Acquisition in Hamburg

International Campus Acquires Wendenquartier Scheme in Hamburg providing for circa 700 Apartments

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• Ground-up develo­p­ment for brands THE FIZZ and HVNS in Hammer­brook, a central district of Hamburg
• 476 beds for students, 329 beds for urban profes­sio­nals, more than 800 bicycle parking spaces and a dedicated under­ground car park
• Comple­tion and opening of the LEED Gold certi­fied apart­ment scheme is scheduled for 2024
• The develo­p­ment was sold by Grund­kontor Projekt GmbH (Unter­föh­ring near Munich), who is also respon­sible for the construc­tion

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Inter­na­tional Campus Group (IC), a leading developer and operator of student and urban living concepts in Europe, has signed a purchase and sale agree­ment for a planned apart­ment scheme to be developed on Wenden­strasse in Hamburg’s Hammer­brook district. It was sold by Grund­kontor Projekt GmbH, a company based in Unter­föh­ring near Munich (with the parties agreeing not to disclose the purchase price). The apart­ment scheme, with its recog­nisable brick façade, will consist of two separate parts of around 24,000 sqm GFA with separate entran­ce­ways, and will be split between the brands THE FIZZ and HVNS. The over-all scheme will provide for about 700 apart­ments (with 476 beds for students and 329 beds for working profes­sio­nals) as well as exten­sive commu­nity areas inclu­ding three rooftop terraces, more than 800 bicycle parking spaces and a dedicated under­ground car park. In addition, about 2,000 square metres on the ground floor are to be earmarked for commer­cial rental units that are to be let to a bistro and gym, among others.

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“Wenden­quar­tier in Hamburg will be IC’s second major location in the port city after Strese­mann­quar­tier. Here, as there, we will split the building between our two brands, THE FIZZ and HVNS,” said Michael Stapf, Chief Invest­ment Officer of IC. The site is conve­ni­ently acces­sible, centrally located, and has excel­lent public trans­port links. Hammer­brook is part of Hamburg’s central borough of Hamburg Mitte. “From Wenden­strasse, it’s a walk of mere minutes to the Deich­tor­hallen art centre and the Elbphil­har­monie concert hall. The fact that we were able to secure this large-scale project with roughly 800 beds—one of the biggest deals in this segment anywhere in 2021—at such an exciting location via a forward deal illus­trates our exper­tise and our expan­sion strategy,” Stapf said.

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“In Inter­na­tional Campus, we have found an accom­plished partner for our Hamburg Wenden­quar­tier scheme who is also familiar with large-volume project develo­p­ments,” says Romeo Uhlmann, managing director and owner of Grund­kontor Projekt GmbH. “We have many years of experi­ence with student housing and urban living concepts and know how important attrac­tive property brands and profes­sional opera­tion are. We are there­fore very pleased to join Inter­na­tional Campus in the develo­p­ment and reali­sa­tion of this special project at such an early stage.”

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“The original office building from the 1970s that occupied the site on Wenden­strasse has been demolished and we are now moving ahead with the founda­tion works and intend to have the scheme completed and open for occup­ancy by 2024,” added Rainer Nonnen­gässer, Execu­tive Chairman of Inter­na­tional Campus Group. “The district of Hammer­brook is under­going a trans­for­ma­tion, as it is moving away from its obsolete basic business units and toward a mixed-use area. With its Wenden­quar­tier develo­p­ment, which will be LEED Gold certi­fied, Inter­na­tional Campus will play an active part in this trans­for­ma­tion, creating urgently needed residen­tial accom­mo­da­tion for students and working profes­sio­nals of all ages. We will continue to see the gap between supply and demand for small-scale urban housing in Hamburg widen in the future.”

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With its popula­tion of almost 2 million residents, Hamburg is the second-largest city in Germany, a major trading hub for goods from around the globe, and home to numerous national and inter­na­tional compa­nies. As a result, the Hanseatic city attracts workers and students from all over the world. More than 116,000 students are pursing degree-granting studies at 20 higher educa­tion insti­tu­tions and univer­si­ties. Around 43,000 students are enrolled at the Univer­sity of Hamburg alone, one of the largest univer­si­ties in Germany.

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The district of Hammer­brook counts among the most important business locations in Hamburg. About 800 compa­nies have their regis­tered offices here. Once a working-class neigh­bour­hood, Hammer­brook is known for its water­ways, inclu­ding canals, a flood basin and the small River Bille, and for its vibrant cultural scene.

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