Ardian and Rockfield‘s European student housing investment venture has acquired a fully-let 347-bed student accommodation asset in Spain from Henderson Park and Hines.
The student housing strategy created in October last year has invested an unspecified amount to acquire the Cristóbal de Moura asset in Barcelona, which includes a 3,600sqm office building.
Developed by Henderson Park and Hines from 2021 to 2023, the property opened to students in 2024, operating as Aparto.
The transaction is the second investment for the CBRE Investment Management-backed Ardian and Rockfield partnership, and their first in Spain. Their first deal together was buying a building in Italy in November last year.
Edmund Eggins, managing director real estate at Ardian, said: “We are proud that one of the first acquisitions within our pan-European PBSA [purpose-built student accommodation asset] strategy has been completed in Spain. It is a key market for us and Barcelona, with its dynamism and high student demand combined with a limited supply of quality accommodation, represents an attractive investment opportunity.
“This property perfectly aligns with our investment objectives, meeting the highest international standards in terms of quality and sustainability.”
Joseph Franch Bellmunt, Southern Europe investment director at Rockfield, said: “Acquiring a fully occupied asset in a supply-constrained and high-demand market like Barcelona is in keeping with our strategy of expanding our PBSA platform across Europe.”This investment reflects our strong conviction in the long-term fundamentals of the PBSA sector. We look forward to further strengthening our position in the Spanish market and setting new benchmarks for excellence in student living.”
Christopher Kuhbier, head of Europe investments at Henderson Park, said: “We initiated the development journey of Cristóbal de Moura in 2018, identifying a demand for high-quality purpose-built student accommodation both from student occupiers and strategic investors looking to invest in latest generation PBSA assets.
“Delivered amid the headwinds of COVID and construction costs inflation, Cristóbal de Moura is a successful answer to these trends; we are confident it will continue to deliver optimal performance in the hands of its new owners.”
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