German life insurer Württembergische Lebensversicherung has acquired two The Fizz-branded student accommodation schemes in Germany from International Campus (IC).
The investment volume was not disclosed.
The schemes, The Fizz Bremen and The Fizz Freiburg Mitte, were sold by the IC-managed German student housing fund. The two properties provide a total of 680 apartments.
The Fizz Bremen opened in 2012 directly opposite the University of Bremen and is fully occupied. Construction of the project development The Fizz Freiburg Mitte on Habsburger Strasse in the centre of Freiburg is scheduled to start in the first half of 2017.
Klaus Betz, head of real estate at Württembergische Lebensversicherung: 'Freiburg and Bremen are popular university cities with growing populations and positive economic forecasts. The persistently high demand for high-quality student housing makes this sector an interesting long-term investment.'
Betz added: 'As an asset class, student housing offers an attractive risk/return profile thanks to its particular characteristics such as the low susceptibility to economic trends. We are delighted to have International Campus AG, one of the leading and longest-standing players on the German market, on our side as a general tenant.'
