Ardian and Rockfield Make Strategic Investment in Florence
Deal News | Nov 06, 2024 | Ardian
Ardian, a prominent private investment firm, and Rockfield, a specialized student housing platform, have commenced their Pan-European strategy focused on Purpose-Built Student Accommodation (PBSA) with a significant investment in Florence, Italy. This strategic endeavor is supported by an initial commitment from CBRE Investment Management and is backed by a fund of approximately €800 million. Their inaugural acquisition, developed and sold by CDS Holding SPA, consists of a 404-bed facility offering modern amenities and boasts a near 100% occupancy rate, reflecting its appeal in a constrained market. The strategy aims to cater to the rising demand for high-quality student housing across Europe, with a concentrated focus on markets like Italy, given its student housing deficit, and other regions such as Spain, Portugal, Germany, and France. The property, LEED Gold certified, is part of a broader objective to invest in sustainable, high-standard assets and forms a core component of Ardian's portfolio expansion initiatives. Advisors in the transaction included Savills, Ashurst, Fivers, PedersoliGattai, and YardReaas.
Sectors
- Real Estate Investment
- Higher Education
- Investment Management
Geography
- Italy – The investment is focused in Florence, Italy, highlighting Italy as a key market for Ardian and Rockfield's strategy due to the existing student accommodation deficit.
- Europe – The pan-European strategy encompasses multiple countries including Italy, the Netherlands, Spain, Portugal, Germany, and France, focusing on expanding student housing solutions.
Industry
- Real Estate Investment – The article discusses investments in real estate, specifically Purpose-Built Student Accommodation (PBSA), focusing on expanding a portfolio of student housing.
- Higher Education – The strategy aims to cater to the demand in student housing, particularly around universities such as the University of Florence in Italy.
- Investment Management – The involvement of CBRE Investment Management highlights investment management as an integral aspect of the financial commitment and strategy deployment.
Financials
- €800 million – The amount of dry powder available for the Pan-European student accommodation strategy.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ardian | Private Equity Firm | Company | A world-leading private investment house initiating a Pan-European student accommodation strategy. |
| Rockfield | Student Housing Platform | Company | A vertically integrated platform focusing on student accommodation, partnered with Ardian for European expansion. |
| CBRE Investment Management | Initial Investor | Company | Provided the initial commitment to Ardian and Rockfield's Pan-European strategy. |
| CDS Holding SPA | Developer and Seller | Company | Based in Erbusco, Italy, developed and sold the newly constructed student accommodation building in Florence. |
| Savills | Commercial Advisor | Company | Acted as the commercial advisor in the transaction. |
| Ashurst | Legal Advisor | Company | Provided legal advisory services for the transaction. |
| Fivers | Tax and Financial Advisor | Company | Offered tax and financial advice for the investment deal. |
| PedersoliGattai | Administrative Advisor | Company | Provided administrative advisory support. |
| YardReaas | Technical Due Diligence | Company | Responsible for conducting technical due diligence in the transaction. |