Europe: CBRE Investment Management has committed a further €300 million to a student housing venture with Ardian and Rockfield.
In October last year CBRE IM committed €500 million as a founding investor in the venture which was launched to acquire purpose-built student accommodation properties in Italy, The Netherlands, Spain, Portugal, Germany, and France. Its total commitment to is now €800 million.
The original €500 million funded four upcoming acquisitions in France, Spain and The Netherlands, bringing the JV’s pipeline to 5,000 beds.
Matteo Minardi, head of real estate in Italy and managing director at Ardian, said: “We launched this strategy to solve a structural gap in Europe’s urban living needs, and this momentum shows that we’re delivering”
Juan Manuel Acosta, CIO of Rockfield Real Estate, said: “We take immense pride in the platform we set out to build with Ardian, being able to deploy 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.”
Line Verroken, head of living investments for EMEA at CBRE IM, said: “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 characterised by strong demand.”
Highlights:
• CBRE IM has committed an additional €300 million to a joint venture with Adrian and Rockfeild for purpose-built student accommodation assets throughout Europe
• The new funds take it s commitment to €800 million
• The JV has so far acquired assets in France, Spain and The Netherlands
