We run the vehicle and we run the buildings. In operational real estate the two are the same job.
WORKING WITH CURLEW
THREE SERVICE LINES, ACROSS THE FULL LIFECYCLE
FUND MANAGEMENT
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Origination, underwriting, and portfolio assembly
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Vehicle structuring and launch
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Equity and debt raising
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Financial modelling and business planning
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Debt structuring and arrangement
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Acquisitions and disposals
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Fund-level management, reporting, and governance
ASSET MANAGEMENT
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Annual business plans and budgets
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Operator selection and oversight
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Mobilisation and lease-up
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Leasing, pricing, and rent setting
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Operating cost and gross-to-net management
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Capital expenditure and lifecycle planning
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Safety, compliance, and risk
DEVELOPMENT AND FORWARD FUNDING
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Development management for third-party owners
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Forward funding oversight
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Design and delivery management
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Handover and mobilisation
One team from origination to exit. The people that underwrote the transaction are the people running it and the people who will eventually sell it, so nothing is lost in a handover.
WHAT YOU RECEIVE
Investors recieve a quarterly pack and a standing governance cadence, covering:​
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Performance against the business plan, at asset and vehicle level
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Operational measures: occupancy, booking velocity, rent achieved and gross to net
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Financial reporting, cash, distributions and facility compliance
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Valuation movement, capital expenditure and risk
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Responsible Investment progress against agreed objectives
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Alongside that, you also receive direct access to the people managing the asset and an annual business plan approval point.
HOW WE ALIGN
Curlew is family owned. The Olivers and other senior executives invest personal capital alongside the capital we manage, and mandates are structured to align interests through co-investment and, where appropriate, performance mechanisms.
TRACK RECORD
02
Backed twice by the same institution
The institutional partner behind Curlew Student Trust in 2013 returned in 2018 to back a second UK PBSA vehicle.
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FREQUENTLY ASKED QUESTIONS
What is the difference between investment management and operational asset management?
Investment management is the vehicle. Operational asset management is the building. In purpose built student accommodation the two cannot sensibly be separated, because the return is set by how the building trades. Investment management covers strategy, capital, structuring, acquisitions, disposals and investor reporting: the decisions taken at fund or joint venture level. Operational asset management covers the annual business plan, operator selection and oversight, leasing and pricing, the operating cost base, capital expenditure and building safety: the decisions taken at the asset. A student accommodation building re-prices every year and its residents turn over every year, so income is not contracted for the long term in the way it is in an office or a supermarket. A model built at acquisition is only as good as the leasing and cost control that follows it. Curlew does both, with one team.
​What reporting do investors receive, and how often?
Investors receive a quarterly report and an annual performance review, both tracking delivery against the agreed business plan. Reporting is built around the agreement in place, whether that is a fund, a separate account or a management mandate. In general it covers the letting position for the current and forthcoming academic year, income against business plan, valuation movement and the reasons behind it, capital expenditure, financial reporting including cash, distributions and debt, and building safety and regulatory matters. Our current funds report performance and net asset value on an INREV basis alongside IFRS accounts. Each report also carries a market commentary on student demand, supply and rents, so performance is read in context rather than in isolation. Where an asset needs closer attention we report more frequently, including monthly asset updates and weekly letting reports through a leasing cycle.
Will Curlew manage an asset it does not own?
Yes. Curlew holds asset management and development management mandates on assets owned by others, including standing investments, portfolios and schemes still in delivery. Each mandate is run to its own business plan, with its own governance, reporting and approval routes, separate from Curlew-managed vehicles. In practice that means a named individual accountable for the asset, an agreed set of performance measures, fees that can be structured around delivery of the business plan, and reporting written for the owner rather than adapted from a fund report. Where an operating partner is already appointed we can work with them and hold them to agreed service standards, or we can run a selection process and appoint a new one.
Can we invest in a single asset rather than a fund?
Often, yes. Curlew manages funds, joint ventures and separate accounts, and a single asset or a small group of assets can sit in a joint venture or separate account rather than a commingled fund. A commingled fund suits an investor who wants diversification across a portfolio and is content to delegate asset selection. A joint venture or separate account suits an investor who wants to see and approve each asset, wants a say in the business plan, or has a particular sector, location or hold period in mind. Curlew has used joint venture structures since its first scheme in 2011 and continues to. Which route works depends on what you are trying to achieve, how much involvement you want, and over what period.
