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 €726.7m (£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 31304.4m² 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 €33.5m (£30m) redevelopment by Clearbell which also includes 3251.6m² of new restaurants, 23 refurbished retail units and enhanced public realm, anchored by a 1858.1m², six-screen Odeon cinema, the largest in the area.
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.
