Senior Living Investment Partners, a partnership between Pension Insurance Corporation (PIC) and specialist real estate lender and investor Octopus Real Estate, has announced its first retirement community investment via a joint venture with Elysian Residences.
The joint venture has acquired a nine-acre site with planning consent to develop 124 residences with a Gross Development Value of £115 mln (€131 mln) in an Integrated Retirement Community in How Wood, in St Albans, Hertfordshire, UK.
Senior Living Investment Partners aims to house up to 2,000 people in the coming years across ten IRC developments. The communities developed will have strong ESG credentials, targeting a BREEAM ‘Excellent’ rating.
Alongside 80 apartments and 44 two-bedroom bungalows, the community will include a restaurant, cafe/bar, library, wellbeing and therapy centre, cinema, village green, and orchard gardens.
IRC developments ease pressure on the NHS through the provision of onsite care facilities and wellbeing amenities, which promote a healthy lifestyle for older residents.
Max Cawthorn, PIC Capital Senior Strategy manager, said: ‘We are delighted to be partnering with Elysian on the How Wood village development, the first investment for Senior Living Investment Partners. Local St Albans residents will be given the opportunity to purchase the residences off-plan first, and we expect high demand for these high quality and well located homes, which will be purpose built to empower our residents to live independently.’
Kevin Beirne, head of Retirement Living at Octopus Real Estate, said: ‘This first investment via our partnership with PIC has the prospect to deliver both strong returns for our stakeholders and strong impact returns by combatting some of the UK’s biggest problems, not least the housing crisis and pressures on health services.'
Knight Frank acted for Elysian on this deal.