Heitman and Signature to develop senior living communities in London
Heitman has agreed a second partnership with Signature Senior Lifestyle to develop senior living communities across London.
The $43bn (€38bn) real estate manager said it has entered into a joint venture agreement with Signature to develop, own, and operate the communities across Greater London on behalf of an affiliate of the firm.
The joint venture will acquire and develop three to four sites for the project. Financial details were undisclosed.
Heitman and Signature’s first venture – which was formed in 2011 – developed, owned, and operated four premium senior care properties across the south-east of UK.
Heitman said it has since sold its interests in the first joint venture, generating gross returns of approximately 20%.
Tony Smedley, Heitman managing director and head of European private equity, said this joint venture is an extension of Heitman’s ”strategy to invest with skilled, like-minded partners” in a market segment which evidences significant long term growth potential.
“We are focused on tactical asset allocation and investment strategies that will benefit from drivers that are less sensitive to both economic and market volatility together with those that are supported by long-term structural fundamentals.
“The development of senior living schemes positions our portfolios to capture long-term growth while also providing defensive characteristics,” Smedley said.