Curlew

Curlew Capital is a privately owned, UK-based investment and development management business established in 2011. The firm focuses on operational real estate sectors, with a primary emphasis on Purpose-Built Student Accommodation (PBSA) across the United Kingdom. Since its inception, Curlew Capital has successfully raised and invested over £1 billion through a combination of Indirect Funds and Direct Single Accounts, extending its reach across the UK and into The Netherlands. The company's operational real estate activities encompass fund, asset, development, and investment management, demonstrating a comprehensive approach to its target sectors.

The investment strategy employed by Curlew Capital involves creating and managing investments for institutional investors. The firm aligns its interests with these investors through co-investment and performance fee arrangements. Curlew Capital's approach to investment is to concentrate solely on top university towns and cities. Within these locations, the company meticulously aligns micro-location, property size, and specification with the prevailing local market conditions, a process informed by bespoke market research. Furthermore, the company places significant importance on building design, amenity provision, service levels, and overall management, with the enjoyment and welfare of its occupiers as a central consideration.

Curlew Capital was established to pursue investment opportunities within operational real estate, with a strong focus on PBSA. The company launched the Curlew Student Trust (CST) in 2013, an MCSI-award winning fund, followed by CST2 in February 2018. By 2015, CST managed £500 million across 20 UK PBSA properties. In 2018, Curlew Capital and CBRE Global Investment Partners sold 75% of the CST Portfolio, comprising 5,400 beds across 15 PBSA assets, to Brookfield. CST received the MSCI UK Property Investment Award in 2018 for its three-year returns. CST2 focuses on the development and forward funding of UK PBSA-led mixed-use developments. The firm has completed multiple PBSA schemes, including Pavilion Point in Brighton and St Benedicts Gate in Norwich in 2021, and Centurion House in Bath and View Studios in Bermondsey in 2022. The Lantern in Liverpool received the Property Week PBSA 'Best Halls of Residence' award in 2021. Curlew Capital achieved a 5-star GRESB rating for CST1 in 2022. In 2023, six assets from CST1 were sold to Aviva Investors for £150 million, with Curlew Capital retaining operational management. In 2025, KKR acquired a £230 million portfolio of seven PBSA assets from Curlew Student Trust II, totaling 2,179 beds.

Beyond its core PBSA activities, Curlew Capital has diversified its investment strategies. The company now engages in mixed PBSA/Residential schemes in The Netherlands and undertakes the direct development of mixed-use schemes within the UK through its Curlew Opportunities division. This diversification also includes the establishment of Curlew Communities, an experienced Private Rented Sector (PRS) team that had a pipeline of forward-funded deals ready for fund launch in 2021. The firm is actively pursuing additional investment strategies across the European PBSA, Build-to-Rent (BTR), and Co-living sectors, indicating a broader engagement with the living sector.

The firm operates with a multi-disciplinary team experienced in real estate investment, including the structuring and management of Joint Ventures and Collective Investment Schemes for institutional investors. Paul Oliver, who founded Curlew Capital in 2011, brings over 45 years of experience in development and investment management across the UK and Europe. Charlie Oliver serves as the Managing Director, overseeing daily operations and leading the investment function. Ian Scott is the Investment Committee Chairman and Fund Manager for the Curlew Student Trust.