A UK retirement living real estate joint venture between Octopus Real Estate, Schroder Real Estate and developer Elysian Residences has acquired a site for a £55m (€65m) project.

The UK Retirement Living Fund (ReLF), managed by Schroders Capital and advised by Octopus Real Estate, has acquired the site in Royal Tunbridge Wells in the venture with Elysian Residences.

The venture intends to develop a purpose-built retirement village incorporating 89 luxury apartments, penthouses and hotel-style facilities.

This new retirement development is the second acquisition made by ReLF/Elysian JV, the joint venture formed in April this year to develop £200m (€235m) worth of retirement villages in the UK.

The venture’s initial project was the development of a 103-apartment village for homeowners aged over 65 years in Berkhamsted, Hertfordshire.

Patrick Bone, fund manager at Schroder Real Estate Capital Partners, Schroders Capital, said: “We are delighted to have created a portfolio of six of the highest quality, and geographically diverse retirement community schemes across the UK.

“The Royal Tunbridge Wells and Berkhamsted acquisitions have been undertaken with efficiency and focus, demonstrating the strong working relationship and united objectives of the partners. There is a growing need for specialist retirement housing to support the older population in the UK and we are committed to developing first-rate retirement communities.”

Kevin Beirne, director, head of retirement at Octopus Real Estate, said: “This latest acquisition emphasises our belief that retirement communities provide investors with a strong return and an opportunity to create a positive impact for our ageing society through delivering beautifully designed and sustainable real estate.”

Gavin Stein, Elysian Residences CEO, said: “This is the second retirement village site acquisition that Elysian Residences has made in partnership with Octopus Real Estate and Schroders Capital, with the Royal Tunbridge Wells and Berkhamsted developments set to deliver almost 200 new properties for this key demographic.

“This is our eighth retirement village (at different stages of development) and Elysian Residences is actively looking for new sites and investment opportunities as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK.”

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