Legal & General’s UK later living business has expanded its presence in Hampshire with the acquisition of a 10-acre site.
Inspired Villages said it has bought the site in Chandlers Ford to develop a £100m (€109m) retirement community.
The site has been acquired with outline planning permission to develop 151 new retirement homes.
Works are expected to commence on site early next year.
The latest acquisition is marks the firm’s second later living community in Hampshire following the Bramshott Place deal, Inspired Villages said.
Neal Dale, development director at Inspired Villages, said: “Acquiring a second site in Hampshire with outline planning permission highlights Inspired’s ambitions and outstanding momentum, while also emphasising the growing demand for specialist age-appropriate housing in the local area.”
Phil Bayliss, CEO of later living at Legal & General and chairman of Inspired Villages, said: “Legal & General invests for the long-term in socially and economically useful assets, making the later living sector an exceptional match for our capital.
“We need to advance and accelerate the UK’s delivery of age-appropriate homes to meet our rapidly ageing population; this is not only crucial for wellbeing, but also for helping our overburdened NHS and social care services.”
Bayliss said Inspired Villages is committed to addressing the social and economic issues linked to the UK’s ageing population.
“The acquisition of our second site in Hampshire is yet another positive milestone for Inspired Villages and testament to its vision and commitment to the sector.”
To read the digital edition of the latest IPE Real Assets magazine click here.
