Milan, 13 May 2025 – Rockfield Real Estate, a vertically integrated living platform, and Ardian, a world-leading private investment house, consolidate their position in the sector with a new investment in Milan as part of their pan-European strategy dedicated to Purpose-Built Student Accommodation (PBSA). They signed a preliminary purchase agreement for the acquisition of shares in a corporate vehicle backed by Blue Noble, an international real estate investment manager, and Hines, a global firm specialized in real estate investment, development, and management.
This transaction concerns aparto Milan Durando, a complex located on Via Giovanni Durando, in the Bovisa neighborhood, a short walk from the campus of the Politecnico di Milano. It is the fifth deal Ardian and Rockfield have closed in just six months since the launch of their European PBSA strategy. With four more transactions in advanced stages in France, Spain and the Netherlands to be completed within the next two months, the European platform will have a total of 5,000 beds available.
Durando
The property consists of two buildings with about 610 beds. The first building, which will be operational from January 2025, is already nearly 100 percent occupied, while the second building will be completed in September of this year. The entire complex, managed by aparto – Hines’ management platform for purpose-built student housing – provides a high-quality, sustainable living experience tailored to the needs of students. This demonstrates how careful and innovative management can contribute significantly to the long-term value and attractiveness of the property. The property offers a rich program of activities and services designed to strengthen young talented communities and foster their connection to the city’s urban and social fabric.
“Ardian and Rockfield’s strategy is to create a diversified portfolio of high-quality assets, across continental Europe. The demand for student housing in Milan is in high demand and short supply driven by a growing student population. This acquisition perfectly fits our strategy of targeting acquisitions and forward-funding opportunities of best-in-class PBSA schemes. This acquisition underlines our clear ambition to become a leading player in the in the PBSA sector across Italy and southern Europe”.
-Juan Manuel Acosta, CIO Rockfield Real Estate
Living program & sustainability
Accommodation options include studio apartments with private kitchen and bathroom, single rooms with private bathrooms in shared apartments, and double rooms with shared kitchen and bathroom. In addition, the complex features numerous common areas, such as a lounge, cinema room, gym, yoga room, study areas, laundry, and reception, all designed to encourage socialization and wellness. The student residence aims to achieve LEED Gold certification and features an EPC A energy class, reinforcing Ardian and Rockfield’s commitment to environmental sustainability and energy efficiency
“Milan continues to establish itself as one of the leading university hubs in Europe, with over 200,000 students enrolled in the 2023/2024 academic year, including a growing share of international students. In this context, the demand for student-dedicated accommodation far exceeds the available supply. Our new investment, located in the heart of the Bovisa district, directly addresses this need by offering approximately 610 beds in a modern facility that is seamlessly integrated into the urban fabric. The first building has reached nearly 100% occupancy within the first few months, confirming the strong market interest. This development not only enhances a fast-growing area close to the Politecnico di Milano and well connected by public transport but also helps strengthen Milan’s strategic role on the European student housing map”.
-Matteo Minardi – Head of Real Estate Italy and Managing Director, Ardian
Location and area development
The property is strategically located, has good connections to the centre of Milan and is served by the Milano Bovisa FS train station. The area will be further enhanced by the future northern Interquartier Metrotramway, which is expected to be completed in 2026. The Bovisa district is emerging as a rapidly growing area, thanks to the Polytechnic University of Milan, the Bovisa Technology Park, numerous start-ups, green areas and a growing network of services, making it one of the most dynamic hubs for the student community.
‘This investment is a strategic step in our long-term European vision for purpose-built student accommodation, a fast-growing sector that is increasingly central to urban transformation. With this operation in Milan, we are completing our fifth investment in facilities in international university cities, with the aim of offering modern, sustainable and high-quality housing solutions designed to meet the needs of new generations. For us, investing in student housing means contributing to the development of more inclusive, innovative and green cities by providing students with areas that are not only functional but also stimulating and environmentally conscious.’
-Rodolfo Petrosino – Head of Real Estate Southern Europe, Ardian
