UK alternative real estate developer-investor Curlew Capital has closed a £60 mln (€66 mln) forward funding agreement with CKC Properties (CKC), for a 185-room purpose built student accommodation (PBSA) development in Bermondsey, South East London.

spa road view

Spa Road View

Planning for the scheme, which is expected to complete for the start of the 2022/23 academic year, was granted in March this year.

The site was purchased by Curlew Student Trust 2 (CST2), a fund managed by Curlew that is a programmatic joint venture with clients of CBRE Global Investment Partners (CBRE GIP). 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.

Located on Spa Road, overlooking Bermondsey Spa Gardens, the scheme will deliver 185 studio rooms across five floors, offering an array of amenity space including a study room, gym, cinema, roof lounge and additional social space. The development will be built to BREEAM Excellent standard.
 
Commenting on the new development, CKC Managing Director Geoff Thomas said: ‘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.’

Charlie Oliver, head of Acquisitions at Curlew Capital, added: ‘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.’
 
Curlew 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 £1 bn 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.
 
CMS acted for Curlew. Carter Jonas and Morgan LaRoche advised CKC.