Ardian and Rockfield have secured their pan-European purpose-built student accommodation (PBSA) strategy with a new €300 million commitment from CBRE Investment Management, through its indirect real estate investment arm. This expansion brings CBRE IM's total investment in the strategy to €800 million, following its participation as a founding investor in October 2023.
The platform aims to develop a diversified portfolio of student residential assets in continental European university cities with high structural unmet demand. Target markets include Italy, the Netherlands, Spain, Portugal, Germany and France.
Since launch, five acquisitions have been completed, totalling more than 3,000 beds. These include an occupied residence in Florence, a 500-bed new-build property in the centre of Bologna, a LEED Platinum-certified project in Barcelona, the Minervahaven development in Amsterdam, considered one of the most sustainable PBSA assets in Europe, and a mixed-use property in Milan including subsidised student accommodation.
Currently, almost 100% of the initial committed capital (€500 million) has already been invested, with a further four deals in France, Spain and the Netherlands expected to close in the coming months. With these acquisitions, the platform will reach 5,000 beds.
With total committed capital of €800 million, the strategy now has an investment capacity of almost €1.3 billion. The next phase will focus on expanding presence in key markets and new locations, including Germany, where it has not yet closed deals.
The PBSA strategy driven by Ardian and Rockfield has a Core+ investment profile, focusing on income-generating assets in undersupplied markets with high demand. All projects integrate sustainability objectives, with certifications such as BREEAM and LEED, and are aligned with the Paris Agreement. In addition, the platform assesses climate risk, incorporates renewable energy and measures socio-economic impact, with indicators on accessibility and affordability.
Matteo Minardi, head of Real Estate in Italy and managing director of Ardian, noted that the speed with which the capital has been deployed and the increased exposure by CBRE IM shows "that our thesis, our timing and our activity are in line with the needs of investors and the market".
Juan Manuel Acosta, CIO of Rockfield Real Estate, underlined that the platform's integrated model allows "capital to be deployed without compromising on quality", and noted that CBRE IM's new commitment supports both the approach and the operational structure of the strategy.
From CBRE IM, Line Verroken, head of Living Investments for EMEA in the indirect real estate investment division, said that "the student housing market in continental Europe remains an attractive and resilient opportunity", and that this additional investment reflects its "long-term conviction in this asset class".
