International Campus launches refurbishment program for its student apartment buildings

by   CIJ News iDesk III
2023-05-25   09:04
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International Campus Group, an investor, developer, portfolio holder and operator in the student housing and urban living sector in Central Europe, is launching a major modernization and refurbishment program for six fully-leased apartment buildings comprising 2,200 residential units, which were acquired by the residential housing provider in the last six months. The capex program for the THE FIZZ locations in Berlin-Kreuzberg, Bremen, Darmstadt, Frankfurt-Gallus, Hanover and Vienna-Brigittenau includes the design and structural modernization and refurbishment of the common areas and student apartments. The project will be implemented in stages and largely completed by the start of the 2023 / 2024 winter semester. International Campus is investing approximately 16 million euros to the upgrades.

"With this repositioning, International Campus is investing in state-of-the-art upgrades to improve the attractiveness and value of the assets. Student housing in Germany and Austria continues to mature and improve and these properties, amongst the first in the market, are beginning to show their collective age," said Gawain Smart, CEO of International Campus. "We've taken a hard look at all the buildings in our portfolio and are taking steps to bring older properties up to contemporary, high-quality standards: fresh layouts, durable finishes, intuitive interior zoning, new services like digitally bookable rental items, and depending on location, gyms and more space for comfort and socializing."

International Campus was founded in 2011. The International Campus Group portfolio currently comprises more than 5,200 residential units in operation and approximately 2,500 units under construction and planning in four European countries. Earlier this year, International Campus acquired five properties already managed under the THE FIZZ brand in Berlin (Köpenicker Straße), Darmstadt (Schöfferstraße), Frankfurt am Main (Mainzer Landstraße), Hanover (Am Kläpperberg) and Vienna (Dresdner Straße). The residence in Bremen was the first property ever to be opened under the THE FIZZ brand in 2012 and has been operated by International Campus since and was added to the company's own balance sheet at the end of 2022.