PGIM Real Estate has entered into a new UK joint venture with Signature Senior Lifestyle to develop and operate a portfolio of prime senior housing in and around the Greater London and South East areas.
The real estate investment manager said the venture has committed to its first investment being a prime care home in southwest London.
PGIM Real Estate, which created a UK senior housing partnership with Elevation Advisors last month, said it worked with Elevation in sourcing, structuring and executing the new joint venture with Revera’s subsidiary Signature.
Charles Crowe, the head of UK Transactions at PGIM Real Estate, said: “Long-term demographic trends in the UK are strongly favourable for senior housing development, with growing demand from the rising elderly population set against a backdrop of static – and sometimes even falling – supply.
“This dynamic is particularly evident in and around Greater London, where there are unprecedented levels of population density and affluence combined with a demand/supply imbalance.”
Tom Ball, CFO of Signature Senior Lifestyle, said: “We are extremely pleased to enter into this joint venture, supporting the further development and growth of the Signature group. We continue to identify, develop and operate best in class operations, growing our management platform, and welcome the support of our partners in achieving this goal.”
Tom Wellner, president and CEO of Revera, said: “As a global leader in seniors housing, Revera is excited to invest alongside PGIM Real Estate and to share our expertise to support the growth of our award-winning Signature brand.”
Simon Webster, a partner with Elevation, said: “This joint venture brings together an experienced group of investors with a strong track record in healthcare to support the next phase of growth for Signature, one of the most highly respected senior living operators in the UK market.”
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