Chapter Two

In 2007 Transfield established the CLV Fund (the Fund), managed by Transfield’s wholly owned subsidiary, CLV Funds Management (CLFM) and introduced five of Australia’s major industry superannuation funds as co-investors into the Fund.

Given the demand for student accommodation in the United Kingdom, CLV entered its first agreement with the University of Salford in 2008, followed by the University of Bedfordshire in 2010.

Under Transfield Holdings’ management, CLV grew the portfolio of managed and/or owned facilities, both by acquisition and development. The Fund is now a global player in the field of on-campus student accommodation. Working closely with education partners at over 50 tertiary institutions, CLV, as of 2015, owns, manages or is developing over 40,000 beds across Australia, New Zealand, the United Kingdom and the United States. The business is not only known for its property development and management, but also for its highly successful and unique residential life programs which create environments where students can live, learn and grow.

In June 2014, the Fund's five other investors acquired Transfield’s interest in CLV as well as CLFM, thereby effecting an internalisation of the management of the fund.