Joint venture to develop retirement villages worth £200m
written by Bella Palmer
The JV is developing an apartment village for homeowners aged over 65 years in Berkhamsted, Hertfordshire as its first project
Octopus Real Estate, Schroder Real Estate and luxury retirement living developer Elysian Residences have formed a joint venture to develop £200m (€231m) worth of retirement villages in the UK.
The venture, which has been formed through Schroder Real Estate and Octopus Real Estate’s UK Retirement Living Fund is developing a 103-apartment village for homeowners aged over 65 years in Berkhamsted, Hertfordshire as its first project.
The new development will be branded as an Elysian Residences scheme.
Kevin Beirne, director, head of retirement at Octopus Real Estate, said: As we come through the pandemic, the benefits of community living and retirement villages have been made clear. As a specialist real estate investor, we understand first-hand the scale of the investment opportunity for retirement communities and the important role that institutional investors can play in developing the sector to meet future demand.
In line with our existing multi-operator strategy, we will continue to work with partners to identify first-rate investment opportunities across the UK which deliver strong diversification benefits and returns to our investors as we invest to unlock the potential of the sector, he said.
Gavin Stein, CEO at Elysian Residences, said: This latest development is part of our ongoing expansion plans and Elysian Residences are actively looking for new sites and investment opportunities as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK.
Patrick Bone, fund manager at Schroder Real Estate Capital Partners, said: The pandemic has highlighted the growing need for specialist retirement housing to support the elderly population in the UK and we are committed to developing high-quality retirement communities.
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