Brookfield Asset Management is taking a controlling stake in European student housing specialist International Campus Group.

The global investment manager said it will “sponsor” the German company’s “future growth” but did not disclose the terms of the transaction, which will be subject to anti-trust approval.

International Campus Group founder Rolf Engel will continue to chair the supervisory board and fund management, while Horst Lieder will remain CEO.

Lieder said: “Brookfield’s comprehensive, long-term-oriented commitment shows the great deal of trust placed in the expertise of International Campus and the further growth potential for this segment in Europe.

“We will use the fresh capital to expand and scale our business model in Western and central Europe, with an emphasis on Germany.

“International Campus will continue to focus on its core products of apartments for students and young professionals.”

Lieder said the company was either operating, developing or planning 11,800 apartments in 33 locations in four countries.

“Our objective is to penetrate the market further with around 20,000 units in the medium term,” he said.

“The strategy is growing our existing business and to build up an on-balance sheet real estate portfolio of significant scale. At the same time, we will continue to manage our existing funds.”

Zach Vaughan, managing partner and European real estate head at Brookfield, said: “There is unmet demand for purpose-built student and young professional accommodation in Germany and continental Europe.

“Although this sector is relatively nascent, International Campus is a market leader and has the operating, sourcing and development capabilities necessary to build a first-class institutional portfolio.”