UK PBSA Programmatic JV
Curlew Capital currently manages two funds invested in UK PBSA. Curlew Student Trust (“CST”) invests in top university towns and cities located in England, Scotland and Northern Ireland.
CST was launched in 2013 as a seven year fund, with three seed assets, backed by clients of CBRE GIP and managed by Curlew. The Fund’s strategy to acquire and forward fund high quality purpose built student accommodation has been successful with CST seeing significant growth, expanding to 25 assets (7,268 beds) at the start of the 2018/19 academic year. Given the strong performance of the Fund and the fulfilment of its objectives, a decision to sell approximately 75% of the portfolio was taken.
The sub portfolio sale was completed on 1 February 2018 with 8 assets being retained.
Following the success of CST, Curlew and CBRE GIP have launched a second venture in the UK student accommodation sector, Curlew Student Trust 2 (“CST 2”). This Fund has a broader investment strategy encompassing development, refurbishment and ready made acquisitions alongside regular forward fundings.
CST2 currently holds 7 assets including 3 mixed-use developments and 4 forward fundings, creating c. 2,500 PBSA beds, a hotel and ancillary retail.