National + Student Housing | March 17, 2017

The student housing market shows strong fundamentals heading into the fall 2022 academic year, says Yardi Matrix

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%.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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