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CBRE GIP Sells Stake in Student Accommodation Trust

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

CBRE Global Investment Partners (GIP) has sold 75% of the Curlew Student Trust (CST) portfolio and set up a second fund.

The assets were picked up by Student Roost for an undisclosed sum.

The 15 separate student accommodation sites sold by CBRE GIP comprised of 5,407 beds, situated across 12 university cities in the UK including London, Birmingham, Bath, Durham and Sheffield.

The sale also includes development land in Swansea that already has planning permission for student accommodation.

Curlew Student Trust was launched in 2013 as a seven-year fund and initially started with three seed assets backed by clients of CBRE GIP and managed by Curlew Alternative Asset Management.

According to CBRE GIP, the strategy of forward funding purpose-built student accommodation has been very successful, resulting in substantial growth in the trust. The portfolio of CST grew to 20 assets with a further five due to be operational in time for the 2018-19 academic year.

CBRE GIP decided to sell 75% of the portfolio due to its strong performance and the fulfilment of its objectives to date. The remaining 25% will continue to be managed by Curlew.

An additional venture has now been set up, dubbed Curlew Student Trust 2 (CST 2), which will aim to follow a similar strategy.

CST 2 already has two seed assets under offer, consisting of 917 beds and due for delivery in 2020.

Commenting on the trusts, Paul Oliver, CEO of Curlew Alternative Asset Management, said: "The Curlew team are delighted to have crystalized this exceptional performance for our investors and look forward to the completion of the retained element of the portfolio and the success of the newly launched second fund."