Update: Ares, Scion Form Joint Venture, Acquire Student Housing Portfolio

MT Newswires Live05-20 22:30

(Updates with company announcement throughout the report.)

Ares Management's (ARES) Ares Real Estate fund and The Scion Group formed a joint venture that acquired a 12-property US student-housing portfolio from Harrison Street Asset Management for about $910 million, the companies said Wednesday.

The portfolio includes 7,578 beds serving university markets, including the University of Notre Dame near South Bend, Indiana, the Ohio State University in Columbus, Ohio, and James Madison University in Harrisonburg, Virginia.

The joint venture will focus on investing in high-quality off-campus student housing assets in markets with strong enrollment fundamentals and limited new supply, according to the statement.

Price: 120.65, Change: -0.48, Percent Change: -0.40

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