UK: CBRE Investment Management has committed an initial €500 million as a founding investor in a new European PBSA investment venture created by Ardian and Rockfield.
CBRE IM has committed the funds through its indirect private real estate strategies on behalf of global institutional investors, to support Ardian and Rockfield’s strategy of acquiring core-plus PBSA properties in high-demand European markets such as Italy, the Netherlands, Spain, Portugal, Germany and France.
The venture’s initial investments are expected to be finalised by the end of the year.
Line Verroken, senior director at CBRE IM’s indirect private real estate arm, said: “The student housing market across continental Europe presents a compelling and resilient growth opportunity, while the investment landscape is fragmented. 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.”
Matteo Minardi, head of real estate in Italy and managing director at Ardian, said: “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. There is an unprecedented window of opportunity in investing in European PBSA markets due to a lack of liquidity and structural undersupply in leading university cities, combined with increasing demand predominantly driven by demographics.”
Juan Acosta, partner and CIO at Rockfield, added: “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.
“With over a decade of experience investing in European PBSA markets, our specialist international investment teams are well-positioned to take advantage of the unprecedented opportunities now available that meet our risk/return and sustainability requirements.”
