Purpose Built Student Accommodation (PBSA)
Curlew Capital is an investment and asset manager focused on UK Purpose Built Student Accommodation (PBSA) and the wider living sectors. We partner with institutional investors and family offices, applying institutional-grade governance, transparent reporting and alignment across every mandate.
Founded in 2011 by Paul Oliver and now led by Charlie Oliver as Managing Director, Curlew remains a family-owned firm and was an early mover in UK PBSA, launching Curlew Student Trust (CST) in 2013 and Curlew Student Trust 2 (CST2) in 2018.
PBSA is operational real estate. Outcomes are driven by micro-location, product quality, leasing execution and operating efficiency. Our approach combines disciplined investment underwriting with active asset management and structured operational oversight across the lifecycle.
An early mover in UK PBSA, with a strong track record across creation, scaling, stabilisation and exit.
Investment strategy
We invest in leading university towns and cities, predominantly Russel Group, where demand fundamentals are resilient and supply dynamics support long-term occupancy and rent affordability. Our mandates are structured to align interests through co-investment and, where appropriate, performance fees, supported by disciplined governance and transparent reporting. At asset level we focus on the elements that typically determine performance in PBSA:
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micro-location and catchment
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unit mix, amenity provision and specification
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operational model and service standards
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leasing strategy, pricing and velocity
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operating cost base and gross-to-net performance
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capex and lifecycle planning
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safety, compliance and risk management
Platform capabilities
Curlew delivers PBSA strategies for institutional partners and family offices across the lifecycle:
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Origination and underwriting - sourcing opportunities, structuring transactions and disciplined investment analysis
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Creation-led investment - forward funding and development-led delivery
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Mobilisation - operator appointment and onboarding, mobilisation planning, and Key Performance Indicator (KPI) and reporting set-up ahead of lease-up and operational readiness
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Portfolio aggregation and scaling - building portfolios of critical mass to improve investability and optionality at exit
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Stabilisation - lease-up and operational optimisation
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Hold-period asset management - business planning, capex strategy and performance management
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Exit execution - positioning and transaction delivery
Asset management and governance
Each asset is managed to a defined business plan, with structured oversight of performance and delivery against budget. Where operating partners are appointed, we agree clear performance expectations, service standards and governance aligned to delivery against the business plan. Where appropriate, Curlew retains the asset management and operational oversight role through ownership transitions.
Investors receive quarterly reporting, covering performance against plan and operational, strategic and risk matters.
Industry recognition and selected awards
Curlew’s PBSA platform has received independent industry recognition. Selected awards include:
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PBSA Investor of the Year - Winner (2016); Finalist (2019) - Student Accommodation Conference and Awards
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Top Performing Unlisted Specialist Fund UK - Winner (2018) - MSCI Investment Property Forum (IPF)
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MSCI Real Estate Data Quality Award - Winner (2019) - MSCI
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Private PBSA Development of the Year - Winner (2021) - Student Accommodation Conference and Awards
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Student Accommodation Development of the Year - Shortlisted (2019) - Scottish Property Awards
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Best BTR Development - Shortlisted (2024) - Inside Housing Development Awards
Our PBSA vehicles
Curlew has delivered PBSA strategies through a combination of commingled funds and institutional mandates. Our flagship PBSA vehicles are Curlew Student Trust (CST) and Curlew Student Trust 2 (CST2), established in partnership with CBRE Global Investment Partners (now CBRE Investment Management Indirect). Together they demonstrate Curlew’s ability to create, scale, stabilise and actively manage PBSA portfolios over multiple market cycles.
Institutional-grade reporting and governance across every PBSA mandate.
Curlew Student Trust
CST launched in 2013 as a seven-year fund with three seed assets, backed by clients of CBRE Global Investment Partners (now CBRE Investment Management Indirect) and managed by Curlew. The strategy of acquiring, developing and forward funding high-quality PBSA delivered significant growth, expanding to 25 assets (7,268 beds) by the start of the 2018/19 academic year.
A sub-portfolio sale of fifteen assets was completed on 1 February 2018 to the Brookfield-backed Student Roost platform, with nine assets retained in the fund.
In 2023, six 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 launched in 2018 with a broader strategy encompassing forward funding, direct development, refurbishment and ready-made acquisitions. As of 2026, CST2 holds seven operational PBSA assets (over 2,100 beds) and three development sites.
