Allen & Overy has advised International Campus Group, a Munich-based specialist for micro-living products, on its expansion to the Czech Republic.
In a joint venture with the Czech project developer Karlin Group, International Campus purchased a project development opportunity in the Holesovice district of Prague consisting of 529 high-class student apartments. The parties agreed not to disclose the purchase price. The future "The FIZZ Prague" complex will boast a gross floor area of 16,529 square meters across eight floors. The opening is planned for the first quarter of 2020.
International Campus and the Karlin Group each hold a 50% stake in the joint venture. Once the building has been completed by the Karlin Group, International Campus will buy out the joint venture partner and place the property in a separate real property fund for institutional investors.
Allen & Overy has been advising International Campus for several years, recently in connection with the January 2017 development of "THE FIZZ Short Stay" — the company's first foray into the market for commercial living in Munich.
The firm's team in The FIZZ Prague deal was led by Frankfurt Partner Markus Kapplinger and included Counsel Nikolai Sokolov and Senior Associate Roman Kasten. They were assisted by Prague-based Senior Associate Magda Pokorna, Associates Jana Svarickova, Michael Havel, Pavel Prihoda, and Legal Assistant Petr Hotovec.
Allen & Overy did not reply to an inquiry about the deal.