Ardian, a world-leading private investment firm, and Rockfield Real Estate, a vertically integrated living platform, have acquired the 1,209-bed Nido portfolio in Maastricht and Leiden, as part of their pan-European strategy dedicated to Purpose-Built Student Accommodation (PBSA). The deal is one of the largest PBSA transactions in the Netherlands on record in terms of gross asset value (GAV).

Muse and More were purchased from Nido, the European student accommodation platform backed by CPP Investments. Student Experience has managed More (Leiden) since 2023 and will continue to operate the property. Rockfield will operate Muse in Maastricht.

Muse is strategically located near Maastricht city centre and the University Medical Campus. The 9,753 sqm gross floor area (GFA) student accommodation has 506 fully furnished modern studios, each with a private kitchen and bathroom, alongside a variety of communal spaces and amenities that include a gym, study spaces, private dining room, a garden and laundry rooms.

More is located in Leiden on the University campus and nearby the Leiden Central Station. The 14,304 sqm gross floor area (GFA) student accommodation offers 703 studios and 600 sqm of common space, divided over 4 buildings. The fully furnished studios offer a private kitchen and bathroom, the shared communal spaces include a game room, lounge area, private dining rooms, laundry rooms, roof terraces and a green courtyard.

The Muse and More transaction follows earlier acquisitions in Florence, Bologna, Amsterdam, Milan, and Barcelona, bringing total capital deployed to over €600 million GAV just nine months after launch, with a secured pipeline expected to raise the total to over €1 billion across Europe. CBRE Investment Management’s Indirect Strategies provided an initial €500 million equity commitment to the Fund. The strong momentum in fundraising continued, with an additional €300 million of commitments closed in Q2 2025 and a target to reach a total of €1 billion of equity commitment from various institutional capital sources for the PBSA strategy by the end of 2025.

Ardian’s and Rockfield’s strategy is to create a diversified portfolio of high-quality assets, focusing on European markets (especially Germany, the Netherlands, Italy, Iberia and France) where student housing is in high demand and short supply in leading education hubs, characterized by a strong concentration of universities, a growing student population, and limited existing PBSA provision.

Target acquisitions are predominantly income-producing properties, but also selective forward purchase and forward-funding opportunities, capturing value through the development of new high quality student residences.

With a core+ focus, the strategy aims to create value by enhancing the operational performance of its assets, as well as their potential to contribute to the global effort of reducing GHG emissions in line with the Paris Agreement.

“The strong fundraising activity in our strategy is testament to the attractivity of PBSA as an investment. High tenant demand meets a limited supply of residential space, which ensures rapid letting, high occupancy rates and correspondingly robust yields. Our focus on green buildings ensures the investments are future-proof and cost-effective in operation. Given the fast expansion and diversification of our portfolio, we are well on track to becoming one of Europe’s leading players in the highly dynamic PBSA market.”  Bernd Haggenmüller, Senior Managing Director Real Estate, Ardian

“Muse and More is the second large acquisition of our strategy in a short period in The Netherlands, following the acquisition of Minervahaven in Amsterdam in May 2025. Muse and More have recently been completed and offer affordable rents to tenants, whilst adhering to the highest standards when it comes to sustainability. For this reason, these assets are important cornerstones in our evergreen platform which is aimed to be the leading one across Europe. The assets deliver high occupancy rates and income security, in prime, highly undersupplied PBSA markets”. Sebastian Zwart, Senior Director Investments & Development, Rockfield

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.

Ardian and Rockfield were assisted by MC2 as technical advisor, Van Doorne and Linklaters as legal advisor, and PwC as tax advisor.
Nido were assisted by CBRE as commercial advisor, Loyens & Loeff as legal advisor and PwC as tax advisor.