Ardian Expands PBSA Portfolio with Barcelona Acquisition
Deal News | Mar 03, 2025 | Ardian
Ardian, a global private investment house, and Rockfield, a student housing platform, have acquired a 347-bed student accommodation asset in Barcelona, marking their first joint venture in Spain. This acquisition is part of their pan-European strategy focused on Purpose-Built Student Accommodation (PBSA), initiated in October 2024 with a €500 million commitment from CBRE Investment Management. The property, known as Cristbal de Moura, includes a fully occupied student accommodation and an office building, both achieving high standards in sustainability certifications. Previously developed by Henderson Park and Hines, this acquisition reflects the growing demand and supply constraints in Barcelona's student housing market. Assisted by a team of advisors, including CBRE, PwC, Garrigues, and Linklaters, the acquisition aligns with Ardian and Rockfield's strategy to enhance operational performance and sustainability across Europe, aiming for further expansion with over €800 million in dry powder for future investments.
Sectors
- Private Equity
- Real Estate
- Student Accommodation
Geography
- Spain – The acquired asset, Cristbal de Moura, is located in Barcelona, Spain, marking Ardian and Rockfield's first joint acquisition in this country.
- Europe – The acquisition is part of a larger pan-European strategy focused on Purpose-Built Student Accommodation (PBSA) across various European countries.
Industry
- Private Equity – Ardian is a global private investment house specializing in multiple asset classes, including Private Equity, which is central to the acquisition strategy outlined in the article.
- Real Estate – The transaction involves the acquisition and management of a real estate asset, specifically within the student accommodation sector, which is a focus area for both Ardian and Rockfield.
- Student Accommodation – The article centers around the acquisition of a student accommodation asset, a specialized segment within the real estate industry, and is a focal point for Ardian and Rockfield's European strategy.
Financials
- 500 million – Initial commitment from CBRE Investment Management for Ardian and Rockfield's PBSA strategy.
- 800 million – Dry powder available for future pipeline investments in the pan-European PBSA strategy.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ardian | Bidding Company | Company | A leading private investment house managing a wide range of assets globally, involved in the European PBSA strategy. |
| Rockfield | Bidding Company | Company | A vertically-integrated student housing platform partnering with Ardian for the acquisition. |
| Cristbal de Moura | Target Company | Company | The student accommodation asset in Barcelona acquired by Ardian and Rockfield. |
| Henderson Park | Selling Company | Company | An international private equity real estate firm, one of the developers and sellers of the asset. |
| Hines | Selling Company | Company | An international real estate firm that co-developed and sold the property. |
| CBRE Investment Management | Investors | Company | Provided initial commitment for Ardian and Rockfield's PBSA strategy. |
| CBRE | Commercial and Technical Advisor | Company | Assisted Ardian and Rockfield in the acquisition process. |
| Garrigues | Legal and Tax Advisor | Company | Provided legal and tax advice to Ardian and Rockfield. |
| Linklaters | Legal and Tax Advisor | Company | Collaborated in providing legal and tax advisory services. |
| PwC | Financial Advisor | Company | Offered financial advisory support to Ardian and Rockfield. |
| Cushman & Wakefield | Commercial Advisor | Company | Assisted Henderson Park and Hines as commercial advisors. |
| Ashurst | Legal and Tax Advisor | Company | Provided legal and tax services to the selling parties, Henderson Park and Hines. |
| Deloitte | Financial Advisor | Company | Acted as financial advisor to Henderson Park and Hines. |