Legis Group has been appointed administrator of a newly launched vehicle for investing in student accommodation, a thriving new alternative property class.
Curlew Student Trust (“CST”) was launched on 19 December by Curlew Capital Limited and CBRE Global Multi Manager and will invest in purpose-built student accommodation throughout the UK, focusing on the top 50/Russell Group universities with other investment opportunities where Curlew identifies strong sustainable returns.
The vehicle was established as a result of investment by UK and global clients of CBRE GMM alongside Curlew and key stakeholders and will target superior returns by forward-funding new developments in high demand student locations. CBRE GMM has initially committed £40m to the venture.
CST will be managed by Curlew Capital, led by Paul Oliver, former joint CEO of Teesland plc., while operational and property management will be provided by Fresh Student Living. Legis Fund Services will act as administrator.
Brett Robinson, director of Curlew Capital said: "Having worked with Legis previously I was confident that they would do a good job. However, their performance in meeting an exceptionally tight timetable for launch before Christmas was outstanding."
Legis Fund Services managing director, Patricia White said that interest in property investment funds has seen a significant increase in the last year.
"This new vehicle is a response to demand from institutional investors for more esoteric asset classes in the property investment sector.
"The teams at Curlew Capital and CBRE have an impeccable track record in the investment and management of purpose-built student accommodation assets and their decision to have the Curlew Student Trust administered in Guernsey is a real endorsement for the island. It shows that Guernsey remains a leading jurisdiction in this field," she said.