Ardian and Rockfield acquire student residence in Spain for €36m

Ardian and Rockfield are expanding their European Purpose-Built Student Accommodation (PBSA) strategy with the acquisition of a 369-bed student residence in Terrassa, Barcelona, from Acciona for €35.7 mln.

Terrassa

This deal, located on the former AEG factory site, is their second Spanish investment, following the acquisition of Cristóbal de Moura 196 in Barcelona. It is their seventh acquisition overall within eight months of launching their PBSA strategy.
Acciona's redevelopment of the area includes residential, commercial, and retail spaces. The newly built seven-story residence features 358 rooms and extensive amenities, aiming to be a premier student living option. The residence spans 12,700 m², with indoor and outdoor amenities totalling more than 2,600 m².
The asset's prime location near universities and transportation hubs provides easy access to the city centre and Barcelona. The property offers a sustainable and modern living experience with furnished rooms, a gym, dining facilities, a pool, and green spaces.
In addition to the sold student accommodation, Acciona's project includes a residential development of 572 homes, with 420 already under construction. This integrated development is designed with a focus on various uses and includes public educational and cultural facilities.
Edmund Eggins, managing director, Real Estate, Ardian, said: “Spain presents a highly attractive student-to-bed ratio, reflecting strong demand and limited supply. In Terrassa, there are currently just 315 beds available for an estimated demand of 2,200. Existing options are outdated and lack the premium services students increasingly expect. This asset represents a unique opportunity to enter the PBSA market in Catalonia’s second most important university city, in a prime location. It fully aligns with our investment strategy, meeting top international standards of quality and sustainability.”
Juan Manuel Acosta, CIO, Rockfield Real Estate, added: “This acquisition perfectly fits our strategy of targeting acquisitions and forward-funding opportunities for best-in-class PBSA schemes. This investment represents a strategic step in our long-term European vision dedicated to Purpose-Built Student Accommodation, a rapidly growing sector that is increasingly central to urban transformation.”