The Abu Dhabi Investment Authority (ADIA) is investing in US value-add student housing properties through a new partnership with Landmark Properties.
Landmark Properties said the new joint venture, which has been formed with an unnamed subsidiary of ADIA, will initially invest $1bn (鈧�864m) by acquiring and operating properties in targeted markets throughout the US.
Landmark and ADIA already have existing joint ventures which comprise assets with nearly 15,000 beds in tier 1 university markets throughout the US.
Wes Rogers, president and CEO of Landmark Properties, said: 鈥淟andmark and ADIA have been aligned from the start of our relationship, seeing tremendous opportunity in top-tier student housing markets.
鈥淲e are confident we can find acquisition targets across the nation that will complement our existing development strategy. We are appreciative of the opportunity to expand our relationship with ADIA, one of the world鈥檚 leading institutional real estate investors.鈥�
Salem Al Darmaki, deputy director of the real estate and infrastructure department at ADIA, said: 鈥淭he expansion of our relationship with Landmark is an example of ADIA鈥檚 approach of working with best-in-class partners to invest in market-specific, high conviction investment themes.
鈥淭his new joint venture offers the opportunity to continue to grow our exposure to student housing in the US, a sub-sector that continues to display compelling fundamentals.鈥�
Hodes Weill Securities acted as financial advisor on behalf of Landmark Properties.
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