Madrid, 3 March 2025 – The acquisition is the second investment by Rockfield’s & Ardian Purpose-Built Student Accommodation (PBSA) strategy, which launched in October 2024 with a €500m initial commitment from CBRE Investment Management’s Indirect Strategies. Cristóbal de Moura consists of a fully occupied 347-bed student accommodation asset and c.3,600 sqm office building, both with ambitious ESG credentials having achieved LEED Platinum and WiredScore certification. The property was developed by Henderson Park and Hines between 2021 and 2023 and welcomed students from 2024, operating under the Aparto brand.
Second investment Pan-European strategy
Rockfield, a vertically integrated student housing platform, and Ardian, a world-leading private investment house, are proud to announce the acquisition of Cristóbal de Moura, a 347-bed student housing complex in Barcelona. This is Rockfield and Ardian’s first joint acquisition in Spain.
The property was sold by Henderson Park, an international private equity real estate company, and Hines, an international real estate company, who developed the state-of-the-art facility after identifying the highly attractive supply and demand dynamics in Barcelona’s student housing sector.
This is the second investment through Rockfield and Ardian’s pan-European strategy, which focuses on Purpose-Built Student Accommodation (PBSA) and was launched in October 2024. This acquisition follows the purchase of a student residence in Florence, which was announced in November 2024.
The Cristóbal de Moura acquisition is in line with the core-plus focus of Rockfield and Ardian’s pan-European strategy, which aims to create value by improving the operational performance of assets and contributing to the reduction of CO2 emissions in line with the Paris Agreement. The strategy has an active pipeline in France, Germany, Italy, Spain and the Netherlands, with available investment capacity of around €800 million, and will further increase investment commitments in 2025.
“Acquiring a fully occupied asset in a supply-constrained and high-demand market like Barcelona is in-keeping with our strategy of expanding our PBSA platform across Europe. This investment reflects our strong conviction in the long-term fundamentals of the PBSA sector. We look forward to further strengthening our position in the Spanish market and setting new benchmarks for excellence in student living.”
– Josep Franch Bellmunt, investment director – southern Europe, Rockfield.
Location and modern amenities
Cristóbal de Moura is located in Barcelona’s innovation district, 22@, and offers a modern living experience for students. The property includes premium amenities such as a cinema room, gym, yoga studio, swimming pool, and study spaces. The asset also features a c.3,600 sqm timber office building, both of which have achieved LEED Platinum and WiredScore certification, reflecting their ambitious ESG credentials.
Cristóbal de Moura benefits from an excellent location within 22@, Barcelona’s innovation district. The asset offers a modern living experience for students with premium amenities, including a cinema room, gym, yoga studio, swimming pool and study spaces. This acquisition reinforces Ardian and Rockfield´s commitment to providing high-quality student accommodation in key European markets.
Cristóbal de Moura consists of a fully occupied student accommodation building with 347 beds and an office building of approximately 3,600 m² of wood. Henderson Park and Hines acquired the site in 2019 and started construction in 2021. The property, which operates under Hines’ Aparto brand, opened its doors to students in January 2024 and has since maintained strong occupancy rates, reflecting robust demand in Barcelona’s growing student housing sector.
We are proud that one of the first acquisitions within our pan-European PBSA strategy has been completed in Spain. It is a key market for us and Barcelona, with its dynamism and high student demand combined with a limited supply of quality accommodation, represents an attractive investment opportunity. This property perfectly aligns with our investment objectives, meeting the highest international standards in terms of quality and sustainability.”
– Edmund Eggins, managing director real estate, Ardian.
“We initiated the development journey of Cristóbal de Moura in 2018 identifying a demand for high quality purpose-built student accommodation both from student occupiers and strategic investors looking to invest in latest generation PBSA assets. Delivered amid the headwinds of COVID and construction costs inflation, Cristobal de Moura is a successful answer to these trends; we are confident it will continue to deliver optimal performance in the hands of its new owners.”
– Christophe Kuhbier, head of investments – Europe, Henderson Park.
Rockfield and Ardian were assisted by CBRE as commercial and technical advisor, Garrigues and Linklaters as legal and tax advisor, and PwC as financial advisor.
Henderson Park and Hines were assisted by Cushman & Wakefield as commercial advisor, Ashurst as legal and tax advisor, and Deloitte as financial advisor.
Rockfield collaborates on pan-European PSBA strategy with:
• Ardian
• CBRE IM
