sovereign wealth fund Temasek Holdings, bought a portfolio of 18 North American student housing properties and four multifamily properties from Kayne Anderson Real Estate Advisors over the course of three deals worth a combined $1.6B.

The total acquisition took more than seven months, and the most recent deal brings Mapletree’s student housing portfolio holdings to 43 assets with around 18,000 beds, the Wall Street Journal reports. The firm is expected to spin the portfolio into a publicly traded REIT on the Singapore Stock Exchange, the Journal reports.

This deal serves as another signal that foreign investors are moving past U.S. trophy assets in favor of alternative assets and properties in secondary markets. China Life Insurance recently announced the acquisition of a 95% stake in a portfolio of 48 U.S. properties.

To hear more about the biggest student housing transactions directly from the owners/investors themselves, check out Bisnow's Student Housing event on June 29 in Philadelphia.