Paris/Madrid, 23rd of January 2026 – Rockfield and Ardian announce a significant acceleration of their Purpose-Built Student Accommodation (PBSA) strategy with the simultaneous signing of three major transactions across Italy, France and Spain. The strategy has been very active investing across the continent since launching in Q4 2024. Looking ahead to 2026, there is a strong, advanced pipeline across the various countries, suggesting that the investment pace will continue to be as active as this year.
First acquisition in France: A 327-bed PBSA Project in Bordeaux
Ardian and Rockfield have signed the acquisition of a 327-bed project in the Bastide Niel eco-district of Bordeaux, marking their first PBSA transaction in France. The asset acquired from Legendre Immobilier under a forward-purchase structure (VEFA), will welcome its first students in 2028. The project includes more than 500 sqm of common areas (coworking, lounge, gym, gaming room, shared kitchens, bike storage, terraces) and over 1,000 sqm of landscaped gardens.
It aims to meet the highest environmental standards: NF HQE 7*(Excellent), RE2020 compliance, EPC B, and solar panels meeting a large proportion of the development’s energy needs.
Located in the Bastide Niel eco-district, a mixed-use redevelopment area, the property is a 5-minute walk from key public transport routes, with direct access to the city centre.
Bordeaux is the 5th largest student city in France, with over 100,000 students in the city and its surroundings, and yet it remains one of the most undersupplied in terms of student housing. This project will aim to deliver both social value and long-term economical resilience.
“By adding 1,500 units through three selective transactions, we are strengthening our European footprint and taking our first step into France. In a market with strong demand fundamentals, we see clear opportunities driven by the structural shortage of high-quality student accommodation.”
— Mats Bartels, Investment Director Northern Europe, Rockfield
Barcelona – Aparto Pallars is a 750-bed student residence located in Barcelona’s 22@ innovation district
Ardian and Rockfield have acquired Aparto Pallars, a 750-bed residence located in the 22@ innovation district. The asset, spread across five interconnected buildings and operational since 2022, enjoys a strategic location near several higher education institutions, including Pompeu Fabra University and Toulouse Business School. This marks the PBSA’s strategy third acquisition in Spain and consolidates the partnership’s presence as one the leading investors in the region. Leveraging our capabilities to deliver multiple typologies and more affordable price points across two state-of-the-art projects, we are able to meet diverse student needs while strengthening our presence as one of the leading investors in the region.
“This acquisition underlines the strength of our pan-European PBSA strategy and our conviction in innovation-led locations as resilient, future-proof investment markets.”
— Josep Bellmunt, Investment Director Southern Europe, Rockfield
Milan – Project Certosa, a highly strategic addition to Ardian’s PBSA portfolio
Ardian and Rockfield are strengthening their presence in Italy with the signing of a preliminary agreement for the forward acquisition of a new 427 bed project in viale Certosa, Milan. With this transaction the platform reaches a portfolio of 2.000 beds in Italy, positioning itself as a market leader. The seller is an SPV jointly owned by Keystone Investments and Mediterranea Immobiliare.
Located in a rapidly evolving urban district, the asset will be transformed into a sustainable student residence with excellent connectivity to Milan’s Bovisa Politecnico University. The building will be redeveloped into a state-of-the-art PBSA scheme, offering a wide range of high-quality amenities — including study rooms, indoor and outdoor gyms, padel and basketball courts, a cinema room, games areas and landscaped communal spaces — all designed to foster wellbeing, social interaction and a balanced student lifestyle. The project targets LEED Gold and EPC A environmental certifications. This transaction further cements the platform’s conviction for the Italian market, adding to an already strong portfolio, which includes assets in Florence, Bologna, and Milan, some of Europe’s most supply-constrained student markets.
“Our first PBSA investment in France marks an important milestone for our pan-European platform. Bordeaux combines strong academic momentum with a structural need for new student housing solutions.”
— Omar Fjer, Head of Real Estate France & Managing Director, Ardian
“The investment in Viale Certosa strengthens our position in Italy and brings the platform’s PBSA portfolio to 2,000 beds, allowing us to respond to the structural supply shortage in key university cities.”
— Luca Migliaccio, Managing Director Real Estate, Ardian
