Strategic View: Ardian and Rockfield secured a €550M club deal for their European student accommodation (PBSA) fund. They intentionally chose a “club of relationship banks” over a single underwriter. This provides flexibility and “dry powder” to scale their eight-property portfolio across the Netherlands, Spain, Italy, and Germany.
Full story: The European “living” sector just saw a masterclass in smart financing. Ardian, the Parisian private markets giant, and its partner Rockfield, a Dutch PBSA* specialist, have locked in €550 million. This is not a typical syndicated loan. Instead, they’ve strategically opted for a “club deal.”
Why? The firm had plenty of appetite from single banks willing to underwrite the entire loan. But they declined. This club deal approach is about relationships and future-proofing. By bringing in a select group of their core banks from the start, Ardian builds a stronger, more committed syndicate. This move trades the convenience of a quick underwriting for the long-term strategic value of a loyal capital partnership.
This syndicate is now primed to support the fund’s growth. The initial €550 million, understood to be below a 50% LTV, is just the beginning. As the fund adds more assets to its current eight-property portfolio, this banking club has the “dry powder” and the institutional knowledge to scale the facility. It’s a move that ensures capital is available before the growth is needed.
This deal screams confidence in the PBSA sector. JLL’s Q2 2025 report shows investment in European living barely flinched, dropping only . Lenders are liquid and hungry for this asset class. Ardian’s move shows how sophisticated sponsors are navigating the post-rate-hike environment: with precision, strong partners, and an eye firmly on scalable, long-term growth.
*PBSA: Purpose-Built Student Accommodation.
Summary: This €550M deal is a powerful signal. Top-tier sponsors like Ardian are prioritizing flexible, relationship-based club deals over single-bank underwriting. It matters because it provides a blueprint for scaling platforms in resilient sectors like student housing, ensuring capital is available before the growth is needed.
Source: Real Estate Capital Europe
