Ardian and Rockfield have closed the purchase of a student residence in Italy in what is the first acquisition within their alliance to invest 800 million euros in this segment in different cities in Europe, according to what has been learned elEconomista.es.
Both firms, which work with capital from investors from CBRE Investment Management (CBRE IM), have acquired a newly built independent building located in Florence, in the Novoli neighborhood, just a few minutes from the Social Sciences campus of the University of Florence.
The property has been developed and sold by CDS Holding SPA, a company based in Erbusco, which completed the project just a year ago. The residence, which has a occupancy rate close to 100%, It has 404 beds and with common areas that include a swimming pool with solarium, gym, rest area, study rooms and a cinema room.
This first investment paves the way for the alliance between Ardian and Rockfield, which They are already analyzing several operations in Spain, a country that “will have a great role in the final portfolio, at the same level as others like Holland, Germany or Italy,” says Juan Acosta, partner and CIO of Rockfield.
In fact, its objective is to close some of these operations in the coming months. “probably at the beginning of next year,” says Edmund Eggins, Director of Real Estate at Ardian, who points out that Within Spain they look at large cities like Madrid, Barcelona or Valencia, and also other regions such as Basque Country or Andalusiawith a focus on Malaga and Seville. In addition, Eggins highlights that “through both companies, we have teams and local knowledge in all the countries in which we will be present.”
Moment of opportunities
To form this portfolio, the firms seek both “operational assets, such as new turnkey developments or rehabilitations”points out Acosta, who highlights that “the attractive thing about our strategy is the flexibility we have when it comes to playing in different areas in this very interesting market point in which we are not having a hard time finding assets that are in line with the strategy.” .
Thus, the Rockfield manager points out that “It is a very interesting moment for this segment, since the cycle has changed and, assets in operation that were not for sale before, are now leaving for various reasons, such as the closing of the cycle of some funds or the need to refinance their positions.
Ardian and Rockfield had Ashurst as legal advisor and Fivers as tax and financial advisor. PedersoliGattai was managing advisor and YardReaas for technical due diligence. Savills acted as commercial advisor.
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