12 July 2016
Reporter: Theo Andrew

Curlew seals £23.6 million financing for Bournemouth student development

Investec Structured Property Finance has agreed to provide £23.6 million to Curlew Student Trust for a student accommodation development in Bournemouth.

The 454-bed grade-A development, which will include 2,000 square feet of retail space, represents Investec's second deal with the trust, and is expected to be completed in August 2017.

It brings Investec's lending total to Curfew to £71.3 million, after agreeing £47.7 million of financing in April for a 527-bed student development in East London.

The senior debt will have a subsequent 18-month investment period in order to deliver "market leading returns", according to Brett Robinson, director of Curlew Capital.

Investec’s lending into the student sector has totalled £400 million in the past three years.

Mark Bladon, property lender at Investec, said: “Investor appetite for well-located student accommodation schemes in the UK shows little sign of abating, with the long-income profile of these operationally-backed assets particularly attractive.”

“Both of Bournemouth’s higher education institutions, which collectively total more than 23,000 students, continue to grow in reputation, a key factor in our decision to again partner with an experienced and trusted operator in Curlew to deliver this purpose-built scheme.”

He added: “While the UK’s reputation as a global hub for students remains, we will continue to consider schemes that require bespoke financing facilities and draw on our significant use-class expertise.”

Robinson said: “With a significant supply-demand tension for high-quality accommodation, Bournemouth is an ideal fit with our investment strategy, as is partnering with one of the UK’s leading and most respected providers of development financing.”

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