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InvenTrust Closes UHC Student Housing Portfolio Sale

July 5, 2016

 

 


InvenTrust Closes UHC Student Housing Portfolio Sale

JULY 1, 2016 | BY ERIKA MORPHY | GlobeSt.com

BETHESDA, MD–Walker & Dunlop financed part of the acquisition with a very flexible $672-million Fannie Mae credit facility.

InvenTrust CEO Thomas McGuinness. Photo courtesy REIT.com.

At the start of the year, Oak Brook, IL-based InvenTrust Properties Corp. announced it was selling off its student housing platform–University House Community Group–to become a pure-play multi-tenant retail REIT. The buyer of the platform was a partnership among Canada Pension Plan Investment Board, GIC Pte. Ltd. and the Scion Group LLC.

For CPPIB and GIC, the deal was a foot in the door into the student housing space. And they would be entering the sector with an indisputably high-quality portfolio: 18 stabilized student housing communities and four in development, all close to major university campuses and comprising nearly 13,000 beds. Under the terms of the agreement,  Scion would manage and operate the portfolio, and own 5% of UHC, with CPPIB and GIC each owning 47.5%.

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Second Annual Blue Vault Broker Dealer Educational Summit 2016
2016 Broker Dealer Educational Summit 2016
May 30, 2016

Best Due Diligence meeting in the industry. No sales pitches, senior level decision makers, meaningful discussions and the Broker Dealer networking sessions were especially useful. Thanks to Blue Vault for raising the bar!