Allen & Overy LLP has advised International Campus AG, a specialist for micro-living products, in connection with the development project "THE FIZZ Short Stay" in Munich. With its latest project, the Munich-based developer and operator is entering the market for commercial living in Munich for the first time.

On the recently acquired site in Munich's Landwehrstrasse, International Campus AG is developing a boarding house with around 160 apartments and approximately 7,100 sqm gross floor area. The boarding house is being marketed and operated under the new brand "The FIZZ Short Stay", an addition to the growing "THE FIZZ" brand family. "THE FIZZ Short Stay" properties are aimed at young professionals, commuters, management consultants, expatriates and other professionals looking for comfortable, fully furnished temporary accommodation in Munich for periods of up to six months.

The development project has been sold to Württembergische Lebensversicherung AG, which simultaneously concluded a 15-year general lease with International Campus. Construction is due to start in the second half of 2017, with completion scheduled for late 2018.

An Allen & Overy team led by Frankfurt-based private equity partner Dr. Markus Käpplinger recently advised the International Campus group on launching a fund with a volume of EUR 600 million and a launch portfolio comprising four fully let existing properties in Berlin, Darmstadt, Frankfurt and Hanover.

The Allen & Overy team advising on the latest project comprised partners Dr. Markus Käpplinger (corporate/private equity) and Dr. Jochen Scheel (real estate), as well as associate Dr. Riccardo Marinello (real estate, all Frankfurt).