International Campus, a leading player in the European student housing market, has completed the acquisition of a portfolio comprising five student apartment blocks from Allianz Real Estate and CBRE Investment Management.
Financial details were not disclosed.
The deal marks one of the largest transactions in the German-speaking region in the student housing market in 2022 and represents a significant milestone for International Campus, as it continues to grow its footprint in the student housing market and professional urban living space.
The properties are already operated by International Campus under its brand The Fizz and are located in Berlin (Köpenicker Strasse), Darmstadt (Schöfferstrasse), Frankfurt am Main (Mainzer Landstrasse), Hanover (Am Kläpperberg) and Vienna (Dresdner Strasse).
The accommodations available at the five properties add nearly 1,900 beds overall.
'We are proud to say that we now have 18 owned properties in fourteen different locations across four countries with a total of 7,400 beds under operation and development. We look forward to continuing our acquisition targets in 2023 by adding stabilized and turn-key assets in the living space through traditional and innovative and flexible purchase structures,' commented Gawain Smart, CEO of International Campus Group.
'International Campus currently focusses on the major German cities for its student brand The Fizz. However, we are happy to look at B-cities with strong universities,' added Michael Stapf, chief investment officer of International Campus Group.
'The student apartments acquired from Allianz and CBRE are already fully occupied. We see strong demand in the student sector. Nevertheless, the sector continues to innovate and we are planning to implement our new design and service concept in all of our newly acquired properties by upgrading the community spaces and by giving apartments a make-over,' said Stapf.
University enrolment in the cities where the just-purchased student apartment blocks are located adds up to a current total of more than 560,000 students.
According to the latest Student Housing Spotlight from Savills, the transaction market in Europe registered €11.7 bn in the first three quarters of the year, an increase of 130% on the previous year. Slowing construction activity is also supporting the sector's returns.
