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March 17, 2017 Comments Off on Scion Student Pays $1.6B for Three Portfolios Views: 1364 National News, Top National

Scion Student Pays $1.6B for Three Portfolios

The Canada Pension Plan Investment Board, in partnership with Singapore sovereign wealth fund BIC Private Ltd., shelled out $1.6 billion to acquire three separate student portfolios in the United States. The buys consisted of six properties in the southern United States (for $385 million), 11 properties nationwide (which sold for $640 million) and $550 million in recapitalizations of 12 legacy assets across the country, owned by Scion Group.

The joint venture operates under the name Scion Student Communities, formed in conjunction with Scion Group.

Harrison Street Real Estate Capital was one of the sellers in the 11-property portfolio. The other portfolio sellers were undisclosed. CPPIB and GIC own 45% each of the portfolio. Scion owns the remaining 10%.

Read More at PERE News

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