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GIC in joint acquisition of 3 US student housing portfolios for US$1.6 bil

PC Lee Published on Sat, Mar 18, 2017 / 8:12 AM GMT+8

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SINGAPORE (March 18): GIC, Canada Pension Plan Investment Board (CPPIB), and The Scion Group announced on Thursday that their student housing joint venture entity, Scion Student Communities LP, has acquired three US student housing portfolios for US$1.6 billion ($2.2 billion).

The portfolios comprise US$385 million acquisition of six Class-A properties located primarily in the southern US; US$640 million acquisition of 11 Class-A properties in premier university markets across the US; and US$550 million in recapitalisations of 12 legacy Scion-owned and operated communities situated in leading campus markets across the US.

Since its inception in January 2016, the JV has completed US$2.9 billion of investments, including the previously announced US$1.3 billion acquisition of University House Communities Group and its 19 properties in June 2016. The UV has deployed over US$1 billion in equity capital. CPPIB and GIC each own a 45% interest in the three portfolios and Scion owns the remaining 10%.