LONDON, 2 DECEMBER 2015 – Curlew Student Trust (CST), a CBRE Global Investment Partners (CBRE GIP) venture operated by Curlew Capital, has agreed to forward fund the student element of The Gates redevelopment in Durham – owned by a fund managed by Clearbell Capital.
The Gates redevelopment, which achieved planning consent in October 2015, includes 35,000 sq ft of new restaurants, 23 refurbished retail units, 253 student accommodation rooms, and will be anchored by a six-screen cinema – the largest in the area.
The Gates investment represents the 20th student housing scheme funded by CST since the launch of the venture in December 2013. The CST portfolio will have 5,713 beds and a value exceeding £500m when all projects are completed.
Alex Bignell, Head of UK, CBRE Global Investment Partners, said, “We are delighted with the success of our UK student accommodation venture with Curlew Capital. We have assembled a high quality portfolio of purpose-built student accommodation in convenient locations for leading UK universities across the UK, which is delivering attractive returns for our clients. This is a leading example of the approach we are now pursuing to fund local operators in specialist strategies both in the UK and in other markets around the world.”
Paul Oliver, CEO, Curlew Capital said, “We are delighted to be working with Clearbell at The Gates in such a prime location providing top class accommodation for students in Durham, a city ranked Number 5 in The Times ‘Most Preferred by Students’ category.”
Fresh Student Living manage the CST portfolio with seven assets operating in Birmingham; Sheffield; Edinburgh; Chester; Swansea; Glasgow and York. There are further schemes under development in Durham; Glasgow; Belfast; Liverpool; Swansea; Edinburgh; Chester; Newcastle and London.
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About CBRE Global Investment Partners
CBRE Global Investment Partners is the independent 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 $13.3B billion in assets under management* as of September 30, 2015. 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 $86.0 billion in assets under management* as of September 30, 2015. 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 as of September 1, 2015. 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.
About Clearbell Capital LLP
Clearbell Capital LLP is an independently-owned private equity real estate fund management and advisory business specialising in UK property investment, development and asset management. The firm is led by experienced real estate investment professionals with long established UK market expertise spanning multiple cycles and across various property types. The five-strong partnership, headed by Manish Chande, also comprises Nick Berry, Sally Doyle-Linden, Rob Mills and Rob West.
Clearbell has capital from investors around the world including pension funds, fund of funds and high net worth investors. Clearbell seeks to identify undervalued opportunities across a number of property sectors in the UK and to maximise returns by applying its investment and asset management expertise.
For further information please visit www.clearbell.com