Curlew Student Trust (CST), a CBRE Global Investment Partners (CBRE GIP) venture operated by Curlew announces that it has completed the acquisition of four new forward funding schemes, taking its total number of rooms at completion to in excess of 7,000 bed spaces and £650m of value. These acquisitions represent a further milestone for CST and offer an example of the success CBRE GIP has had in creating programmatic ventures alongside operating partners to access specific sectors, or strategies, within the UK real estate market.
The latest schemes are as follows:
Lime Street, Liverpool. As part of a comprehensive regeneration of this key gateway site in Liverpool, CST with developer Neptune Developments Ltd via Sigma’s Regeneration Liverpool partnership with Liverpool City Council will create 28,000 sq ft of retail and leisure units, a 101-bedroom hotel, pre-let to Premier Inn, and a 412-bedroom student accommodation building.
Vincent’s Walk, Southampton. In its first acquisition on the South coast, Curlew has contracted with VHML to acquire 283 student bed spaces along with ancillary additional commercial space at ground floor level. Vincent’s Walk is in a very central location, adjacent to Houndwell Park and the main shopping area. The scheme will be delivered in 2017.
Potterrow, Edinburgh. Curlew will add to its existing Potterrow holdings with a second smaller scheme with local partner KR Developments. The scheme is immediately adjacent to the Festival theatre.
The Riverwalk, Durham. CST will own up to 253 student accommodation units above the redeveloped and repositioned Riverwalk shopping centre in this prime location on the Durham waterfront. The accommodation will be built as part of the £30m redevelopment by Clearbell which also includes 35,000 sq ft of new restaurants, 23 refurbished retail units and enhanced public realm, anchored by a 20,000 sq ft, six-screen Odeon cinema, the largest in the area.
Alex Bignell, Head of UK at CBRE Global Investment Partners said: “We are excited to see our UK student accommodation venture with Curlew continue to grow. The latest acquisitions are in prime locations within leading British university cities and we are confident that they will prove to be attractive investments for our clients.”
Curlew began investing in the Purpose Built Student Accommodation (PBSA) sector on behalf of CBRE Global Investment Partners (CBRE GIP) in late 2013 making a long term, strategic commitment to investing in brand new student accommodation in prime locations.
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Curlew is a third party investment manager of alternative assets, building on the proven success of its professional team in the same areas of expertise in previous property cycles.
We concentrate on specialist or alternative sectors of UK and European real estate which are under-exploited, immature and where first or early mover advantage can reap better returns.
For further information please visit www.curlew-aam.com
Curlew AAM business stream include:
Curlew Student Trust
Curlew Student Fund Netherlands
About CBRE Global Investment Partners
CBRE Global Investment Partners is the division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives by constructing portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy. Investments cover the risk spectrum from core to enhanced, can be global or regional in nature, and use a variety of investment vehicles based on clients’ preferences. GIP has $13.8 billion in assets under management* as of June 30, 2016. CBRE Global Investment Partners’ AUM includes investments in programs managed by the direct side of CBRE Global Investors. CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of June 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and Investment Company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.