The UK alternative real estate development, asset and fund manager, is aiming to create around 5,000 student beds over the next three years, including eight schemes totalling 2,600 beds currently under development.
The move is set to significantly extend Curlew’s existing UK PBSA footprint, which totals more than 3,500 beds across 14 schemes, located in established university cities.
Andrew joins from Yelverton Properties, the UK-focused commercial investment and development business, where he spent 22 years, most recently as development director.
He was responsible for delivering schemes totalling over £100m, including the redevelopment of Exeter Football Club and Exeter Cricket Club into PBSA; the latter which was in partnership with Curlew.
“Curlew has built a reputation as a standout player in the student accommodation space and it’s hugely exciting to be joining the team to support its ambitious growth plans in what is a highly compelling asset class,” said Andrew.
Jim Sutherland, managing director at Curlew Opportunities, added: “Andrew’s experience delivering major development projects across a range of asset classes will be invaluable as we look to accelerate our development pipeline.”
Curlew’s current eight-scheme, £340m programme is being delivered on behalf of its second PBSA fund, Curlew Student Trust 2 (CST2).
- How can project monitors help minimise the risk for development lenders during and after Covid-19?
- Specialist PBSA lender Kinetic Capital launches
- PBSA market faces 'difficult year' but 'there's always going to be a need' for it
Four of these schemes — located in Brighton, Stratford, Manchester and Exeter — are due to complete in time for the start of the 2023/24 academic year.
An additional three forward-funded developments located in Sheffield, Leeds and Norwich, are due to complete in Q3, creating 1,154 beds in time for the start of the coming academic year; with a fourth scheme in Coventry scheduled to complete next year.
Curlew’s investment strategy in the PBSA sector continues to be underpinned by a number of key criteria:
• optimum locations close to town centre facilities, while providing easy access or a proximity to main university campuses
• schemes offering a mix of studios and clusters and a wide variety of amenities which, importantly, are directed towards the mental and physical wellbeing of residents
• incorporating the latest in sustainable building design, materials and operational practices.
Curlew launched its first fund in 2014, followed by CST2 in 2018, both of which were backed by clients of CBRE Global Investment Partners.
To date, the business has committed over £1bn to the PBSA sector, representing more than 10,000 beds across 34 schemes in 22 major university markets.
“Since Curlew’s inception in 2011, the UK PBSA market has matured into a major subsector of alternative real estate, keenly sought after by investors across the globe,” commented Paul Oliver, CEO at Curlew Capital.
“Even in its infancy during the global financial crisis, the sector showed strong resilience, particularly in comparison to commercial sectors, and there are positive signs that this can be repeated despite the strong headwinds created by the Covid-19 pandemic.
“Curlew remains active in selecting prime opportunities to grow the CST2 portfolio and Andrew’s arrival to join the Curlew Opportunities development team is most opportune.”