Landmark Properties and Blackstone Real Estate Income Trust (BREIT) have added four US student housing properties to their partnership announced in August last year.
The companies have bought 2,248 beds across four properties located in Tier 1 markets, growing the partnership to over 9,700 beds.
Financial details were undisclosed.
Wes Rogers, Landmark President and CEO, said: “Landmark is excited to expand its relationship with Blackstone through the acquisition of this portfolio of core assets at universities with strong enrollment growth and high barriers to entry.
“We see significant opportunity to leverage our track record as an experienced operator to add value to this portfolio.”
Jacob Werner, co-head of real estate acquisitions Americas at Blackstone Real Estate, said: “This transaction reflects our ongoing confidence in the student housing sector and is consistent with BREIT’s strategy of acquiring high-quality, income-generating properties that have attractive long-term growth potential.”
InAugust last year, BREIT invested in a student housing portfolio in the US via a $784m (€677m) joint venture with Landmark Properties.
At the time, Landmark Properties said it had entered into the partnership with BREIT to recapitalise and acquire eight student housing assets totalling 5,416 beds across the US.
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