Curlew Capital

What Curlew Capital does

Curlew Capital is a London-based, family-owned investment and asset manager focused on UK operational real estate, primarily Purpose Built Student Accommodation (PBSA), with adjacent exposure to Build to Rent (BTR) and selective European living-sector assets. Founded in 2011 by Paul Oliver and now led by CEO Charlie Oliver, the firm operates through a multi-vehicle structure: two flagship PBSA funds — Curlew Student Trust (CST, 2013) and Curlew Student Trust 2 (CST2, 2018) — managed in joint venture with CBRE Investment Management Indirect; Curlew Communities for mid-market BTR; Curlew Opportunities for development management services to third-party investors; and Curlew Netherlands for European living-sector exposure. The company reports having raised and invested over £1bn since inception, with current assets under management of c. £500m across 24 schemes and 11,400 beds delivered, under construction, or in planning.

The core business model centres on institutional-grade fund and asset management for pension funds, insurance companies, and family offices, with revenue derived from asset management fees on mandates, development management fees on third-party projects, and performance fees structured around investment returns. Co-investment from the Oliver family aligns the firm with its institutional partners. Distribution is exclusively direct B2B: bespoke mandates with quarterly reporting and dedicated contacts across PBSA, BTR, development, and Netherlands operations. Curlew's capabilities span the full lifecycle — sourcing, financial modelling, capital raising (equity and debt), acquisitions and disposals, development oversight, asset management, and ESG integration (signatory to UN Global Compact, PRI, SBTi; GRESB-assessed; Net Zero 2030 targets).

Curlew has executed multiple landmark transactions: the 2018 sale of a 75% stake in 15 CST assets (5,400 beds) to Brookfield's Student Roost platform; the 2023 £150m sale of six PBSA assets from CST to Aviva Investors (retaining operational management); the 2024 £230m Project Sandpiper sale of seven CST2 assets to KKR; and the 2024 £23m Glasgow West End Studios onboarding into the Aviva mandate. Recent forward-funded developments include View Studios in Bermondsey (with CKC), Centurion House in Bath (with Gilltown), and St Benedict's Gate in Norwich (with Alumno Group). The firm has secured development loan facilities from Barclays (£50m, 2020) and Lloyds (£44m, 2021). Multiple industry awards — MSCI UK Property Investment Award (2018), PBSA Investor of the Year (2016), Private PBSA Development of the Year (2021), GRESB 5-star (2022), London Design Awards Gold (2025) — provide external validation of performance.

Name

Curlew Capital

Legal name

Curlew Capital Ltd

Website

https://curlewcapital.co.uk

Company type

Private

Founded year

2011

Headcount range

11–50 employees

Short description

Curlew Capital is a London-based, family-owned investment and asset manager focused on UK Purpose Built Student Accommodation (PBSA), Build to Rent (BTR), and selective European living-sector assets, serving institutional investors and family offices with c. £500m AUM across 24 schemes.

Ownership category

akta.pro rank

Product category

Real Estate Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

Residential Investment Property Brokerage (SFR/Small Multifamily) (BPAJAAAE)

Keywords

• Real estate investment management
• Purpose built student accommodation
• Build to rent housing
• Property fund management
• Development management services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Asset Management Fees: Curlew Capital charges asset management fees for managing investment mandates on behalf of institutional investors and family offices. The firm aligns interests through co-investment and performance fee arrangements.
2. Development Management Services: Curlew provides development management services to third-party investors, including direct development of UK PBSA projects, oversight of forward-funding arrangements, and project delivery.
3. Performance Fees: Structured performance fee arrangements aligned with investment returns for institutional partners, alongside co-investment from the Oliver family.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Curlew Capital is a family-owned investment and asset manager focused on UK operational real estate, primarily Purpose Built Student Accommodation (PBSA). The firm manages two flagship PBSA funds (Curlew Student Trust and Curlew Student Trust 2) alongside a UK mid-market Build to Rent (BTR) strategy and selective European living sector mandates, providing institutional investors and family offices with sourcing, fund financial modelling, capital raising, acquisitions, development management, and active asset management services under co-investment and performance fee arrangements.

Product overview

Curlew Capital operates as an integrated real estate investment and asset management platform offering institutional-grade investment strategies across the living sectors. The core platform consists of two flagship PBSA funds—Curlew Student Trust (CST, launched 2013) and Curlew Student Trust 2 (CST2, launched 2018)—alongside Build to Rent (BTR) and development management services through Curlew Opportunities. The company also offers European living sector strategies through Curlew Netherlands. All strategies are supported by ESG integration, quarterly reporting, and disciplined governance with co-investment alignment. The product ecosystem is structured around the fund vehicles as the primary investment vehicles, with asset management and development services enhancing value across the portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Curlew Student Trust (CST) First UK PBSA fund launched in 2013 in partnership with CBRE Global Investment Partners, focused on acquiring, developing and forward funding high-quality PBSA. Expanded to 25 assets with 7,268 beds at peak before partial portfolio divestitures; three operational assets remain, with the fund extended to 2026. Available to institutional clients of CBRE IMI.
• Curlew Student Trust 2 (CST2) Second UK PBSA fund launched in 2018 with CBRE GIP, with a broader mandate covering forward funding, direct development, refurbishment and acquisitions of ready-made PBSA assets. Holds seven operational PBSA assets (over 2,100 beds) and three development sites as of 2026, backed by institutional capital from CBRE IMI and Brunel Pension Partnership.
• Build to Rent (BTR) - Curlew Communities UK mid-market Build to Rent strategy focused on creating and managing single-family and multi-family rental assets for institutional investors and family offices seeking long-term income-led returns from structurally undersupplied UK residential markets. Delivered 150-unit multi-family scheme in Corby as proof of execution.
• Development Services (Curlew Opportunities) Full-service development and development management capability delivered through Curlew Opportunities, including direct development of UK PBSA projects within CST2 plus development management services to third-party investors covering forward-funding oversight, design management and project mobilisation.
• European Living Sectors (Curlew Netherlands)

