Amsterdam, 3th of June 2025 – Rockfield, a vertically integrated living platform and, Ardian, a world-leading private investment firm, are further strengthening their Purpose-Built Student Accommodation (PBSA) strategy with a new €300 million commitment from CBRE Investment Management on behalf of its Indirect Private Real Estate Division.
CBRE Investment Management increases commitment to European PBSA strategy to €800 million
CBRE Investment Management (CBRE IM), a leading global real assets investment management firm, acted as a founding investor in Ardian and Rockfield’s PBSA strategy when it launched in October last year. This early follow-on commitment brings CBRE IM total commitment to the strategy to €800 million.
Rockfield and Ardian aim to build a diversified portfolio of high-quality, purpose-built student accommodation assets across leading university cities in continental Europe, targeting markets with demand imbalances from rising student populations and structural undersupply, specifically in Italy, the Netherlands, Spain, Portugal, Germany and France.
The strategy has achieved strong momentum in its first months, with five acquisitions completed to date, establishing a diversified and growing seed portfolio of over 3,000 beds across Europe. This includes a fully let residence in Florence, a newly built 500-bed asset in central Bologna, a LEED Platinum-certified scheme in Barcelona, the Minervahaven development in Amsterdam recognised as Europe’s most sustainable PBSA asset, and a mixed-tenure property in Milan offering both market and subsidised student housing.
Nearly 100% of the initial €500 million equity commitment has been deployed, with four further acquisitions in France, Spain and the Netherlands set to be completed in the coming months. This will bring the platform to a total of 5,000 beds.
This early success demonstrates the strength of the strategy’s disciplined investment criteria, and its ability to move with speed and precision.
With €800 million of equity now committed to the strategy, representing nearly €1.3 billion in investment capacity, and a growing pipeline across the continent, its next phase will focus on expanding footprint in key markets, including currently untapped markets such as Germany.
The strategy has a Core+ profile with a focus on income-generating assets in cities with limited supply, supporting the delivery of new, best-in-class student housing.
‘We are immensely proud of the platform we have established with Ardian, which allows us to deploy capital quickly without compromising on quality. Our internal model for investment, development, operations and asset management is strategically designed to search, execute and deliver on a large scale in a way that aligns with the social and environmental standards that institutions and end clients increasingly expect. CBRE IM’s renewed commitment is a strong endorsement of the model we have built and the opportunities ahead. We are grateful for the renewed confidence placed in us by current and future investors.’
-Juan Manuel Acosta, CIO Rockfield Real Estate
Sustainability at the core of the PBSA strategy
Sustainability is embedded into the platform’s approach. All assets are targeting or have achieved leading ESG certifications such as BREEAM and LEED, and seek alignment with the objectives of the Paris Agreement. Across the portfolio, design and refurbishment strategies integrate climate risk assessment, renewable energy procurement and wellbeing-focused living environments. The platform also actively monitors socioeconomic impact, including affordability and accessibility, reinforcing its commitment to responsible urban development.
“To have fully committed our seed capital so quickly, and to see CBRE IM increasing their exposure ahead of schedule, sends a very clear signal. It confirms that our thesis, timing and activity are strongly aligned with investor and market needs. We launched this strategy to solve a structural gap in Europe’s urban living needs, and this momentum shows that we’re delivering”.
-Matteo Minardi, Ardian
”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 characterized by strong demand. This additional commitment underscores our long-term conviction in this asset class and reinforces our thematic investment approach.”
-Line Verroken, Head of Living Investments, EMEA, CBRE IM Indirect private real estate
