The one megafund that launched during December 2016 was International Campus AG’s €1 billion student housing fund, the FIZZ Student Housing Fund SCS, with Allianz and an investor represented by CBRE Global Investment Partners as cornerstone investors. The fund will invest in student housing in Europe, with a focus on Germany, the Netherlands and Austria.

Allianz and the unnamed investor provided an initial commitment of €600 million for the first close of the fund. The fund is open to other institutional investors.

The new fund has started acquiring assets. It has a target volume of more than 15,000 units under management by the end of 2020.

The starting portfolio consists of four fully-rented properties with more than 1,200 units in the German cities of Berlin, Darmstadt, Frankfurt and Hannover. In addition, the fund has acquired four ongoing project developments within the framework of forward structures with more than 1,600 apartments