Foreign JV buys US student-housing portfolio for $1.4B

A joint venture consisting of the Canada Pension Plan Investment Board, Singapore’s GIC Pte. and the Scion Group LLC is making a $1.4 billion acquisition in the US student-housing market. It has acquired University House Communities Group from InvenTrust Properties Corp. The JV, in which CPPIB and GIC own 47.5% each and Scion owns 5%, says it wants to make other student-housing acquisitions.

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