Curlew Capital , the UK alternative real estate development, asset & fund manager, has completed a new £44 million senior loan with Lloyds Bank Commercial Banking. The SONIA-linked facility will fund the development of 550 student beds across three purpose built student accommodation (“PBSA”) schemes, located in Brighton, Bath and Bermondsey.
The three year facility represents the first transaction between Curlew and Lloyds Bank and will support the construction all the way through to stabilisation. The three highly amenitised schemes, all located in markets characterised by a structural undersupply of institutional grade product, will offer a mix of studios and clusters. Each development will incorporate the latest in sustainable building design, including low water and energy consumption and an astute selection of construction materials with lower CO2 output than more traditional options. The three assets are:
· A 185-bed scheme occupying a prime Zone 2 location in Bermondsey, which is expected to complete for the start of the 2022/23 academic year and is targeting a BREEAM Excellent certification
· A 232-bed scheme on London Road, Brighton, a short walk from the railway station, which is expected to complete this summer and is targeting a BREEAM Excellent certification
· A 138-bed development in Bath, which is expected to complete for the start of the 2022/23 academic year
Reflecting its confidence in the long-term structural drivers underpinning the sector, Curlew is currently bringing forward six PBSA schemes totalling c. 1,600 beds across the UK, as it targets the delivery of c. 5,000 beds over the next three years. This most recent development milestone follows the announcement earlier this month that Curlew had received resolution to grant planning for a 282-room purpose built student accommodation development in Stratford, East London, further expanding its footprint in what is a leading global centre of higher education.
Curlew launched its first fund, Curlew Student Trust, in 2013, followed by CST2 in 2018, both of which were backed by clients of CBRE GIP. Curlew has to date committed over £1 billion to the PBSA sector, representing nearly 11,000 beds across 34 schemes in 23 major university markets; a mix of direct developments, refurbishment and forward fundings.
Source : Company