Inspired Villages Group (IVG), an operator and developer of later living accommodation established by Legal & General, has acquired a 115-home scheme in Kent with a gross development value exceeding £50 mln (€57 mln).
Ledian Farm, Leeds Village in Kent, comprises a 2.8-hectare site with a detailed planning consent for a retirement village.
'Ledian Farm is the 7th site secured by Inspired Villages since its formation with Legal & General in August 2017,' commented Jamie Bunce, CEO of Inspired Villages Group.
'Due to the scarcity of high quality stock in the UK’s later living housing market, IVG recognises that the main path to scaling its business is through organic growth. Ledian Farm is exemplary of the sort of land we are looking for, with its location and scope for development providing an excellent opportunity to deliver age-appropriate accommodation, lifestyle and wellbeing services to our communities.'
In keeping with the IVG model, Ledian Farm will offer luxury cottages and apartments centred around a clubhouse, located on the edge of Leeds village, close to Leeds Castle.
The acquisition further expands IVG’s national footprint, which is currently arranged over six village schemes, located in Warwickshire, Cheshire, West Sussex, Devon and Hampshire. The Ledian Farm development will increase IVG’s property portfolio to over 1,100 apartments and forms part of a plan to expand its property portfolio to 3,500 units.
'The acquisition of Renaissance Villages in November 2017 and Ledian Farm in quick succession is testament to our aggressive growth objectives for the Later Living business,' concluded Phil Bayliss, head of Later Living at Legal & General Capital.
'With an ageing population and an underprepared market to support it, Legal & General’s long-term investment in the sector can deliver significant housing, health and wellbeing benefits for those in later life, as well as a reduction in NHS costs and GP visits.'
