Canada Pension Plan Investment Board (CPP Investments) has acquired London-based Nido Living, a European purpose-built student accommodation (PBSA) operator and manager.

CPP Investments will operate the company under the Nido brand name and will invest and expand CPP Investments’ existing portfolio of more than 5,000 beds.

Tom Jackson, managing director and head of real estate Europe at CPP Investments, said: “CPP Investments and Nido together are well placed to meet the increasing demand across Europe for high-quality PBSA.

“Premium quality and affordable student housing is in high demand due to increased student mobility and growing participation in higher education.

“In Europe, student populations are increasing as labour markets upskill, resulting in growing pressure for accommodation, positioning this platform well to deliver strong risk-adjusted returns for the CPP Fund.”

In addition to managing the existing CPP Investments portfolio, Nido will continue to manage PBSA assets for other international investors.