CPP fund manager buys U.K. student residences with 2,153 beds for $672 million

LONDON – Canada Pension Plan Investment Board has acquired five student residence buildings in the United Kingdom for the equivalent of nearly C$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.