AXA Investment Managers - Real Assets has completed the acquisition of Retirement Villages Group, a major retirement village developer and manager in the UK, on behalf of a club of investors.
The acquisition of RVG provides AXA IM - Real Assets with ownership of the company’s portfolio of 14 retirement village properties, comprising a total of 1,274 purpose-built independent living units and 402 care beds, primarily located in the South East and South West of the UK, together with a development pipeline including extensions to existing assets and a number of new village sites.
Financial details were not disclosed.
AXA IMRA said that it plans to retain the established Retirement Villages brand, while the care element of the portfolio will be operated by HC-One Limited, a provider of health and social care, under new 25-year leases.
This transaction will extend AXA IM - Real Assets’ managed healthcare portfolio which will stand at over €1 bn of assets across Europe.
AXA IM - Real Assets’ acquisition into the UK senior housing sector follows healthcare investments in Germany and in Finland, where it has acquired, on behalf of clients, 45 nursing home and rehabilitation properties since December 2016.
