Ardian and Rockfield grow pan-European purpose-built student accommodation (PBSA) strategy with a further €300m commitment from CBRE Investment Management (CBRE IM).
Ardian, a world-leading private investment firm, and Rockfield, a vertically integrated living platform, are further strengthening their PBSA strategy with the new commitment from CBRE Investment Management on behalf of its Indirect Private Real Estate Division.
CBRE IM, a leading global real assets investment management firm, acted as a founding investor in Ardian and Rockfield’s PBSA strategy when it launched in October last year. This early follow-on commitment brings CBRE IM’s total commitment to the strategy to €800m.
Ardian and Rockfield aim to build a diversified portfolio of high-quality PBSA assets across leading university cities in continental Europe, targeting markets with demand imbalances from rising student populations and structural undersupply, specifically in Italy, the Netherlands, Spain, Portugal, Germany and France.
”The student housing market in Continental Europe remains a compelling and resilient growth opportunity. We are pleased to see our capital being strategically deployed to curate a high-quality portfolio of student assets in undersupplied European cities characterized by strong demand. This additional commitment underscores our long-term conviction in this asset class and reinforces our thematic investment approach.”
Line Verroken, Head of Living Investments – Emea, CBRE IM
The strategy has achieved strong momentum in its first months, with five acquisitions completed to date, establishing a diversified and growing seed portfolio of over 3,000 beds across Europe.
This includes a fully let residence in Florence, a newly built 500-bed asset in central Bologna, a LEED Platinum-certified scheme in Barcelona, the Minervahaven development in Amsterdam recognised as Europe’s most sustainable PBSA asset, and a mixed-tenure property in Milan offering both market and subsidised student housing.
“To have fully committed our seed capital so quickly, and to see CBRE IM increasing their exposure ahead of schedule, sends a very clear signal. It confirms that our thesis, timing and activity are strongly aligned with investor and market needs. We launched this strategy to solve a structural gap in Europe’s urban living needs, and this momentum shows that we’re delivering”.
Matteo Minardi, Head of Real Estate Italy and Managing Director, Ardian
Nearly 100% of the initial €500m equity commitment has been deployed, with four further acquisitions in France, Spain and the Netherlands set to be completed in the coming months. This will bring the platform to a total of 5,000 beds. This early success demonstrates the strength of the strategy’s disciplined investment criteria, and its ability to move with speed and precision.
With €800m of equity now committed to the strategy, representing nearly €1.3bn in investment capacity, and a growing pipeline across the continent, its next phase will focus on expanding footprint in key markets, including currently untapped markets such as Germany.
The strategy has aCore+ profile with a focus on income-producing assets in supply-constrained cities, supporting the delivery of new, best-in-class student residences.
“We take immense pride in the platform we set out to build with Ardian, being able to deploy capital quickly without compromising on quality. Our in-house investment, development, operations and asset management model means is strategically designed to source, execute and deliver at scale in a way that reflects the social and environmental standards institutions and end customers increasingly expect.
“CBRE IM’s renewed commitment is a strong endorsement of the model we’ve built and the opportunity ahead. We are grateful for the renewed trust the current and incoming investors are placing in us.”
Juan Manuel Acosta, CIO, Rockfield Real Estate
Sustainability is embedded into Ardian and Rockfield’s platform approach. All assets are targeting or have achieved leading ESG certifications such as BREEAM and LEED, and seek alignment with the objectives of the Paris Agreement.
Across the portfolio, design and refurbishment strategies integrate climate risk assessment, renewable energy procurement and wellbeing-focused living environments. The platform also actively monitors socioeconomic impact, including affordability and accessibility, reinforcing its commitment to responsible urban development.
