Canada Pension Plan Investment Board has increased its exposure to the UK student housing market after buying Liberty Living earlier this year.
Liberty Living has bought five student residences from Student Castle for £330m (€465m).
Four of the five assets are in cities where Liberty Living already has a presence: Cardiff, London, Manchester and Newcastle.
A fifth asset is in Bristol where the firm is looking to grow its activities.
Charles Marshall, chief executive of the company, said: “Liberty Living has grown historically through the acquisition of developed assets, both individually and as portfolios.
“The opportunity to acquire these five high-quality residences from Student Castle is a coherent next step in growing our operational portfolio, given the high specification, modernity and location of the assets.”
The assets will be rebranded as Liberty Living buildings in the next few months.
In March this year, CPPIB bought the Liberty Living brand and management platform from the Brandeaux Student Accommodation Fund for £1.1bn.
At the time, Andrea Orlandi, CPPIB’s head of real estate investments in Europe, said the student housing sector was expected to see continued demand for “well-located and well-managed student residences”.