Amsterdam, 1 May 2025 – Rockfield Real Estate, an integrated investment platform specialising in creating high-quality, sustainable housing solutions for young professionals and students, and Ardian, a leading global private investor, have acquired the Minervahaven student complex in Amsterdam’s Houthavens. The acquisition is part of their pan-European PBSA strategy. The transaction is one of the largest PBSA deals in the Netherlands ever, measured by gross asset value (GAV).
Fourth investment Ardian Rockfield European Student Accommodation Fund
Minervahaven is the fourth investment by the PBSA strategy in just six months from launch — after earlier acquisitions in Florence, Bologna and Barcelona — which takes total capital deployed under the strategy so far to over €300 million GAV. CBRE Investment Management’s Indirect Strategies provided an initial €500 million equity commitment to the strategy. The strong momentum in fundraising continues, with an expected additional €300 million in commitments closing in Q2 2025 and a target to reach a total of €1.0 billion for the PBSA strategy by the end of 2025.
Minervahaven was purchased from the Rinkelberg Capital family office and has been developed and managed by Student Experience since 2020, who will continue to operate the property.
“Minervahaven is the ‘jewel in the crown’ of the Ardian Rockfield pan-European PBSA investment strategy. The property’s strong sustainability credentials and the high quality of the living space exemplify the type of asset we are looking for to make it the leading evergreen student housing platform across Europe, as well as being a testament to the development and asset management skills of Student Experience. The strong demand for student housing in the Netherlands, which is not close to being met by sufficient supply, can be seen by the speed at which all the rooms at Minervahaven were rented out – within two days of becoming available online at the start of the 2024/25 academic year.”
-Wouter van den Eijnden, CEO at Rockfield
Most sustainable PSBA project in Europe & strategic location
Minervahaven is strategically located near universities and the centre of Amsterdam in the Houthavens district of the city on the river IJ, to the west of its central station. The 25,060 sqm gross floor area (GFA) student accommodation has 596 fully furnished modern studios, each with a private kitchen and bathroom, alongside 300 sqm of office space and a rich variety of communal space and amenities that include a gym, cinema, co-working spaces, a rooftop terrace and green courtyard.
The property has excellent connections to the rest of the city including the nearby 17th
Century central canal district, which is a UNESCO world heritage historic site, and has easy access by ferry to the upcoming trendy district of Amsterdam North.
Minervahaven has been recognised as ‘The Most Sustainable PBSA asset in Europe’ by student housing industry association The Class Foundation and has a BREEAM ‘Excellent-in-use’ sustainability certification.
PSBA Strategy Rockfield & Ardian in Europe
Rockfield and Ardian’s strategy is to create a diversified portfolio of high-quality assets, focusing on European markets (especially Germany, the Netherlands, Italy, Iberia and France) where student housing is in high demand and short supply in leading education hubs, characterised by a strong concentration of universities, a growing student population, and limited existing PBSA provision.
Target acquisitions are predominantly income-producing properties, but also selective forward purchase and forward-funding opportunities, capturing value through the development of new high-quality student residences.
With a core+ focus, the strategy aims to create value by enhancing the operational performance of its assets, as well as their potential to contribute to the global effort of reducing GHG emissions in line with the Paris Agreement.
“This acquisition underlines our clear ambition to significantly expand Ardian’s presence in the PBSA sector across Northern Europe. With a particular focus on the Netherlands and the high potential German market, we see a tremendous opportunity to grow our portfolio with sustainable, high-quality assets that meet the evolving needs of students and cities alike. Leveraging our long-term capital and operational expertise as well as a significant project pipeline, we are committed to becoming a key player in shaping the future of student living in the dynamic European market.”
-Bernd Haggenmüller, Senior Managing Director Real Estate at Ardian
Rockfield and Ardian were assisted by Savills (commercial advisor), MC2 (technical advisor), Van Doorne and Linklaters (legal advisor), and PwC (tax advisor). Rinkelberg Capital and Student Experience were advised by Van Lanschot Kempen (financial advisor) and Loyens & Loeff (legal advisor).
