Read Juan Manual Acosta’s interview mid may with Amy Finch in Greenstreet below
Amsterdam/Madrid, 28 May 2025 – Over the past year, Dutch boutique investment manager Rockfield Real Estate has been in the spotlight in the European residential sector. The company is expanding its platform from the Netherlands to Spain and Italy and aims to double the number of units under management to 10,000 by the end of the year.
The firm’s flagship student housing fund with Ardian has attracted much of the attention, racking up five acquisitions in just six months. Armed with an initial equity commitment of €500m from CBRE Investment Management’s Indirect Strategies, the duo sealed two deals worth €120m each in Milan and Amsterdam in the past month.
Over the next year, the investment manager is aiming to develop strategies and capital market products for a suite of affordable housing products.
“We try to move in spaces which are a little bit less crowded and bring something new to the market. We want to have a pan-European footprint, where the capital markets know that if they’re thinking about living, they can come with us. I think it’s key to be an entrepreneur in the products that we bring to the market, but at the same time institutional in the way we operate.”
-Chief Investment Officer Juan Manuel Acosta to Green Street News.
Bolstered by new hires in the past two months, the firm is planning expansions in affordable housing, affordable student and senior homes. Olaf Rigola joined as development manager in Spain and Covadonga Sanz llaca as head of asset management Europe, while Sebastian Zwart will lead the Dutch expansion.
Using Rockfield’s development capabilities, the firm is planning to form joint ventures and launch a dedicated senior living fund.
“I wouldn’t be surprised if we double the number of units again in two years,” says Acosta. “But what we offer is more important than the size I think.”
Catering for the majority of students
While Continental European student housing has seen a massive uptick in investment, much of what is being developed caters for the high end. Rockfield sees an opportunity to build accommodation which is attainable for the majority of the student base.
“I almost never like to put numbers to anything, but the opportunity here is practically endless. The current supply targets say the top 15% of students, so 85% of the students are not being served.”
-Juan Manuel Acosta, Rockfield
Despite variable regulatory regimes, the investment manager plans to target a broad spectrum of countries. Germany and France are essential markets with good opportunities, plus the Netherlands, Italy and Spain.
The Minervahaven student housing in Amsterdam
The strategy will mainly be a development play, as stock is lacking. Given that the core-plus student fund cannot take development risk, the investment manager will be seeking new partners by separate accounts or joint ventures.
Affordability will be improved by removing unnecessary features, with a combination of less prime locations, leasehold access and cheaper construction driving down costs. The finished product will be a blend of regulated units, with free rent in studios and shared rooms to unlock a sufficient margin.
New team members Olaf Rigola and Sebastian Zwart will use their expertise in development and platforms to drive structures forward. Plans would also include hiring across markets in the longer term.
Senior living
The company is also taking the first steps to debut in senior living, with a focus on Spain and the Netherlands. Rockfield is working on development opportunities, with a view to closing a first deal in 2025. The firm will then seek to form joint ventures at an early development stage, with the target to deploy €100m in the sector.
“We’re going to start the development approach at the beginning and see when the capital wants to come in,” says Acosta. “It will be at the very least value-add, potentially mid-teens returns. We want to have a pan-European footprint, where the capital markets know that if they’re thinking about living, they can come with us”
-Juan Manuel Acosta, Rockfield
The senior market is another segment where much of the existing stock tends to lean towards the high-end, with many examples in the several thousand euros per month range. Rockfield plans to play on the affordable side, targeting a pure residential strategy, with any healthcare component externalised or with a partner as a service. While the Spanish market is highly nascent, the Dutch market is more mature than Spain, but has lots of out-of-date product.
“We want to be in markets which are liquid and growing, but we can find good locations that don’t have to be in the middle of the city,” says Acosta. “That’s again how we can bring an affordable offering to the market.”
-Juan Manuel Acosta, Rockfield
Wider affordable living strategy
Demand is also increasing for wider affordable housing, as there is not enough equity in the public sphere. In 2025 and 2026, Rockfield plans to bring more capital solutions to the market, aiming to capitalise on opportunities asset-by-asset or on a joint venture basis with a group of selected partners.
Capital sources want to take a bigger part of the value chain as they search for higher returns, says Acosta. They are keen to use Rockfield’s teams to identify opportunities early and work during the development phase, and also share value during operations.
“They’re challenging us to be more creative, as opposed to in the overcrowded traditional investment market, which is challenging at the moment. That’s why structural things like student housing, affordable housing and senior housing are very interesting. We want to be in markets which are liquid and growing”
-Juan Manuel Acosta, Rockfield
Investors are looking for pan-European exposure, but southern markets are also attracting a lot of attention, says Acosta. Spain is a country where capital markets are very optimistic, given the country’s economic performance. In the Netherlands, the market is more focused on developers, but there is huge demand for social housing. In more immature markets such as Italy, the institutional role in the rental market is virtually non-existent, but it is growing rapidly.
Since its inception, Rockfield has developed approximately 10,000 apartments, 80% of which have an element of affordability, ranging from mid-range to social housing. The company has two mixed funds: the European student fund and a Dutch residential fund.
Source: Greenstreet news
