It will have a 47.5% stake in the deal.
GIC has formed a joint venture entity with Canada Pension Plan Investment Board (CCPIB) and The Scion Group to acquire University House Communities Group, Inc. (UHC), a leading student housing portfolio in the United States.
The deal comes with a US$1.4 billion price tag. UHC will be acquired from InvenTrust Properties Corp.
GIC and CCPIB will each own a 47.5% stake in the deal, while The Scion Group will hold the remaining 5%.
UHC boasts one of the highest quality and largest Class A national student housing portfolios in the U.S., including 18 stabilized and four communities in development, all in close proximity to their respective university campuses and comprising nearly 13,000 beds.
The portfolio is concentrated among top-ranked U.S. universities with large student enrollment populations. Scion will manage and operate the portfolio.
The JV will pursue additional opportunities to acquire high-quality student housing assets primarily in Tier 1 university markets in the U.S, the companies said in a joint statement.
Do you know more about this story? Contact us anonymously through this link.