CBRE IM provides €300m for Ardian’s and Rockfield’s PBSA venture

Private investor Ardian and living platform Rockfield have received a €300 mln boost from CBRE Investment Management for their European student housing venture.

Laude Bologna student housing

CBRE IM was a founding investor in Ardian and Rockfield's student housing strategy when it began last October. This additional investment increases CBRE IM's total commitment to €800 mln.
The strategy focuses on acquiring and developing high-quality student accommodations in underserved university cities across continental Europe. 
The venture has already acquired five properties totalling over 3,000 beds across Europe.
These include a fully occupied residence in Florence, a new 500-bed building in central Bologna, a LEED Platinum-certified project in Barcelona, Amsterdam's Minervahaven development (considered Europe's most sustainable student housing), and a mixed-use property in Milan offering both market-rate and subsidized student housing.
With nearly all of the initial €500 mln committed and four more acquisitions on the horizon, the platform expects to reach 5,000 beds soon. 
Now with €800 mln in equity and a potential investment capacity of nearly €1.3 bn, the venture plans to expand into new markets, including Germany, while continuing to prioritize income-generating assets in cities with limited student housing options.
Matteo Minardi, head of Real Estate Italy and managing director, Ardian, said: “To have fully committed our seed capital so quickly, and to see CBRE IM increasing their exposure ahead of schedule, sends a very clear signal. It confirms that our thesis, timing and activity are strongly aligned with investor and market needs. We launched this strategy to solve a structural gap in Europe’s urban living needs, and this momentum shows that we’re delivering”. 
Juan Manuel Acosta, CIO, Rockfield Real Estate, commented: “We take immense pride in the platform we set out to build with Ardian, being able to deploy capital quickly without compromising on quality. Our in-house investment, development, operations and asset management model means is strategically designed to source, execute and deliver at scale in a way that reflects the social and environmental standards institutions and end customers increasingly expect. CBRE IM’s renewed commitment is a strong endorsement of the model we’ve built and the opportunity ahead.”
Line Verroken, head of Living Investments, EMEA, CBRE IM Indirect Private Real Estate, added: ”The student housing market in Continental Europe remains a compelling and resilient growth opportunity. We are pleased to see our capital being strategically deployed to curate a high-quality portfolio of student assets in undersupplied European cities characterized by strong demand. This additional commitment underscores our long-term conviction in this asset class and reinforces our thematic investment approach.” 
Sustainability is a core principle of the platform. All properties aim for or have already received top ESG certifications like BREEAM and LEED, aligning with the Paris Agreement's goals. Design and renovation strategies consider climate risk, renewable energy, and resident well-being. The platform also tracks its social and economic impact, including affordability and accessibility.