Scion to Acquire Operating Business of Student Quarters

CHICAGO AND ATLANTA — The Scion Group, a Chicago-based owner-operator of student housing communities, has entered into a definitive agreement to acquire the operating business of Student Quarters (SQ), an Atlanta-based operator with interests in approximately $1.5 billion of student housing assets. SQ’s senior leadership will retain asset ownership positions. The SQ portfolio comprises approximately 13,000 beds across 21 markets, with 77 percent market overlap with Scion’s existing footprint. In addition to acquiring the SQ operating business, Scion will also invest both in underlying real estate and related fund structures. The transaction is being funded entirely with Scion’s balance sheet and is expected to close in the third quarter, subject to customary closing conditions. Prior to this transaction, Scion’s portfolio consisted of more than 105,000 beds across 161 communities in 89 U.S. markets.