BETHESDA, MD--At the start of the year, Oak Brook, IL-based InvenTrust Properties Corp. announced it was selling off its student housing platform--University House Community Group--to become a pure-play multi-tenant retail REIT. The buyer of the platform was a partnership among Canada Pension Plan Investment Board, GIC Pte. Ltd. and the Scion Group LLC.
For CPPIB and GIC, the deal was a foot in the door into the student housing space. And they would be entering the sector with an indisputably high-quality portfolio: 18 stabilized student housing communities and four in development, all close to major university campuses and comprising nearly 13,000 beds. Under the terms of the agreement, Scion would manage and operate the portfolio, and own 5% of UHC, with CPPIB and GIC each owning 47.5%.
The deal was valued at approximately $1.4 billion at the time although under the terms of the purchase agreement, the final net proceeds of the sale was to be determined at closing, which was expected to happen in midyear.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
