A joint venture of Chicago-based student housing developer The Scion Group, Canada Pension Plan Investment Board (CPPIB) and Singapore wealth fund GIC have purchased three U.S. student housing portfolios for about $1.6 billion.

Scion Student Communities LP's acquisitions include a total of 29 properties in three portfolios, including the closing this week of the $640 million purchase of 11 properties in university markets across the U.S. The acquisitions announced by the joint venture today also include the $385 million acquisition of six properties located in the South; and $550 million in recapitalizations of 12 Scion-owned and operated communities in leading campus markets across the U.S.