Launch Pan-European Student Accommodation Strategy with a €500 Million Commitment

PARIS/MADRID/AMSTERDAM, October 17, 2024 – Ardian, a world-leading private investment house, and Rockfield, a vertically integrated student housing platform with offices in Madrid and Amsterdam, have launched a long-term strategic partnership to invest in Purpose-Built Student Accommodation (PBSA) assets across Continental Europe.

Together, they aim to identify best-in-class assets demonstrating a strong environmental performance to address the supply-demand imbalance across the continent.

CBRE Investment Management, a leading global real assets investment management firm, will act as a founding investor with an initial equity commitment of €500 million through its Indirect Private Real Estate Strategies on behalf of global institutional investors.  

The strategy aims to create a diversified portfolio of high-quality PBSA assets and will focus on European markets where student housing is in high demand and short supply – specifically in Italy, The Netherlands, Spain, Portugal, Germany and France. The first investments are expected to be concluded before year-end.

Leading education hubs, characterized by a strong concentration of universities, a growing student population, and limited existing PBSA provision will be of prime importance for the strategy. Target acquisitions will be predominantly income-producing properties, as well as selective forward purchase opportunities, to capture value through the development of new high-quality student residences.

With a core+ focus, the strategy aims to create value by enhancing the operational performance of its assets, as well as their potential to contribute to the global effort of reducing GHG emissions in line with the Paris Agreement.

  • Ardian and Rockfield to launch a strategic partnership to invest in Purpose-Built Student Accommodation (PBSA) across Continental European markets.

  • CBRE Investment Management’s Indirect Real Estate Strategies has made a €500 million seed equity commitment to the PBSA strategy on behalf of global institutional investors.

  • The strategy will focus on key European markets where student housing is in high demand and short supply, specifically in Italy, the Netherlands, Spain, Portugal, Germany and France. The first investments are expected to be concluded before year-end.

“We are delighted to partner with Rockfield on this exciting initiative and proud of CBRE IM’s trust and strong support in seeding the strategy.”

– Matteo Minardi, Head of Real Estate Italy and Managing Director at Ardian

The strategy will harness the expertise of Ardian’s local real estate teams, with deep market knowledge and strong networks across offices in four European markets. The team will bring technical and financial expertise through all phases of the investment cycle, from deal origination and due diligence to execution and asset management. Ardian also brings its expertise in sustainability, which uses a proprietary methodology to measure and monitor ESG performance and delivers tangible results.

“Our strategic partnership with Ardian starts with probably one of the largest pots of dry powder capital ready to invest in student accommodation across the continent. Europe is a growing global education hub with student numbers expected to rise by 10% by 2031.”

– Wouter van den Eijnden, CEO at Rockfield

Rockfield brings a strong PBSA investment track record: In the last 10 years, the company has developed and managed 5,000 units across the sector and has strong sourcing capabilities and deep market knowledge. The Rockfield team will work alongside Ardian to identify investment opportunities and provide asset and property management and development services.

“This strategy enables us to strategically access the market on a pan-European scale, leveraging the combined expertise of Ardian and Rockfield. We are thrilled to partner with them and look forward to deploying capital into this attractive asset class.”

– Line Verroken, Senior Director at CBRE IM Indirect Private Real Estate Strategies

Sustainability will be at the core of the strategy, with assets needing to achieve a GHG intensity level on Scope 1 and 2 emissions that aligns with the objective of the Paris Agreement. The strategy’s sustainability approach will seek to improve the environmental performance of the assets and to procure renewable energy.

Ardian, Rockfield and CBRE IM were respectively advised by Linklaters, Garrigues and Jones Day.

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