PGIM Real Estate has entered into a joint venture with Signature Senior Lifestyle (Signature), a subsidiary of retirement living provider Revera, to develop and operate a portfolio of prime senior housing in and around the Greater London/South East areas.
The venture has committed to its first investment being a prime care home in Southwest London. PGIM Real Estate, the real estate investment and financing business of Prudential Financial, worked with Elevation Advisors in sourcing, structuring and executing the joint venture. PGIM Real Estate will retain Elevation for their specialist expertise in the sector.
‘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,’ commented Charles Crowe, head of UK Transactions at PGIM Real Estate. ‘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, added: ‘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.’
