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InvenTrust Closes Sale of $1.4 Billion Student Housing Portfolio

InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust formerly known as Inland American Real Estate Trust, completed the sale of its student housing platform, University House Communities Group Inc., to UHC Acquisition Sub LLC.

As previously reported by The DI Wire, the REIT sold University House Communities Group for approximately $1.4 billion. InvenTrust received net cash consideration of roughly $845 million, of which $9.9 million was deposited into escrow for post-closing obligations. The majority of the escrow funds are being held pending the completion of a development property in the third quarter of 2016. UHC Acquisition Sub is a subsidiary of a joint venture formed between Canada Pension Plan Investment Board, GIC and Scion Communities Investors LLC.

The student housing portfolio is comprised of 18 student housing communities, with four in development, for a total of approximately 13,000 beds.

Prior to the sale of the student housing platform, InvenTrust’s portfolio consisted of 124 properties, excluding development properties, representing 14.6 million square feet of retail space, 11,035 student housing beds and 5.7 million square feet of non-core space.

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