| Singapore's sovereign wealth fund GIC has formed a joint venture with Canada Pension Plan Investment Board (CPPIB) and The Scion Group (Scion) to acquire a US student housing portfolio for approximately US$1.4 billion (S$2 billion), the Republic's sovereign wealth fund announced on Monday (Jan 4).
Through the joint venture, GIC and CPPIB will each own a 47.5 per cent interest in the University House Communities Group (UHC). Scion, which will manage and operate the portfolio, will own the remaining 5 per cent. It added that the venture will also pursue opportunities "to acquire high-quality student housing assets primarily in Tier 1 university markets in the US"...............................................Full Article: Source
|