Ardian and Rockfield buy 596-bed PBSA asset in Amsterdam
Ardian and Rockfield have acquired the 596-bed Minervahaven student housing building in Amsterdam’s Houthavens district, in what is one of the largest single asset PBSA deals in the Netherlands on record.
The Amsterdam transaction is the fourth investment by their pan-European strategy dedicated to PBSA since its launch in October after earlier acquisitions of student residences in Florence, Bologna and Barcelona and takes its total investments in the last six months to over €300 million.
Minervahaven has been recognised as ‘The Most Sustainable PBSA Asset in Europe’ by student housing industry association The Class Foundation and has a BREEAM ‘Excellent-in-use’ sustainability certification.
“Minervahaven is the jewel in the crown of our strategy”, said Wouter Van Den Eijnden, CEO, Rockfield. “The property’s strong sustainability credentials and the high quality of the living space exemplify the type of asset we are looking for. The strong demand for student housing in the Netherlands, which is not close to being met by sufficient supply, can be seen by the speed at which all the rooms at Minervahaven were rented out – within two days of becoming available online at the start of the 2024/25 academic year.”
CBRE Investment Management’s Indirect Strategies provided an initial €500 million equity commitment to the strategy. The strong momentum in fundraising continues, with an expected additional €300 million of commitments closing in Q2 2025 and a target to reach a total of €1 billion for the PBSA strategy by the end of 2025.
Minervahaven was purchased from the Rinkelberg Capital family office and has been developed and managed by Student Experience since 2020, who will continue to operate the property.
The complex is strategically located near universities and the centre of Amsterdam in the Houthavens district of the city. The 26,060 sq m gross floor area student accommodation has 596 fully furnished modern studios, each with a private kitchen and bathroom, alongside 300 sq m of office space and many communal spaces and amenities that include a gym, cinema, co-working spaces, a rooftop terrace and a green courtyard.
Ardian and Rockfield’s strategy is to create a diversified portfolio of high-quality assets, focusing on European markets (especially Germany, the Netherlands, Italy, Iberia and France) where student housing is in high demand and short supply in leading education hubs, characterized by a strong concentration of universities, a growing student population, and limited existing PBSA provision.
With a core+ focus, the strategy aims to create value by enhancing the operational performance of its assets, as well as their potential to contribute to the global effort of reducing GHG emissions in line with the Paris Agreement.
“This acquisition underlines our clear ambition to significantly expand Ardian’s presence in the PBSA sector across Northern Europe”, said Bernd Haggenmuller, Senior Managing Director Real Estate, Ardian. “We see a tremendous opportunity to grow our portfolio with sustainable, high-quality assets that meet the evolving needs of students and cities alike. We are committed to becoming a key player in shaping the future of student living in the dynamic European market.”
