GIC has established a joint venture entity with Canada Pension Plan Investment Board (CCPIB) and The Scion Group to acquire University House Communities Group, Inc. (UHC), a leading student housing real estate portfolio in the United States with a price tag of USD1.4 billion. Both GIC and CCPIB own 47.5% shares each in the JV deal while the remaining 5% is owned by The Scion Group.
UHC commands highest quality and largest class A national student residential property portfolios of student residential real estate in the United States which has within its development, 18 stabilized and 4 communities all well within close proximity to their respective university campuses with combined total of 13,000 beds.
The high concentration of such portfolio is among the top-ranked United States universities with large student enrolment populations. These portfolios will be managed and operated by Scion.
In a joint statement issued by the JV entity, it will pursue actively additional opportunities to acquire high quality student housing assets primarily in Tier 1 university markets in the United States.