Rockfield Real Estate Expands Student Housing Portfolio in Milan with Ardian
Deal News | May 13, 2025 | Finance Community ES 2 - Corporate M&A
Rockfield Real Estate and Ardian have signed a preliminary agreement to acquire a stake in a student accommodation vehicle supported by Blue Noble and Hines. This acquisition is part of their European strategy focused on Purpose Built Student Accommodations (PBSA) and involves the Milan Durando complex in Bovisa, Milan, near Politecnico's campus. The asset consists of two buildings totaling 610 beds, with one already nearly fully occupied and the other completing in September. Managed by Hines' Aparto platform, the complex offers sustainable and high-quality accommodations designed for students. This marks the fifth transaction under Rockfield and Ardian's European PBSA strategy, with more deals underway in France, Spain, and the Netherlands. The acquisition comes amid rising student housing demand in Milan due to a growing student population, and aligns with the strategy to focus on acquisitions and financing future opportunities in leading PBSA programs. Milan is becoming a major European university hub with over 200,000 enrolled students in 2023/2024, creating a strong demand for dedicated student housing that far exceeds the available supply.
Sectors
- Real Estate
- Education
- Private Equity
Geography
- Italy – The acquired student accommodation complex, Milan Durando, is located in Milan, a key focus area of the transaction.
- Southern Europe – The acquisition is part of a strategy to become a leader in the PBSA sector in Italy and Southern Europe.
Industry
- Real Estate – The transaction involves real estate acquisition, focusing on student accommodation facilities in Milan.
- Education – The investment is in student housing, directly impacting the education sector as it addresses the needs of a growing student population in Milan.
- Private Equity – The involvement of Ardian, a private equity firm, highlights the role of private equity in funding and expanding student accommodation infrastructure.
Financials
- 610 beds – The total number of beds in the Milan Durando student accommodation complex.
- 5,000 beds – The targeted total capacity across all PBSA projects under Rockfield and Ardian’s strategy.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Rockfield Real Estate | Buyer | Company | A real estate company investing in student accommodation under a PBSA strategy. |
| Ardian | Buyer | Company | A private equity firm partnering with Rockfield Real Estate in acquiring student housing facilities. |
| Blue Noble | Supporting Company | Company | A real estate investment manager backing the student accommodation vehicle. |
| Hines | Supporting Company | Company | A global real estate investment, development, and management firm backing the project and operating the Aparto platform for student housing. |
| Aparto | Operator | Company | Hines' platform managing the student accommodation complex in Milan. |
| Juan Manuel Acosta | CIO | Person | Chief Investment Officer at Rockfield Real Estate. |
| Matteo Minardi | Director | Person | Director of Real Estate in Italy and Managing Director at Ardian. |