Liberty Living Plc acquired a portfolio of student housing properties in Germany, Spain and the U.K. from real estate funds managed by Blackstone Group LP for approximately £460 million.

The portfolio comprises 13 residential assets with 6,484 beds across 12 cities, including a potential development site in London. The transaction is subject to customary completion terms and conditions.

The company intends to rebrand the properties into Liberty Living buildings. Canada Pension Plan Investment Board's unit, CPPIB Liberty Living Inc., will fund the transaction at completion, according to Liberty Living.