Build to Rent (BTR)
Investing in UK mid-market Build to Rent residential assets
Curlew Capital is developing a UK mid-market Build to Rent (BTR) strategy focused on creating and managing single-family and multi-family rental assets for institutional investors and family offices. The strategy is designed to deliver long-term, income-led returns from a structurally undersupplied segment of the UK residential market.
BTR outcomes are driven by location, product-market fit, leasing execution, resident retention, cost control and operating efficiency. Our approach combines disciplined investment underwriting with active asset management and structured operational oversight.
Investment strategy
We invest in markets where rental demand is deep and durable, and where supply is constrained by planning, delivery capacity or viable land pricing. We calibrate specification and service levels to local affordability, prioritising retention, predictable cashflows and efficient operations.
Our mandates are structured to align interests through co-investment and, where appropriate, performance fees, supported by disciplined governance and transparent reporting. Investors receive quarterly reporting.
Target customer and product positioning
Our core customer base is the “renters-for-longer” segment seeking good-quality rental homes at a sustainable proportion of household income. We focus on mid-market affordability, typically targeting rents that remain competitive for second-quartile households in local markets.
A structurally undersupplied segment of UK residential, met with disciplined execution.
What we deliver in BTR
Curlew’s BTR capability is built around the elements that most directly drive outcomes:
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Origination from local delivery partners - sourcing forward-funded and development-led opportunities from regional and national housebuilders and local developers, including predominantly off-market transactions
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Design for management - aligning unit mix, specification, building services and amenity with long-term operability, maintenance and resident experience
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Affordability-led underwriting - balancing land price, specification and operating costs to support mid-market rent levels
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Mobilisation and lease-up - operator appointment, leasing strategy, pricing approach and reporting set-up ahead of practical completion
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Operating model and resident retention - service standards, technology-enabled processes and measures that reduce friction and churn
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Hold-period asset management - business planning, cost control, lifecycle capex and performance management
Delivered: Corby
Curlew delivered a 150-unit multi-family scheme in Corby through a joint venture structure. Phase delivery and leasing progressed through to stabilisation, with mobilisation, leasing and property management delivered initially by Una Living (Ringley Property Group), now Allsop. Corby is our proof of execution in UK mid-market BTR, from origination through to a stabilised operating asset.
Pipeline and growth
Curlew has a strong history of originating off-market opportunities, including forward-funding and development-led transactions. The Corby scheme is an example of this origination capability translating into executed delivery. The strategy is designed to scale through local portfolio aggregation, building critical mass for efficient operations and institutional investability.
From origination to stabilisation, an active hand on every BTR asset.
Relevant experience
Curlew’s leadership team has previously created and managed residential investment vehicles, including Teesland plc’s Oystercatcher fund. This experience informs Curlew’s approach to creating and managing long-dated residential income assets.
