How to support sustainable living with Ardian’s real estate strategy

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How to support sustainable living with Ardian’s real estate strategy

  • 05 June 2025

  • Real Estate

Reading time: 6 minutes

Ardian's Real Estate investment diversification strategy involves targeting a wider range of European real estate assets, including offices, mixed-use, self-storage, residential, and other alternative uses. This strategic approach is guided by innovative and thoughtful analysis of current market trends, positioning Ardian as a leader in property investment.

 

Building a pan-European PBSA platform: how Ardian and Rockfield unlock real estate investment opportunities

Juan Acosta, Ardian’s strategic partner for investments in purpose-built student housing (PBSA) in continental European markets, explains how the sector is evolving.

 

We jointly reflected with Ardian that the lack of available student housing in Europe was a clear and tangible opportunity. Creating a pan-European platform allows capturing market opportunities more effectively and benefit from real estate cycles across Europe. The complementary skills of both our companies were proven by the initial success of the fundraising.

To identify the cities where to invest, we look at the economic power and growth of each European city, considering employment, the quality of universities and economic opportunities. We are following a group of thirty cities around Europe. We also collaborate with local teams to identify imbalances between supply and demand and assess market performance.

We launched this strategy at the right point of the European student housing market. Our first investment project was in Florence, Italy. It includes 404 housing units, mainly studios, located near a large university campus. It achieved a 99% occupancy rate. Rockfield works very closely with Ardian to develop, invest and manage properties. We monitor the operations and the performance of assets, focusing on property management and repositioning initiatives to improve the quality of real estate.

Occupant wellbeing is a key factor in profitability.

Matteo Minardi, Head of Real Estate Italy and Managing Director, Ardian

The next steps of this pan-European strategy will include the closing of new investments in the Netherlands and Spain, with additional properties in Germany and France. Fundraising will continue in 2025 to support these new investments and further develop the platform.”

The pan-European student accommodation strategy centers around the main European markets where demand is high and supply is low. Stéphanie Bensimon and Matteo Minardi discuss how this strategy aligns with the overall Ardian Real Estate policy.

Our complementarities are proven by our strategy’s success.

Juan Acosta / Partner and CIO, Rockfield

The pan-European student accommodation strategy centers around the main European markets where demand is high and supply is low

Stéphanie Bensimon and Matteo Minardi discuss how this strategy aligns with the overall Ardian Real Estate policy.

 

How and why are you diversifying your real estate and student housing investment strategy in Europe?

Stéphanie Bensimon: Some time ago, we began diversifying our operations to better respond to the structural changes in the market, while never losing sight of our decarbonization pledge, which can be applied to several segments, such as residential, PBSA, and self-storage, in which we have recently started to invest. This diversification also meets the growing appetite of our investors for targeted strategies, similar to our pan-European student accommodation strategy.

  • 2.5m

    students in Europe by 2030

  • 11%

    Once completed, the PBSA pipeline will only cover 11% of currently unmet demand in European cities

  • €500m

    investment commitment in accommodation from CBRE Investment Management

Matteo Minardi: Indeed, the student accommodation market in Europe is fragmented, and pan- European operators are few and far between. Our strategy seeks to structure this asset class across the continent. Demand is rising at a constant rate, but supply remains scarce – there are fewer than 15 beds for every 100 students in continental Europe, and less than ten beds in southern Europe – constituting a major opportunity over the next five to ten years.

In which countries are you focusing these investments?

M.M: We are targeting France, Germany, Spain, Italy, Netherlands and Portugal. Our local presence, combined with our partnership with Rockfield, enable us to identify and operate effectively in each market. For example, we recently finalized a transaction in Barcelona, collaborating with our two local teams in Madrid.

S.B: This diversification also bolsters our operational skills. With Rockfield, we have added specialist expertise in student accommodation – an asset class that requires granular knowledge. Our approach remains focused on proximity with the assets as well as end users.

Our approach remains focused on proximity with the assets as well as end users.

Stéphanie Bensimon, Member of the Executive Committee and Head of Real Estate,

How do Ardian real estate investment strategy align with sustainability standards in Europe? 

S.B: Our environmental commitments remain central to our strategy. Our funds comply with the Paris Agreement, and our decarbonization targets align with a 1.5-2 degree maximum trajectory. Each asset undergoes rigorous due diligence and must obtain certifications, such as the BREEAM label.
Matteo has done an awful lot to integrate these criteria in our portfolio.

M.M: We also take account of social considerations.

Beyond energy concerns, occupant wellbeing is essential. It is key to guaranteeing long-term sustainability and profitability. 

 

How does this diversification take account of social considerations?

S.B: We have integrated tools such as the Real Sustain Score, an Ardian proprietary tool that includes environmental, social and governance criteria.

We seek to create open spaces that fit within the local community, whether that’s for offices or student accommodation. The idea is to meet the needs of users and encourage diversity.

M.M: It’s true social concerns are sometimes difficult to quantify. We consider which social characteristics will enrich our projects in development.
 

What are the key real estate investment opportunities in 2025 and beyond?

S.B: 2025 will be a pivotal year. We have already established a strategic partnership with Kering to acquire certain iconic stores in Paris. This reflects our ability to harness our expertise to effectively take advantage of opportunities. We will continue to develop our strategic focuses – student accommodation and self-storage – and explore new opportunities.

M.M: Now the ECB has dropped interest rates, and liquidity is gradually returning to the market, this is the right time to invest. We are looking to consolidate the strategy we launched in 2024 and position ourselves as a major operator by 2026.

S.B: The market is starting to perk up, despite geopolitical uncertainty. This is the right time to expand and go global. We continue to keep a close eye on opportunities and are ready to support our investors in this positive shift.

This is the right time to expand and go global. We continue to keep a close eye on opportunities and are ready to support our investors in this positive shift.

Stéphanie Bensimon, Member of the Executive Committee and Head of Real Estate.

Ardian diversify its real estate investment strategy with self-storage assets in Europe 

Supply is scarce and demand is on the rise in the European self-storage market, offering a long-term opportunity for investment. There is an essential need for storage space in Europe as living spaces are shrinking and people are increasingly turning to the rental market, meaning they move house more often.

In the US, the supply of self-storage space per million people is 16 times greater than in France. A 2024 study found that nearly half of people surveyed in Spain, Italy and Germany, and 70% in France, had never heard of or heard very little about self-storage. In 2024, Ardian acquired Atout-Box, a leading provider in the Occitanie region of France, consolidating its strategy to become a self-storage real estate platform initiated in late 2023 with the acquisition of Costockage.

  • 20

    self-storage centers in France in our portfolio

  • Photo-Juan-Acosta-CIO-RockField_6157_H_S_.jpg
    Juan Acosta / CIO, Rockfield Real Estate
    • Stéphanie Bensimon

    • Matteo Minardi

    • PBSA

    • real estate

    • sustainability

    • European market