Micro-living specialist International Campus Group (IC) has acquired a planned student apartment development in Berlin-Friedrichshain from Quarterback Immobilien.
Financial details were not disclosed.
The property, located at Markgrafendamm 7-10, will comprise nearly 15,000 m2, providing space for 350 apartments with 380 beds, along with community areas including a shared kitchen, a co-working lounge, a gaming room and outside facilities.
The scheme was designed by the architectural firm Tchoban Voss. Construction work will kick-off in March 2022 and is scheduled to conclude by the summer of 2025.
Michael Stapf, IC’s chief investment officer, said: 'This latest iteration of The Fizz in Berlin will offer students a place in which to feel at home, including a casual atmosphere, with contemporary design features, and plenty of community life.'
Tarik Wolf, Quarterback CEO, said: 'In International Campus, we found a competent buyer and experienced partner for our property development on Markgrafendamm in Berlin. We are convinced that the successful long-term operation in the student housing segment requires attractive accommodation and service concepts as well as target-group-specific branding.'
Rainer Nonnengässer, executive chairman of IC said: 'More so than other German cities, Berlin has a massive shortfall in residential accommodation for students and young people, and the gap is expected to widen in future.
'This makes us even happier to be adding another location in Friedrichshain that is even larger, and significantly so, than our first location on Köpenicker Strasse in Kreuzberg, which opened as early as 2014.'
Berlin is Germany’s largest higher education hub. According to figures released by city hall, more than 250,000 people from all over the world study, research and work in the city’s four universities, four universities of applied sciences, four art academies, two denominational universities and around 30 private higher education institutions.
Fast-growing IC acquired a property development in Leiden, Netherlands for The Fizz two weeks ago and said that additional acquisitions were being concluded. Other new schemes have already opened in Hamburg, Freiburg and Utrecht this year.
