The Canada Pension Plan Investment Board (CPPIB) has purchased Liberty Living, a provider of student housing in the United Kingdom, for about £1.1 billion ($2.1 billion).
The company is one of the U.K.’s largest student accommodation providers with more than 40 residences located in 17 of the biggest university towns and cities.
The CPPIB acquired the portfolio following a competitive auction process.
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“As a long-term investor, this is an exciting investment for CPPIB and an ideal platform through which we can build further scale, capitalizing on Liberty Living’s position as one of the leading operators in the U.K. student accommodation sector,” says Andrea Orlandi, managing director, head of real estate investments Europe, with CPPIB. “This sector is an attractive one for CPPIB, and we expect to see continued demand for well-located and well-managed student residences such as those within the Liberty Living portfolio.”
“CPPIB’s ownership positions Liberty Living well for continued growth,” says Liberty Living CEO Charles Marshall. “We look forward to a long-term relationship with CPPIB to grow our market share by continuing to deliver top-quality student accommodations across the U.K.”
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