Ardian and Rockfield add 1,500 new beds in France, Spain, and Italy

Ardian and Rockfield are expanding their student housing portfolio across Europe, adding 1,500 new beds through three key transactions in France, Spain, and Italy.

PBSA asset - Ardian and Rockfield

The two partners are acquiring a new 427-bed project in Milan, a 327-bed project in Bordeaux (their first in France), and an existing 750-bed property in Barcelona, Spain.
Since its launch in late 2024, their student accommodation strategy has completed 12 deals, totalling around 6,000 beds, establishing them as a major investor in the European student housing market. 
The Bordeaux project, set to open in 2028, will feature 500 m2 of common areas and over 1,000 m2 of green spaces, aiming for the NF HQE 7*(Excellent), RE2020 compliance and EPC B environmental standards. 
Barcelona's Aparto Pallars, operational since 2022, is strategically located near universities in the 22@ innovation district. It is the PBSA’s third acquisition in Spain.
The Milan project will transform an existing building into a sustainable residence with numerous amenities, targeting LEED Gold and EPC A certification. With this transaction, the platform reaches 2,000 beds in Italy. The seller is an SPV jointly owned by Keystone Investments and Mediterranea Immobiliare.
Omar Fjer, head of Real Estate France and managing director, Ardian, said: “As the continental European country with the largest student population and a clear need for high-quality student accommodation, France offers strong fundamentals for investment in the sector. Bordeaux combines strong academic momentum driven by a structural need for new accommodation solutions. The project perfectly reflects the fund’s strategy: developing sustainable and innovative assets, in excellent locations, that meet the expectations of new generations.” 
Mats Bartels, investment director Northern Europe, Rockfield, added: “Adding 1,500 units simultaneously via 3 selective transactions to our growing portfolio strengthens our footprint in Europe – and in particular reflects our first step in France. It is interesting to see that such a deep market with urgent demand heavily lacks high-quality supply. We see a window of opportunity and are actively sourcing both operating and forward deals in the major French PBSA markets, as we aim to scale our French portfolio as part of our European portfolio materially over the coming years.”