International Campus AG sells two student residences to Württembergische Lebensversicherung AG and signs long-term general tenancy agreements
- Property “THE FIZZ Bremen” and project development “THE FIZZFreiburg Mitte” sold to institutional investor
- Both properties have a total of around 680 apartments
- Implementation of the strategy of selling properties from the portfolio to institutional investors and continuing operations under the brand THE FIZZ for the new owners
International Campus AG has sold two student residences from the “German Student Housing Fund International Campus Student Housing I S.C.A.” based in Luxembourg to Württembergische Lebensversicherung AG and concluded long-term general tenancy agreements for both properties with the new owner. The fully occupied property “THE FIZZ Bremen”, which opened in 2012 directly opposite the University of Bremen, and the project development “THE FIZZ Freiburg Mitte” on Habsburger Strasse in the centre of Freiburg have a total of around 680 single and double apartments. Construction on “THE FIZZ Freiburg Mitte” is set to start in the first half of 2017; the architect is Magnus Kaminiarz & Cie. Both student residences are operated under the brand THE FIZZ. It has been agreed not to disclose the purchase price.
Horst Lieder, Chairman of the Board of International Campus AG: “We have gained Württembergische Lebensversicherung AG as a renowned, long-standing partner who is as convinced as we are of the long-term success of the asset class of student housing.” Lieder continues: “With this transaction and the conclusion of two general tenancy agreements, we are consistently pursuing the existing IC strategy.
For the first time, we are meeting institutional investors’ high level of interest in