Ardian, a world-leading private investment house, and Rockfield, a vertically integrated student housing platform, announce their first investment of their pan-European strategy dedicated to Purpose-Built Student Accommodation (PBSA), enabled by an initial commitment from CBRE Investment Management’s Indirect Strategies (CBRE IM) and with dry powder of about €800 million.

The investment involves a newly constructed standalone building, developed and sold by CDS Holding SPA, a company based in Erbusco (BS), completed in October 2023 and located in the Novoli district of Florence, just minutes from the Social Sciences campus of the University of Florence. The next-generation purpose-built student accommodation facility offers 404 beds and features common areas, including a pool with a solarium, gym, lounge area, study rooms, and a cinema room.

The asset has already shown excellent performance, reaching an occupancy rate close to 100% with significant growth potential and demonstrating its high standing, able to satisfy the growing demand in the Florence student market.

This first investment marks the beginning of Ardian and Rockfield’s new strategy to create a high-quality student housing portfolio in Europe, particularly in Italy, the Netherlands, Spain, Portugal, Germany, and France. This strategy addresses the increasing demand in key markets characterized by limited supply.

The pan-european strategy has Italy as one of its key markets on which focusing the investment activity, thanks to the strong structural deficit of student housing accommodations among the country.

Florence, which hosts approximately 80,000 students annually—many of whom are international—stands out as one of Italy’s most dynamic university cities but still has limited accommodation options that meet European standards. This project thus addresses the growing need for modern, sustainable housing solutions, further enhancing the local context.

The property, which is LEED Gold certified, underscores Ardian and Rockfield’s commitment to investing in assets that meet high standards of sustainability and environmental responsibility. With a Core+ risk focus, this strategy aims to create value by enhancing the operational performance of assets while contributing to CO2 emission reductions in line with the Paris Agreement.

“This new Pan-European strategy on PBSA will focus on Italy and Spain, which are among the most interesting markets with a growing demand for student housing but the lowest provision rate in Europe. This platform will further strengthen our presence in these countries, which remain key targets for Ardian Real Estate’s growth in Europe.” Rodolfo Petrosino, Head of Real Estate Southern Europe, Ardian

“We are proud that the first acquisition of our Pan-European PBSA strategy was completed in Italy, in Florence. Italy is one of the countries where we will concentrate most of our investments, and Florence, with its dynamism and significant number of students combined with a strong shortage of quality accommodations, is a destination offering attractive investment opportunities. The property perfectly aligns with our investment target, meeting international standards in terms of quality, common areas, and sustainability.” Matteo Minardi, Head of Real Estate Italy and Managing Director, Ardian

“The acquisition of a fully let asset in a highly sought-after and under-supplied market like Florence presented the perfect opportunity for us to start building our PBSA platform across Italy and Europe. The acquisition reflects our strong conviction in the PBSA market in Italy and our confidence in the long-term demand fundamentals for Florence, which continues to be characterized by a restricted development pipeline. This will not be the last investment in Italy and we are planning to be a leading reference when it comes to high quality student accommodation in that market.” Juan Acosta, Partner and CIO, Rockfield

As part of the transaction, Savills acted as commercial advisor.
Ardian and Rockfield were assisted by Ashurst as legal advisor, Fivers as tax and financial advisor, PedersoliGattai as administrative advisor, and YardReaas for technical due diligence.