MARK BLINCH/Reuters
Canada Pension Plan Investment Board has acquired five student residence buildings in the United Kingdom for the equivalent of nearly $672-million.
Four of the buildings acquired from Student Castle are in cities where the Canadian pension fund manager already has a presence through its subsidiary Liberty Living, which CPPIB acquired in March.
Those cities are Cardiff, London, Manchester and Newcastle.
The fifth city is Bristol, where Liberty Living hasn't had a presence before.
The residences purchased from Student Castle for 330 million pounds include a total of 2,153 beds – bringing the total in Liberty Living's portfolio to 19,000 beds in 46 residences in 18 cities.