International Campus expands into CEE and acquires project development in Prague
- Modern residential building “THE FIZZ Prague” offers 529 apartments for students with 71 underground parking spaces
- Joint venture with Czech project developer Karlín Group
- Opening scheduled for Q1 2020
International Campus AG, a specialist in micro-living products, is continuing its growth in Europe and expanding into the Czech Republic. In a joint venture with the Czech project developer Karlín Group, International Campus has acquired a project development in the Holešovice district of Prague with 529 high-quality apartments for students. It has been agreed not to disclose the purchase price. The building that is to become “THE FIZZ Prague” will have a gross floor area above ground level of 16,529 square metres over eight floors. The opening is planned for the first quarter 2020.
International Campus and Karlín Group each hold 50 percent in the joint venture. On completion of the property by Karlín Group, International Campus will acquire its partner’s share of the joint venture and place the property in a dedicated special fund for institutional investors.
Horst Lieder, CEO of International Campus AG, said: “Our first acquisition in Prague sees us continuing our European expansion at a rapid pace. This is our first step to the Czech Republic, and we are taking it together with our expert local partner. Together, we intend to create 2,500 attractive apartments for students in Prague in the medium term. We are also in the process of acquiring additional properties in
Central and Central Eastern European hot spots.”