Matter Real Estate is investing in a newly created later living company that plans to develop over £300m (€341m) worth of assets across the UK.

Untold Living, founded this year, said it has received backing from Matter Real Estate to acquire and develop multiple schemes across the UK.

The new company said it has bought Chantry Court in Westbury, Wiltshire, as its first site. The plan is to refurbish the 64-unit retirement village. Untold Living has also secured two sites in Crawley, West Sussex, and Newport, Shropshire, to deliver two brand-new later living schemes, the company said.

The new company is led by Russell Jewell, AEW’s former head of private equity funds and Marcus Davidson-Wright, formerly managing director and head of debt and fund operations at AEW.

Jewell, Untold Living’s CEO, said: “With Britain’s later living sector primed for rapid growth over the coming years, the investment case for high-quality, purpose-built retirement housing with care is a strong one. However, it must be underpinned by a commitment to delivering the same quality of schemes and amenities that has enabled the sector to thrive for many years in Australia, New Zealand, and the US.

“We are delighted, then, to receive the backing of Matter Real Estate – an investor which shares our vision for what the future of later living looks like in the UK.”

David Christie, CEO at Matter Real Estate, said: “We’re delighted to be backing the Untold Living team as they continue scaling up their platform providing high-quality housing solutions within the UK’s senior living sector.”

“Through our partnership with Untold Living, we will be deploying capital that will help to address the ever-intensifying senior living housing crisis in the UK, partly alleviating a shortfall of more than 487,000 recorded senior living housing units required.”

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