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Adia, Landmark sell student housing portfolio for over USD 1 bn: A JV comprising an Abu Dhabi Investment Authority (Adia) subsidiary and its real estate partner, Landmark Properties, sold an eight-property US student housing portfolio for over USD 1 bn, according to a press release (pdf). It marks one of this year’s largest single transactions in the sector globally, according to a separate statement from Morgan Stanley.
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The details: The portfolio was acquired by investment funds owned by Morgan Stanley Investment Management and managed by Morgan Stanley Real Estate Investing and Global Student Accommodation. The assets include 6.2k beds across cottage-style, mid-rise, and high-rise properties near universities in the US, including the University of Virginia, University of Florida, Texas A&M, and Penn State University.
Where will the money go? Proceeds from the sale will be reinvested into new prospects within the student housing sector, Chairman and CEO of Landmark Properties Wes Rogers said. Adia and Landmark will use the liquidity to expand their platform, investing across their existing portfolio and into a strong pipeline of upcoming projects, he added.
This partnership goes back over a decade: Adia and Landmark established their joint venture in 2015 to develop high-quality student housing near leading US universities. The platform has since expanded with the launch of a value-add acquisition arm in 2022.
IN OTHER ADIA NEWS-
The Abu Dhabi Investment Authority (Adia) was among a group of anchor investors backing automotive component maker Tenneco Clean Air India ahead of its INR 36 bn (USD 430 mn) IPO, according to a BSE circular (pdf). The sovereign wealth fund acquired 5% of the offering’s anchor investor portion — equal to 1.4 mn shares — for INR 540 mn (USD 6.1 mn). Tenneco Clean Air India is the Indian unit of US-based Tenneco Group.
This is the latest in a string of recent anchor investments in Indian IPOs, with the wealth fund also backing solar manufacturer Emmvee Photovoltaic Power and digital stockbroker Groww just this week. It also backed the IPOs of Lenskart, LG’s India unit, HDB Financial Services, and Indian EV maker Ather Energy, along with other acquisitions and investments as it expands its portfolio in the country.
