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A joint venture between a subsidiary of the Abu Dhabi Investment Authority (ADIA) and real estate developer Landmark Properties has sold an eight-property student housing portfolio in a transaction valued more than $1 billion.
The portfolio has been sold to a partnership between Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), and Global Student Accommodation (GSA), a real estate asset management firm.
The divested eight-property portfolio spans multiple Tier-1 university markets across seven US states and includes 6,200 beds in a mix of cottage-style, high-rise and mid-rise formats.
Landmark and the Abu Dhabi sovereign wealth fund formed their first JV in 2015 to develop student housing properties adjacent to leading US universities. Since then, an additional value-add acquisition platform was created in 2022.
(Writing by Bindu Rai, editing by Brinda Darasha)
