International Campus Group 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 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 €16m in 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."