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Curlew Agrees Senior Loan Facility

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

Curlew Capital has agreed a £44m senior loan facility with Lloyds Bank Commercial Banking as it looks to expand its portfolio.

The funds will help with the development of 550 student beds across three purpose-built student accommodation (PBSA) schemes in Brighton, Bath and Bermondsey.

The three-year facility is the first to be agreed upon between the two companies and will provide support from construction through to stabilisation.

Curlew is looking to bring forward six PBSA assets in the UK, with the goal of delivering around 5,000 beds over the next three years.

Commenting on the deal, Brett Robinson, CFO at Curlew Capital, said: "This transaction is a key milestone in the delivery of our development pipeline. In Lloyds Bank we have a partner that shares our conviction in the sector's favourable outlook, and who have a long track record of funding successful student accommodation schemes across the UK. As important, they are also aligned with our commitment to deliver highly sustainable buildings which contribute to the ecosystem of their local community."

"Despite the well-publicised headwinds faced last year, the longer-term fundamentals for the PBSA sector remain highly compelling, with reservation rates for the upcoming academic year providing further evidence of the sector's resilience. We have an ambitious development pipeline as we position ourselves as a key player in meeting what we believe will be growing demand from both domestic and overseas students in the coming years."

To date, Curlew has committed over £1bn to the sector, developing almost 11,000 beds across 34 schemes in 23 university towns and cities.