German student housing operator International Campus is investing over €200 mln in the acquisition of three assets in central Hamburg.
The assets, with a combined size of 10,600 m2, will be redeveloped to offer over 1,300 apartments in the Holstenwall, Rödingsmarkt and Adenauer Allee / Steindamm districts.
The buildings formed part of the Haspa portfolio, which was acquired in 2014 by a joint venture between the Becken Group in Hamburg and Castlelake.
Horst Lieder, CEO of International Campus, commented: 'With this acquisition, we are continuing with our expansion in the fast-growing major city of Hamburg as planned and at a fast rate. The acquired properties are in highly attractive city-centre locations, have excellent public transport connections and are ideal for our target group of students and young professionals. We are already in initial discussions with the Hamburg-Mitte district authorities regarding possible usage concepts for the properties.'
HSH Nordbank financed the acquisition. Nexus Capital Advisors acted as consultants.
