GIC says it plans to, together with joint venture partners, buy a student housing portfolio in the United States that is worth about US$1.4 billion ($2 billion).
GIC, the Canada Pension Plan Investment Board (CPPIB) and The Scion Group LLC say they have formed a student housing joint venture entity, Scion Student Communities LP.
The joint venture, through its subsidiary, UHC Acquisition Sub, plans to acquire University House Communities Group, Inc (UHC), a student housing portfolio in the United States, for a total of about US$1.4 billion from InvenTrust Properties Corp. This will include the cost to complete current development projects.
Through the joint venture, CPPIB and GIC will each own a 47.5% interest in UHC. Scion will own the remaining 5%, as well as manage and operate the portfolio. The joint venture will also pursue additional opportunities to acquire "high-quality student housing assets" primarily in Tier-1 university markets in the US. The transaction is expected to close in mid-2016.
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GIC, the Canada Pension Plan Investment Board (CPPIB) and The Scion Group LLC say they have formed a student housing joint venture entity, Scion Student Communities LP.
The joint venture, through its subsidiary, UHC Acquisition Sub, plans to acquire University House Communities Group, Inc (UHC), a student housing portfolio in the United States, for a total of about US$1.4 billion from InvenTrust Properties Corp. This will include the cost to complete current development projects.
Through the joint venture, CPPIB and GIC will each own a 47.5% interest in UHC. Scion will own the remaining 5%, as well as manage and operate the portfolio. The joint venture will also pursue additional opportunities to acquire "high-quality student housing assets" primarily in Tier-1 university markets in the US. The transaction is expected to close in mid-2016.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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