(Adds details, background)
March 16 Canada Pension Plan Investment Board
(CPPIB), Singapore wealth fund GIC and property owner Scion
Group LLC said on Thursday their joint venture had bought three
U.S. student housing portfolios for about $1.6 billion, in its
second major deal in the United States.
CPPIB, which manages Canada's national pension fund and is a
major global dealmaker, had formed the student housing joint
venture with GIC and Scion in January last year.
Canadian pension funds have been buying real estate assets
around the world to diversify their investments.
CPPIB and GIC will each own a 45 percent stake in the three
portfolios and Scion Group will own the remaining 10 percent.
The companies said on Thursday their joint venture, Scion
Student Communities LP, plans to buy more student housing
properties in the United States.
The parties struck a similar deal for a student housing
portfolio early last year, buying University House Communities
Group and its 19 properties for $1.3 billion.
(Reporting by Komal Khettry in Bengaluru; Editing by Sai Sachin