Alignvest Student Housing to buy second Ottawa PBSA asset

Alignvest Student Housing Real Estate Investment Trust (ASH REIT) has agreed to acquire The Annex, an off-campus purpose-built student accommodation (PBSA) property in Ottawa. No financial terms were disclosed. The nine-storey, 503-bed Annex, which opened last year as part of the University of Ottawa's residence portfolio, will be ASH REIT's third acquisition and its second in Ottawa. It will increase the fund's asset base to more than $200 million. ASH REIT, which raised $65 million in mid-2018, is managed by Alignvest Student Housing, an affiliate of Canadian alternative investment manager Alignvest Management Corp.

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