International Campus Group (IC), which specialises in housing concepts for students and young professionals in Europe, has acquired two German properties with over 1,100 micro apartments from Capital Bay for €230 mln.
The Hamburg property, located on Stresemannstraße, and the Freiburg asset, located in Freiburg Mitte, were developed by and are already being operated through IC’s development and operational platforms.
Hamburg's The Fizz has been in operation since the summer of 2020, and features 563 apartments for students and trainees. September 2021 will see the opening of the HVNS, a concept for the City of Hamburg offering 214 fully equipped apartments for professionals.
Final fitouts are underway in Freiburg Mitte, where the company is targeting opening in August of this year with 344 beds for students.
Gawain Smart, CEO of International Campus Group, said: 'Our team leads the acquisition, development, letting and management of student projects in Europe.
'This reflects the strength of the IC platform in finding, developing and bringing to full occupancy excellent student and professional living properties that are not otherwise readily accessible.'
Rainer Nonnengässer, executive chairman of the IC Group, said: 'As one of the leading developers and operators of temporary housing concepts in Northern Europe, we aim to build our own attractive property portfolio.
'Our growth strategy also includes acquiring some of the buildings that are still third-party financed but already operated by us.'
