Allen & Overy LLP has advised Munich-based developer and operator International Campus Group (IC) on launching a student housing fund under Luxembourg law with an equity volume of EUR 600 million. The fund’s target volume should reach up to EUR 1 billion. The main investors in the fund, which goes by the name of The FIZZ Student Housing Fund S.C.S., are Allianz and another European investor.

The launch portfolio comprises four fully let existing properties with more than 1,200 apartments in Berlin, Darmstadt, Frankfurt and Hanover. The parties agreed to keep the purchase price paid for the launch portfolio confidential. IC itself is acting as co-investor and continues to be responsible for asset and property management of the properties.
The fund is also to purchase four ongoing project development projects with more than 1,600 apartments in Aachen, Frankfurt, Hamburg and Cologne in the context of forward structures. Preparations are currently being made for the fund to purchase additional properties.

The International Campus Group develops, invests in and runs innovative student housing projects. In Germany, the company currently runs 13 sites in Berlin, Bremen, Darmstadt, Frankfurt, Freiburg, Hamburg, Hanover and Cologne with around 5,200 apartments under its “The FIZZ” brand.

The Allen & Overy team was led by partner Dr. Markus Käpplinger (corporate/private equity) and comprised partners Dr. Jochen Scheel (real estate), counsel Stefan Kuhm (banking & finance), as well as associates Phillip Prystawik, Robert Jochim (both corporate/private equity), Dr. Riccardo Marinello (real estate), Stipe Bojanic (banking & finance) and transaction support lawyer Robert Reinsberg.

Counsel Christopher Dortschy and associate Niels Sauerland (both banking & finance, Luxembourg) provided advice on Luxembourg law.