In one of the largest single asset Purpose-Built Student Accommodation (PBSA) deals on record in the Netherlands, Ardian and Rockfield Real Estate have acquired the award-winning 596-bed Minervahaven student housing complex in Amsterdam's Houthavens district.
The transaction marks the fourth investment by their pan-European PBSA strategy in just six months, bringing total capital deployed to over €300m in gross asset value following earlier acquisitions in Florence, Bologna and Barcelona. The 26,060 m² property, purchased from Rinkelberg Capital, will continue to be operated by Student Experience, who developed and has managed the property since 2020.
Recognised as 'The Most Sustainable PBSA Asset in Europe' by The Class Foundation and boasting a BREEAM 'Excellent-in-use' certification, Minervahaven stands out in an increasingly ESG-focused investment landscape. The property offers fully furnished modern studios with private kitchens and bathrooms, alongside 300 m² of office space and extensive amenities including a gym, cinema, co-working spaces, rooftop terrace and green courtyard.
"This acquisition underlines our clear ambition to significantly expand Ardian's presence in the PBSA sector across Northern Europe. With a particular focus on the Netherlands and the high-potential German market, we see a tremendous opportunity to grow our portfolio with sustainable, high-quality assets that meet the evolving needs of students and cities alike. Leveraging our long-term capital and operational expertise as well as a significant project pipeline, we are committed to becoming a key player in shaping the future of student living in the dynamic European market," said Bernd Haggenmüller, Senior Managing Director Real Estate at Ardian.
"Minervahaven is the 'jewel in the crown' of our strategy. The property's strong sustainability credentials and the high quality of the living space exemplify the type of asset we are looking for to make this evergreen platform the leading one across Europe, as well as being a testament to the development and asset management skills of Student Experience. 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," added Wouter van den Eijnden, CEO of Rockfield.
With growing institutional interest in the PBSA sector, the venture's fundraising momentum continues with an expected additional €300m of commitments closing in Q2 2025 and a target to reach €1bn by end-2025. The strategy's focus on markets with structural supply-demand imbalances, particularly in university hubs across Northern Europe, positions it to capitalise on historically low provision rates in these regions compared to more mature markets like the UK, offering savvy investors potential for both yield compression and consistent rental growth.
People mentioned:
Bernd Haggenmüller - Senior Managing Director Real Estate at Ardian
Wouter van den Eijnden - CEO of Rockfield Real Estate
Companies mentioned:
Ardian - Global private investment house managing €177bn in assets
Rockfield Real Estate - Vertically integrated European residential real estate platform
Student Experience - Developer and operator of student housing
Rinkelberg Capital - Investment office of the founders of TomTom
CBRE Investment Management - Provider of initial €500m equity commitment
The Class Foundation - Student Housing Industry Association
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