The Canada Pension Plan Investment Board (CPPIB) has purchased a portfolio of five student residences in the United Kingdom from Student Castle for £330 million ($673 million).

The five assets being acquired are in some of the top university cities in the U.K.

Read: CPPIB buys student housing portfolio

Four of the buildings are in cities (Cardiff, London, Manchester and Newcastle) where Liberty Living, which was acquired by CPPIB earlier this year, already has a strong presence and will complement the portfolio.

The fifth building is in Bristol, where Liberty Living has not previously owned assets, a university city in which the company would like to grow its activities.

“Liberty Living has grown historically through the acquisition of developed assets, both individually and as portfolios,” says Liberty Living CEO Charles Marshall. “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 newly acquired assets will be rebranded as Liberty Living buildings and integrated into the wider operating business in the next few months.

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Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

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