Rockfield and Ardian have acquired the Cristóbal de Moura purpose-built student accommodation (PBSA) scheme in Barcelona. It will comprise 347-beds.
Amenities include a cinema room, gym, yoga studio, swimming pool and study spaces. The development also features a 3,600 sqm timber office building, both of which have achieved LEED Platinum and WiredScore certification, reflecting their ambitious ESG credentials.
“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.”
Josep Franch Bellmunt, Investment Director – Southern Europe, Rockfield
This is the second investment through Rockfield and Ardian’s pan-European strategy, which focuses on PBSA and was launched in October 2024. This acquisition follows the purchase of a student residence in Florence, which was announced in November 2024, and the recent acquisition of Laude Living Bologna.
The Cristóbal de Moura acquisition is in line with the core-plus focus of Rockfield and Ardian’s pan-European strategy, which aims to create value by improving the operational performance of assets and contributing to the reduction of CO2 emissions in line with the Paris Agreement.
The strategy has an active pipeline in France, Germany, Italy, Spain and the Netherlands, with available investment capacity of around €800m, and will further increase investment commitments in 2025.
“We are proud that one of the first acquisitions within our pan-European PBSA 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.”
Edmund Eggins, Managing Director – Real Estate, Ardian
The Cristóbal de Moura development was sold by Henderson Park and Hines who developed it after identifying the highly attractive supply and demand dynamics in Barcelona’s student housing sector.
Rockfield and Ardian were assisted by CBRE as commercial and technical advisor, Garrigues and Linklaters as Legal and Tax Advisor, and PwC as financial advisor. Henderson Park and Hines were assisted by Cushman & Wakefield as Commercial Advisor, Ashurst as Legal and Tax Advisor, and Deloitte as Financial Advisor.
“We initiated the development journey of Cristóbal de Moura in 2018, identifying a demand for high quality PBSA 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, Cristobal 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.”
Christophe Kuhbier, Head of Investments – Europe, Henderson Park
