ABSTRACT Universities have progressively seen a change in their role as actors in the transformation of cities, with the growth of student populations and related studentification processes that are seen both as drivers of development and causes of negative externalities. What risks being overshadowed, however, is the complex array of interests and agencies that are involved. The aim of the article is, thus, to explore the production of geographies of exclusion that cannot be simply linked to the negative impacts directly exerted by the increased pressure of students' concentrations on specific neighbourhoods. They can also be related to the specific form that urban development strategies driven by higher education institutions takes in post‐industrial cities. The case of Turin, Italy, shows that a dominant narrative on the role of universities has triggered various stakeholders' strategic orientation and that, therefore, variegated transformations can be interpreted as the effects of capital investments that materialise in university‐related ‘fixes’.