Student housing specialist International Campus (IC) has acquired a recently completed student housing development project in Munich from Signa Real Estate for an undisclosed amount.
The scheme comprises a new turnkey nine-storey building and an existing five-storey building with a total of 234 apartments. The premises have opened in time for the 2021 summer semester under the Fizz brand.
This is the second transaction between the two companies in quick succession. Just a few weeks ago, Signa sold a similar property to IC in the city of Aachen.
The Hanebergstraße 2 building ensemble in the Nymphenburg district offers modern, fully furnished apartments with up to 40 m2 of living space, including a kitchenette and bathroom, on a total area of over 9,000 m2.
To implement The Fizz’s typical community concept, IC is building study rooms according to its own designs, a large communal kitchen and a two-storey multifunctional room with gallery, which can be used as a movie or gaming lounge or – once the pandemic has run its course – as a party location.
A number of apartments for professionals are also planned in the existing building. These apartments also have their own exclusive common areas such as a small conference room, a kitchen and a lounge to relax. The 1,000 m2 commercial space has been leased by a Telekom subsidiary for several years.
‘In this city with its extreme housing shortage, we offer modern apartments with spacious common areas for both German and international students. The house management is preparing a smooth start for our international guests in this attractive city and offers numerous additional services for residents. We’re planning for additional apartments in Munich through the acquisition or conversion of hotels or old office buildings,’ said Michael Stapf, Chief Investment Officer of International Campus.
‘In this challenging market environment, we’re delighted to have completed another one of our urban living projects,’ added Tobias Sauerbier, managing director of Signa Real Estate.
