JV Nabs 3 US Student Housing Portfolios In $1.6B In Deals

Law360, New York (March 17, 2017, 2:06 PM EDT) -- A joint venture between the Canada Pension Plan Investment Board, Singapore's sovereign wealth fund GIC and student housing operator the Scion Group LLC has added three new U.S. student housing portfolios to its holdings through $1.6 billion in deals, the companies said on Thursday.

The venture, called Scion Student Communities LP, has acquired a portfolio of six student housing properties in the southern U.S. for $385 million and a portfolio of 11 properties in large university markets for $640 million, according to a statement announcing the deals. The sellers were not disclosed. The venture also completed $550 million in recapitalizations on...

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