StepStone Real Estate is co-investing in a $75m (€65m) US senior housing venture created by Bridge Investment Group.
Bridge said it has launched the programme to acquire, develop, and operate “needs-based senior housing assets” in the US.
The NYSE-listed real estate investment manager said, as part of the new venture, StepStone has co-invested in an existing portfolio managed by Bridge and intends to help build the platform by co-investing in other senior housing assets identified by Bridge in the future.
Robb Chapin, CEO and co-CIO for Bridge’s seniors housing vertical business, said Bridge’s partnership with StepStone represents a “strategic milestone as we continue to expand our needs-based seniors housing strategy”.
Blake Peeper, co-CIO Bridge’s seniors business, said: “We are excited to work together with StepStone to strategically invest in seniors housing, a sector supported by attractive market fundamentals.”
John Waters, partner and head of investments for StepStone Real Estate, said: “This programme helps StepStone fulfil its dual objectives of furthering our social mission by helping to provide housing to senior residents on a needs-basis and also to provide attractive risk-adjusted returns to our investors.
“We teamed with Bridge because we believe their vertically-integrated platform and their approach to investing, informed by their property-level operating capabilities, will position them to successfully execute this strategy.”
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