UK: The UK Retirement Living Fund [ReLF], managed by Schroders Capital and advised by Octopus Real Estate, has teamed up in a joint venture with Elysian Residences to buy a £55 million site allocated for a new purpose-built retirement village in Royal Tunbridge Wells .
The site has already been granted planning permission to develop the new retirement village, which will hold 89 luxury apartments, penthouses and hotel-style facilities.
It marks the second acquisition of a retirement development made by the joint venture between the UK Retirement Living Fund and Elysian Residences. In April this year, the JV purchased and secured planning consent for a prospective retirement scheme in Berkhamsted, which will incorporate 103 apartments and hotel-style facilities.
ReLF, which held its final close in September last year, was developed specifically for Schroder Real Estate Capital Partners’ discretionary clients. Its primary aim is to develop new high-quality retirement communities across the UK to serve the demand from a growing ageing population, provide local employment opportunities, and free up supply for more family homes.
In addition, it is intended that the retirement villages will ease the pressure on the NHS by providing onsite medical facilities and wellbeing amenities, as well as promote a healthy lifestyle for elderly residents.
The fund’s multi-operator strategy provides access for institutional investors to a range of assets through one expert team.
Patrick Bone, fund manager at Schroder Real Estate Capital Partners, Schroders Capital, said: “We are delighted to have created a portfolio of six of the highest quality, and geographically-diverse retirement community schemes across the UK.
“The Royal Tunbridge Wells and Berkhamsted acquisitions have been undertaken with efficiency and focus, demonstrating the strong working relationship and united objectives of the partners. There is a growing need for specialist retirement housing to support the older population in the UK and we are committed to developing first-rate retirement communities,” he added.
Kevin Beirne, director, head of retirement at Octopus Real Estate, said: “As a specialist real estate investor, we are delighted to have now completed a second acquisition in ReLF’s joint venture with Elysian Residences. This latest acquisition emphasises our belief that retirement communities provide investors with a strong return and an opportunity to create a positive impact for our ageing society through delivering beautifully designed and sustainable real estate.”
Gavin Stein, chief executive officer, Elysian Residences, said: “This is the second retirement village site acquisition that Elysian Residences has made in partnership with Octopus Real Estate and Schroders Capital, with the Royal Tunbridge Wells and Berkhamsted developments set to deliver almost 200 new properties for this key demographic.
“This is our eighth retirement village [at different stages of development] and Elysian Residences is actively looking for new sites and investment opportunities as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK,” he added.
