Singapore’s sovereign wealth fund GIC announced on Jan 3 that its student housing joint venture (JV) company Scion Student Communities LP, is acquiring a portfolio of 24 student housing assets with 13,666 beds in the US for US$1.1 billion ($1.46 billion).

The JV is 45%-owned by GIC, with Canadian pension fund investment management company, Canada Pension Plan Investment Board, holding another 45% stake, and the remaining 10% owned by The Scion Group, a privately held owner-operator of student housing in the US.

The latest acquisition will bring the JV’s portfolio in the US to 73 assets with 46,555 beds. More than 70% of these assets are located within a 1.6-km radius of a university campus, according to GIC.