International Campus is making its debut in Munich. The group, which specialises in temporary living concepts for students and professionals, has acquired a recently completed project development of student apartments from Signa Real Estate.
The Fizz Munich complex, which opens in time for the 2021 summer semester, comprises a new turnkey nine-storey building and an existing five-storey building with a total of 234 apartments. The parties have agreed not to disclose the purchase price.
The complex, at 2 Hanebergstraße in the Nymphenburg district offers modern, fully furnished apartments with up to 40 m2 of living space, including a kitchenette and bathroom, on a total area of over 9,000 m2. The district is close to Olympiapark and a short distance from the major universities in Munich, with over 85,000 enrolled students.
Munich is seen as one of the most promising markets for PBSA, as the city has over 130,000 students, 26,000 of which come from abroad.
To implement THE FIZZ’s typical community concept, International Campus is building study rooms according to its own designs, a large communal kitchen and a two-storey multifunctional room with gallery, which can be used as a movie or gaming lounge or – once the pandemic has run its course – as a party location.
A number of apartments for professionals are also planned in the existing building. These apartments also have their own exclusive common areas such as a small conference room, a kitchen and a lounge to relax. The 1,000 m2 commercial space has been leased by a Telekom subsidiary for several years.
It is the first acquisition in Munich for International Campus but it will not be the last: “We’re planning for additional apartments in Munich through the acquisition or conversion of hotels or old office buildings’, said Michael Stapf, chief investment officer.
The Munich sale is the second successful transaction between the two companies in quick succession. Just a few weeks ago, International Campus acquired a student housing complex in the city of Aachen from Signa Real Estate.
“In this challenging market environment, something like this can only be accomplished when there is a high level of trust between the respective parties”, said Tobias Sauerbier, managing director of Signa Real Estate.