GIC of Singapore expands US student housing portfolio

StudentsSingapore sovereign wealth fund GIC has participated in a deal to acquire student accommodation in the US worth $1.1 billion. The fund has a 45% stake in the newly acquired portfolio. Canada Pension Plan Investment Board has an equivalent stake and Scion Group, a specialist real estate manager, has 10%. “We remain confident in the student housing sector,” said Lee Kok Sun, chief investment officer, GIC Real Estate. Scion Group established a joint venture with GIC and the Canada Pension Plan Investment Board to invest in US student housing in 2016. So far, the venture has completed $4 billion of investments. The new acquisition includes 22 properties bought from affiliates of Harrison Street Real Estate Capital and two communities formerly owned by investors affiliated with Scion Group. ©2018 funds global asia

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