Quantifiable outcome

• Achieved highest 3-year returns to December 2017 of all 225 UK funds (MSCI UK Property Investment Award)
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered major and minor.

• Firethorn TrustmajorStrategic or Co-development Partner · 10 February 2025Firethorn Trust acquired Poland House development site in Stratford, East London from Curlew's CST2 Fund for PBSA development. Firethorn will deliver 284 student beds with 35% affordable accommodation, targeting outstanding BREEAM rating. Development commencing 2025 for 2028/29 academic year.
• SavillsminorImplementation/ SI/ Consulting Partner · 10 February 2025Savills acted as agent for Curlew Capital (vendor) on the sale of Poland House development site to Firethorn Trust.
• CMSminorImplementation/ SI/ Consulting Partner · 10 February 2025CMS acted as legal counsel for Curlew Capital (vendor) on the sale of Poland House development site to Firethorn Trust.
• JLLminorImplementation/ SI/ Consulting Partner · 20 December 2023JLL Corporate Finance and Living Capital Markets supported Curlew on the £150m PBSA portfolio sale to Aviva Investors. Team included Dan Jones, Ketan Chhatpar, Huw Forrest, and Jack Smart.
• Gilltown Developments plcmajorStrategic or Co-development Partner · 20 September 2022Curlew forward-funded 136-bed student scheme in Bath centre in partnership with Gilltown Developments plc. Development overlooks Bath Cricket Club ground with communal facilities and new indoor gym.
• CKCmajorStrategic or Co-development Partner · 8 September 2022View Studios in Bermondsey, central London, was forward funded with developer CKC. Development of 185 studio rooms was 100% let for first intake in September 2022.
• Alumno GroupmajorStrategic or Co-development Partner · 1 August 2019Curlew funded Alumno Group to deliver Benedict's Gate PBSA development in Norwich (302 ensuite and studio rooms). Curlew and CBRE GIP entered agreement to fund Alumno to deliver the asset for Curlew Student Trust 2 PBSA Fund.
• HG ConstructionminorImplementation/ SI/ Consulting Partner · 1 August 2019HG Construction partnered with Alumno Group and funded by Curlew for Benedict's Gate PBSA development on Barn Road in Norwich.

Scale indicators12 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Unite Group plc: Unite Group is the UK's largest listed PBSA operator and developer. It is the most directly comparable peer to Curlew, competing for the same institutional-grade UK PBSA mandates, university partnerships and investor relationships, though at substantially greater scale.
• iQ Students (Quadreal): iQ Students is one of the UK's largest purpose-built student accommodation operators, originally launched by Quintain and now owned by Quadreal. It is directly comparable to Curlew's PBSA platform across operations, asset management and university city portfolios.
• Empiric Student Property plc: Empiric Student Property is a UK-listed REIT investing in PBSA assets across university towns. It is a direct peer competing for the same institutional capital pool and core UK PBSA assets that Curlew manages through CST and CST2.
• CRM Students: CRM Students is a UK-based PBSA operator and asset manager. It is a direct competitor in operational PBSA asset management, having previously employed Curlew's Director of Asset Management Kristian Mills.
• Apache Capital Partners: Apache Capital is a UK real estate investment manager specialising in Build to Rent and residential. It is a direct peer to Curlew Communities in the mid-market BTR segment, sourcing institutional capital for similar living-sector strategies.
• Watkin Jones plc: Watkin Jones is a UK-listed developer and asset manager focused on PBSA and BTR. It is a direct peer to Curlew Opportunities in forward-funding and direct development of purpose-built student accommodation across UK university towns.

Broad incumbents

• Greystar Real Estate Partners (UK): Greystar is the global leader in rental housing and student accommodation with significant UK PBSA presence. It operates as a broad incumbent: it overlaps with Curlew's PBSA strategy but at much greater scale and across multiple geographies and asset classes.
• Student Roost (Brookfield): Student Roost is one of the UK's largest PBSA operators, owned by Brookfield and the acquirer of 75% of Curlew's CST portfolio in 2018. It is a broad incumbent in the same asset class with whom Curlew competes at scale and on acquisition targets.
• Schroders Capital Real Estate: Schroders Capital manages institutional UK and European real estate strategies including residential and operational real estate. It is a broad incumbent competing with Curlew for institutional LP mandates in the same asset classes.
• Patrizi Capital Partners (formerly Patrizia UK): Patrizi (formerly Patrizia) is a pan-European investment manager with a substantial UK living-sector presence. It is a broad incumbent in UK and European PBSA and BTR fund management, overlapping with Curlew's strategy at a larger institutional platform level.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/curlew-capital

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Curlew Capital