Ardian and Rockfield JV buys new PBSA asset in Bologna

Ardian, a private investment house, and Rockfield Real Estate, a vertically integrated living platform, have joined forces to complete a new investment in Bologna, Italy as part of their pan-European strategy dedicated to PBSA.

The new acquisition is Laude Living, a new purpose-built property in the centre of Bologna, ten minutes away from the city’s central train station and within easy reach of the University district. Bologna attracts over 100,000 students a year, with an increasing number of international students.

The investment in Bologna follows the joint venture’s first investment in Florence last November and a recent one in Barcelona.

“Our vision is to develop a pan-European portfolio of modern, sustainable, and innovative student residences that meet the needs of students who are increasingly focused on quality of life and the environment,” said Rodolfo Petrosino, head of real estate Southern Europe, Ardian. “With our commitment to key university cities such as Bologna, we aim to invest in cutting-edge projects and provide our investors with a high-return asset class.”

The student residence, which meets the highest international standards and is LEED Gold certified, has 16 storeys plus a basement, with a total area of 20,000 sq m. It provides over 500 beds, with an occupancy rate close to 100%.

There are common areas for the students such as a lounge, study rooms, service areas, reception, mailroom, gym, cinema room, yoga room, and laundry. The rooms are structured as fully self-contained studio apartments, each with a private kitchen and bathroom.

“From an investment perspective, this asset is a perfect fit for our portfolio strategy,” said Juan Acosta, partner and CIO, Rockfield. “It enhances our geographic diversification, balancing exposure across established and emerging European university markets. With Laude Living Bologna’s premium positioning and best-in-class amenities, we anticipate stable occupancy rates and strong rental yields, driving long-term income growth and capital appreciation.”

Ardian and Rockfield also have an active investment pipeline in Italy, the Netherlands, Spain, Germany, and France, along with approximately €800 million of dry powder, aimed at building a high-quality student housing portfolio.

Italy has one of the lowest supplies of student housing in Europe and is seeing a steady increase in student numbers, a progressive rise in university enrolments, and an influx of international students.

“The student accommodation sector in Italy has been experiencing strong growth in recent years, with international student numbers increasing by an average of 7.3% over the last five years,” said Matteo Minardi, head of real estate Italy and managing director, Ardian. “University cities, such as Bologna, are at the centre of this growing demand, creating a unique opportunity for investments in modern, sustainable facilities that meet the needs of a new generation of students.”

Stonehill, seller of the PBSA asset in Bologna, completed construction of the property in 2022. Stonehill, which is also active in the German and Austrian student markets, was one of the first entrants in the Italian PBSA sector and has delivered 1,100 rooms to date.