Shore Capital, a UK investment company, is bringing US family office money into the supported-living sector in the UK.
The company has secured £21m (€24.6m) for a new joint venture, Puma Social Care Investments (PSCI).
Shore Capital is providing £7m in co-investment and has seeded the joint venture with £5.8m worth of supported-living assets already held on the company’s balance sheet.
Two US family offices are providing a further £7m each.
Shore Capital said it had identified £50m worth of potential assets and that there was a “substantial opportunity to grow the asset base further once the first tranche of purchases have been completed”.
PSCI will focus on newly built or converted assets in the form of self-contained apartments for individuals with learning disabilities, enabling them to live independently with the support of onsite care.
Each site will typically have between 10 and 20 units.
The assets targeted will typically have 25 or 30-year, inflation-linked leases to a variety of housing associations.
Rental income paid from housing associations will be funded from housing benefit payments from central government.
David Kaye, CEO of Shore Capital’s asset management division, said: “By committing capital to supported living assets, we will enable housing associations in the UK to lease high quality facilities and provide important local services.”
Earlier this year, Universities Superannuation Scheme and Morgan Sindall Investments Limited launched a joint venture targeting the supported-living sector in the UK.
