Ardian and Rockfield acquire 1,209-bed student housing portfolio in Leiden and Maastricht

Ardian, a world-leading private investment house, and Rockfield Real Estate, a vertically integrated living platform, have acquired the Muse and More portfolio in the Netherlands from Nido Living. The transaction includes two recently completed purpose-built student accommodation (PBSA) assets: More in Leiden and Muse in Maastricht, totaling 1,209 units. With this acquisition, Ardian and Rockfield have completed one of the largest PBSA transactions in the Dutch market to date by gross asset value.

The two assets are both located in strategic micro locations for student living. More in Leiden, a 14,304 sqm GFA building located on the University campus and close to Leiden Central Station, was completed in July 2023 and offers 703 fully furnished studios, along with 600 sqm of communal spaces. Student Experience has been operating the property since opening and will continue to operate the asset for the new owners.

Muse in Maastricht, completed in June 2024, is located near the city centre and the University Medical Campus. The 9,753 sqm GFA building features 506 modern studios with private kitchens and bathrooms, as well as amenities such as a gym, study areas, private dining rooms, a garden, and laundry facilities. Rockfield will manage the Maastricht property following the acquisition.

Both assets have maintained 100% occupancy since completion, underlining the severe undersupply of student housing in the Netherlands. With strong sustainability credentials, the properties align with the CRREM decarbonisation pathway and the long-term ESG strategies of both Ardian and Rockfield.

Thomas Westerhof, Head of Living Investment CE CBRE: “This transaction marks the rise to maturity of the Dutch institutional investment market for student housing. With strong fundamentals, attractive returns, and increasing liquidity, this has become one of the most sought-after asset classes for both domestic and international investors. We are incredibly proud to have advised Nido Living on this landmark deal and congratulate all parties involved.”

The transaction also marks the exit of seller Nido Living from the Dutch market, as the company shifts its strategic focus to other European geographies. Nido's sale comes as it doubles down on its strategy to invest, develop and operate in Iberia, Germany and Italy. The capital from the sale will be redeployed in the latter two markets which Nido aims to enter shortly, having already set up teams in the countries.

CBRE acted as exclusive advisor to Nido Living on the transaction.