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Head of the Class: CPPIB, GIC and Scion Acquire 24 Student Housing Properties for $1.1 Billion

Scion Student Communities, a student housing investment group that includes the Canada Pension Plan Investment Board (CPPIB), GIC and The Scion Group LLC, has acquired a U.S. student housing portfolio for $1.1 billion, or about $80,500/bed. The investment group is buying 22 properties from affiliates of Harrison Street Real Estate Capital. The deal also includes the recapitalization of two student-housing communities previously owned by Scion-affiliated…

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