UK alternative real estate development, asset and fund manager – Curlew Capital – announces it has closed a c. £60m forward funding agreement with CKC Properties. CMS acted for Curlew, and Carter Jonas and Morgan LaRoche advised CKC Properties.
The agreement is for a 185-room purpose-built student accommodation (PBSA) development in Bermondsey, South East London. Planning for the scheme was granted in March this year and the project is expected to complete for the start of the 2022/23 academic year.
The site was purchased by Curlew Student Trust 2, a fund managed by Curlew that is a joint venture with clients of CBRE Global Investment Partners. The scheme represents the first time that Curlew has worked with CKC, an established PBSA developer with a pipeline of over 750 beds across major university cities.
“We are pleased to have entered into an agreement to fund CKC, alongside our institutional partner, CBRE GIP, who will deliver a high-quality scheme with excellent sustainability credentials and amenity provision.
“It further enhances our portfolio, adding a second London asset for the CST2 fund, in a geography which we believe will continue to outperform underpinned by the dense concentration of world-class higher education institutions.”Charlie Oliver, Head of Acquisitions, Curlew Capital
The site is on Spa Road overlooking Bermondsey Spa Gardens and the scheme will deliver 185 studio rooms across five floors. There will also be a range of amenities – including a study room, gym, cinema, roof lounge and additional social space. The development will be built to BREEAM Excellent standard and will offer landscaped outdoor space for its residents across two private gardens and a roof terrace overlooking the square.
Occupying a Zone 2 location, students will benefit from the building’s excellent transport connections to three top London universities. Bermondsey tube station is less than 500 metres away and London Bridge – London’s fourth busiest station – is a short walk away.
“It’s great to be partnering with Curlew to deliver much needed student accommodation for the London catchment. Despite the challenging Covid-19 constraints, the respective teams were able to conclude the agreement rapidly. We look forward to working with Curlew on this exciting project.”Geoff Thomas, Managing Director, CKC Properties
Curlew Capital launched its first fund – Curlew Student Trust – in 2014, followed by CST2 in 2018, both of which were backed by clients of CBRE GIP. Curlew has to date committed over £1bn to the PBSA sector, representing more than 11,000 beds across 34 schemes in 22 major university markets; a mix of direct developments, refurbishment and forward fundings. This month, Curlew also submitted planning for a PBSA scheme in Stratford, East London – to deliver 282 student beds.