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.
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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.
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In 2023, six of the now stabilised assets were sold to Aviva Investors, with Curlew retaining the operational management of the portfolio.
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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.
