TORONTO — Canada’s largest pension check fund manager as well as two partners have acquired US$1.6 billion worth of pupil housing properties in the nation.
Canada Pension Plan Investment Panel says it’s creating the investment through a joint venture with a serious Singapore-based fund manager and a Chicago-based property company.
Together, they may be acquiring three different student housing portfolios through the Scion Scholar Communities LP.
CPPIB as well as GIC of Singapore each own a 45 per cent fascination with the three portfolios, along with the rest belonging to the Scion Class, which focuses on scholar housing communities.
The mind of CPPIB’s Ough.S. real estate purchases, Hilary Spann, says it’s very important to the pension account manager to achieve sizeable size in the United states student housing sector.
CPPIB manages investments for the Canada Retirement living.
As of December, this had C$298.1 mil of assets less than management in the CPP Fund.
As a result of the deal publicised Thursday, the Lexus Student Communities LP joint venture has 72 student housing communities with a total regarding nearly 32,Two hundred beds.