Ardian and Rockfield Real Estate acquire Dutch PBSA portfolio

Global private investor Ardian and living platform Rockfield Real Estate have jointly acquired the Nido portfolio, consisting of 1,209 student beds in Maastricht and Leiden, Netherlands. 

Muse Maastricht

This acquisition aligns with their pan-European PBSA strategy and is considered one of the largest PBSA transactions in the Netherlands by gross asset value.
The properties, Muse and More, were acquired from Nido, a European student housing platform supported by CPP Investments. Student Experience, which has managed More (Leiden) since 2023, will continue to operate that property, while Rockfield will manage Muse in Maastricht.
Muse, situated near Maastricht's city center and the University Medical Campus, spans 9,753 m² and offers 506 fully furnished studios with private kitchens and bathrooms. It also features amenities such as a gym, study areas, a private dining room, a garden, and laundry facilities.
More, located on the University campus in Leiden near Leiden Central Station, encompasses 14,304 m² and comprises 703 studios and 600 m² of communal space across four buildings. The studios are fully furnished and include private kitchens and bathrooms, while shared amenities include a game room, lounge, private dining rooms, laundry rooms, roof terraces, and a green courtyard. Both Muse and More boast excellent sustainability credentials as they align with the 2050 CRREM pathway.
Bernd Haggenmüller, senior managing director Real Estate, Ardian, said: "The strong fundraising activity in our strategy is testament to the attractiveness of PBSA as an investment. High tenant demand meets a limited supply of residential space, which ensures rapid letting, high occupancy rates, and correspondingly robust yields. Our focus on green buildings ensures the investments are future-proof and cost-effective in operation. Given the fast expansion and diversification of our portfolio, we are well on track to becoming one of Europe's leading players in the highly dynamic PBSA market."
Sebastian Zwart, senior director Investments & Development, Rockfield, added: "Muse and More is the second large acquisition of our strategy in a short period in the Netherlands, following the acquisition of Minervahaven in Amsterdam in May 2025. Muse and More have recently been completed and offer affordable rents to tenants, whilst adhering to the highest standards when it comes to sustainability. For this reason, these assets are important cornerstones in our evergreen platform, which is aimed to be the leading one across Europe. The assets deliver high occupancy rates and income security in prime, highly undersupplied PBSA markets."
Ardian and Rockfield received advice from MC2, Van Doorne, Linklaters, and PwC, while Nido was advised by CBRE, Loyens & Loeff, and PwC.
This deal marks the latest investment in Ardian and Rockfield's pan-European student housing strategy, launched in October. This strategy has already exceeded €600 mln in acquisitions across Europe and, with a strong pipeline of secured deals, is projected to surpass €1 bn by the end of the year. CBRE IM has provided an initial €500 mln equity commitment to the Fund.
Following their acquisition of Minerva in Amsterdam last May, the partnership has now acquired over 1,800 student units in the Netherlands in 2025.
Ardian and Rockfield are primarily eyeing Germany, the Netherlands, Italy, Iberia, and France, focusing on areas with strong universities, growing student populations, and a shortage of PBSA. Their target acquisitions include primarily income-generating properties, but they also selectively pursue forward purchase and forward-funding opportunities to create value through the development of new, high-quality student residences.