UK PBSA Programmatic JV
CURLEW CAPITAL
Curlew Capital currently manages two funds and a separate client portfolio, invested in UK PBSA in top university towns and cities located in England and Scotland.
Curlew Student Trust
CST was launched in 2013 as a seven year fund, with three seed assets, backed by clients of CBRE GIP (now CBRE IMI) and managed by Curlew.
The Fund’s strategy, to acquire and forward-fund high-quality PBSA was a success, 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 of 15 assets was completed on 1 February 2018 to the Brookfield-backed Student Roost platform. Nine assets were retained in the fund.
In 2023, six of the now stabilised assets were sold to Aviva Investors, with Curlew retaining the operational management of the portfolio.
The fund has been extended to 2026 and three operational assets remain.
Curlew Student Trust 2
Following the success of CST, Curlew and CBRE GIP (now CBRE IMI) launched a second UK PBSA venture, CST2.
This Fund had a broader investment strategy encompassing forward-fundings, direct development, refurbishment and ready-made acquisitions alongside regular forward fundings.
CST2 currently holds 7 operational PBSA assets (over 2,100 beds) and three development sites.
