Ardian and Rockfield add 1,500 PBSA beds across Europe

France/Spain/Italy: Private investment firm Ardian and living platform Rockfield have signed three transactions across Europe, adding 1,500 beds to its purpose-built student accommodation (PBSA) portfolio.

The first acquisition includes a 327-bed project in the Bastide Niel district of Bordeaux, marking the first PBSA transaction for Ardian and Rockfield in France.  

It features coworking space, a lounge, gym, gaming room, shared kitchens, bike storage and terraces, as well as more than 1000 square metres of landscaped gardens. 

Acquired from Legendre Immobilier under a forward-purchase structure (VEFA), the Bordeaux property is scheduled to open to students in 2028. 

In Barcelona, Ardian and Rockfield have acquired Aparto Pallars – a 750-bed residence located in the 22@ district of the city. Spread across five interconnected buildings, the property has been operational since 2022. 

It marks the third acquisition in Spain for the group. 

A preliminary agreement for the forward acquisition of a 427-bed project in Viale Certosa, Milan, has also been signed with previous joint-owners Keystone Investments and Mediterranean Immobiliare. 

The building will be redeveloped to feature study rooms, indoor and outdoor gyms, panel and basketball courts, a cinema room, games area, and landscaped spaces. The project targets LEED Gold and EPC A certifications. 

With this deal, Ardian and Rockfield reach 2000 PBSA beds in Italy. 

Omar Fjer, head of real estate France and managing director of Ardian, said: “Our first PBSA investment in France represents a key milestone for our pan-European student housing platform. As the continental European country with the largest student population and a clear need for high-quality student accommodation, France offers strong fundamentals for investment in the sector. Bordeaux combines strong academic momentum driven by a structural need for new accommodation solutions. The project perfectly reflects the fund’s strategy: developing sustainable and innovative assets, in excellent locations, that meet the expectations of new generations.”

Luca Migliaccio, managing director real estate, Ardian, added: “The acquisition of the new project in Viale Certosa represents an important step forward in our commitment to developing high-quality student accommodation in Italy’s main university cities. Milan, like Florence and Bologna, is among the most dynamic markets in Europe and faces a significant structural shortage of supply. This new investment brings the platform’s PBSA portfolio in Italy to a total of 2,000 beds, further strengthening our presence and our ability to address a real and growing need in the country. The acceleration of our PBSA strategy in Italy and across Europe confirms the strength of our platform and our long-term conviction in the sector’s growth potential.”

Mats Bartels, investment director for Northern Europe at Rockfield, said: “Adding 1,500 units simultaneously via three selective transactions to our growing portfolio strengthens our footprint in Europe – and in particular reflects our first step in France. It is interesting to see that such a deep market with urgent demand heavily lacks high-quality supply. We see a window of opportunity and are actively sourcing both operating and forward deals in the major French PBSA markets, as we aim to scale our French portfolio as part of our European portfolio materially over the coming years.”

Josep Bellmunt, investment director for Southern Europe at Rockfield, added: “[The third] acquisition exemplifies the strength of our pan-European PBSA strategy and our belief in Barcelona’s innovation districts as key nodes for resilient, future-proof capital deployment. We see continued upside through active asset management, best-in-class operations and the delivery of sustainable, community-oriented living environments that appeal to today’s students and institutional investors alike.”

Highlights:

• Ardian and Rockfield add 1,500 PBSA beds across Europe, with three transactions spanning France, Spain and Italy
• The partners acquired a 327-bed forward-purchase PBSA scheme in Bordeaux’s Bastide Niel district, marking the group’s debut student housing deal in the French market, with delivery targeted for 2028
• In Barcelona, Ardian and Rockfield acquired the 750-bed Aparto Pallars residence in the 22@ district
• A forward acquisition of a 427-bed PBSA redevelopment in Milan has been agreed, taking the Italian portfolio to 2,000 beds