Germany: Developer and operator International Campus has acquired five student apartment blocks from Allianz Real Estate and CBRE Investment Management.
The deal is one of the largest PBSA transactions in the DACH region in the last three years, and cover a combined 1,900 beds. The terms of the transaction were not disclosed.
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).
“We are proud to say that we now have 18 owned properties in 14 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,” said Gawain Smart, CEO of International Campus Group.
“International Campus currently focusses on the major German cities for our student brand THE FIZZ. However, we are happy to look at B-cities with strong universities,” added Michael Stapf, chief investment officer at 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.”
According to the latest Student Housing Spotlight from Savills, the volume of European PBSA transactions in the first three quarters of 2022 was around €11.7 billion, an increase of 130 per cent on the same period the previous year.
