Ardian and Rockfield Real Estate invest in German PBSA

Ardian and Rockfield Real Estate have made their first German investment in student housing, acquiring a project within Aachen's "Blue Gate" development from HLG Real Estate. 

Aachen PBSA

This acquisition, part of their pan-European student housing strategy, includes 300 student apartments and 2,200 m2 of commercial space, adding to their existing portfolio of over €700 mln and 6,000 beds across Europe.
HLG Real Estate, which acquired the "Blue Gate" project in early 2025, will remain responsible for its development, with the student apartments expected to be completed by summer 2026 for occupancy in the winter semester 2026/27. The larger "Blue Gate" project, located near Aachen's central railway station, also features a hotel (already leased) and offices (nearing full lease).
The student residence, situated in a prime central Aachen location close to RWTH and CBS University of Applied Sciences, will offer fully furnished 21 sqm studio apartments across five floors (totalling 8,400 m2 GFA). The 2,900 m2 ground floor will house extensive communal amenities and commercial units, 80% of which are already pre-leased. Aachen is a significant university city with 60,000 students and growing international demand due to its strategic location.
This Aachen acquisition expands Ardian and Rockfield's strategy, which has deployed over €700 mln (6,000 beds) in less than a year across cities like Maastricht, Leiden, Florence, Bologna, Amsterdam, Milan, and Barcelona. They aim for €1 bn in assets under management by the end of 2025, building a diversified, high-quality portfolio in undersupplied European student housing markets (Germany, Netherlands, Italy, Iberia, France). The strategy has a core+ focus, aiming to enhance operational performance and contribute to GHG emission reduction targets.
Nico Rheims, managing director Real Estate, Ardian, said: “With this transaction, we are now also entering Germany’s student housing market. As a university city, Aachen benefits not only from its proximity to Belgium and the Netherlands but also attracts students from all over the world due to its highly regarded universities. This acquisition, structured as a forward deal, is another important building block of our platform strategy to further strengthen our presence in Europe.“ 
Juan Manuel Acosta, CIO, Rockfield, commented: “Our entry into the competitive German market demonstrates the consistent progress with our strategy to build a diversified pan-European PBSA portfolio. Within less than a year, we have established a presence in all defined core markets, in some markets even through multiple investments, remaining well-capitalized to look for opportunities in further key locations in Germany and other European countries. Given our investment pipeline, we are very confident in our ability to sustain this momentum. This brings us steadily closer to our goal of taking a leading position in the European PBSA market, offering our residents a wide range of options in leading European cities.” 
Dirk Brockmann, managing director, HLG Real Estate, added: "The international aspect of 'Blue Gate' was already a decisive factor when acquiring the project. Located at the crossroads where Belgium, the Netherlands, and Germany meet, it is also well connected due to its proximity to the main train station. Aachen’s reputation as a center for science and education attracts individuals from all over Europe and beyond. We therefore consider it a logical development that Ardian and Rockfield have joined the project as new international partners, selecting 'Blue Gate' as entry point for their PBSA strategies in Germany. We are pleased to welcome them on board." 
Ardian and Rockfield received advisory services from Clifford Chance, KVL, Arup, Linklaters (Lux), Belform, and Eastdil Secured. HLG Real Estate was supported by Reius, Heuking, AUDAX, and Drees & Sommer.