The Canada Pension Plan Investment Board is part of a new joint venture that’s aiming to be one of the largest student accommodation partnerships in Europe.

Alongside global real estate investment manager Round Hill Capital, the joint venture is targeting assets in excess of €1 billion and will invest in standing assets and developments across continental Europe. The CPPIB’s initial allocation is €475 million.

By the end of the year, the join venture is expected to have about 2,000 beds secured in Spain and the Netherlands.

“Demand for high-quality student accommodation in many European countries is underpinned by structural changes, including increasing tertiary education participation rates and increasing international student mobility, but is contrasted by limited current supply,” said Andrea Orlandi, managing director and head of real estate for Europe at the CPPIB, in a press release.

Read: OMERS takes stake in Texas pipeline, PSP completes student housing partnership deal

“Our new partnership with Round Hill Capital will increase our exposure to this asset class across European markets, leveraging their deep sector knowledge and insight to meet the needs of students and drive long-term value for CPP contributors and beneficiaries.”

In other investment news, the infrastructure arm of the Ontario Municipal Employees Retirement System is signing an agreement with a fund managed by Ares Management Corp. to acquire 100 per cent of Navisum, an independent solar power producer.

Navisun acquires, co-develops, constructs, finances, owns and operates distributed and small utility-scale solar and storage projects throughout the U.S.

“Our work with Navisun will not only position us to further participate in the ongoing global energy transition, but also signals our formal entry into the distributed generation space — helping bring additional diversity to our global renewable energy holdings, which now stretch across three continents,” said Gisele Everett, senior managing director of the Americas at OMERS Infrastructure, in a press release.

Read: Caisse commits $50M loan to U.S. residential solar power company