You are viewing 1 of your 1 free articles
Later living developer Audley Group raises £130m from investors
Retirement housing provider Audley Group has raised over £130m from two institutional investors.
Later living developer Audley Group raises £130m from investors #UKhousingAudley Group said it had completed funding arrangements from Pension Insurance Corporation (PIC) and King Street Capital Management.
An initial investment, committed by PIC, was secured against the operating income generated by nine Audley retirement villages.
Audley said the investment matches PIC’s purpose to pay the pensions of its current and future policyholders over decades.
As additional villages in Audley Group’s pipeline are completed, there will be capacity for further investment.
Read more
King Street Capital Management is providing a second tranche of capital as part of its European real estate strategy.
The capital is intended to support the acquisition of long-term income-producing properties within the existing Audley Group portfolio as they are completed.
Both brands recognise the significant potential in the UK retirement living sector, driven by demographic trends and sustained demand for enhanced lifestyle and care options for an ageing population.
Nick Sanderson, chief executive and founder of Audley Group, said: “The interest from such significant institutional investors has confirmed both the potential in the retirement village market, and the position of Audley and Elysian as the leading players in the sector.
“For a long time, investment interest was focused on retirement village development given the ageing population and lack of housing provision. This transaction highlights the demand for long-term, high-quality income.”
Paul Brennan, partner and co-head of real estate at King Street Capital Management, said: “The retirement living sector benefits from powerful demographic tailwinds and structural undersupply, and we believe this platform is well positioned to deliver sustainable, long-term income at scale.”
Audley Group was established in 1991 and has 21 locations under the Audley Villages brand. It acquires sites, and develops then operates retirement villages.
In July, Audley Group merged with its rival Elysian Residences to form the UK’s largest retirement village provider.
Elysian Residences, founded in 2014, provides luxury homes for over-65s. Its portfolio includes 11 retirement villages, comprising five operational and six in the planning and development pipeline across London and the South East, representing a total sales value of over £1.3bn.
Together, Audley Group and Elysian Residences have a combined gross sales value of more than £3bn and over 25 villages operating under the Audley, Elysian and Mayfield brands.
Sign up to our weekly Living newsletter
Sign up to Inside Housing Living’s newsletter, bringing you exclusive analysis and big deals from the wider residential market, including build-to-rent, student living, later living, for-profit registered providers and more.
Click here to register and receive the Living newsletter straight to your inbox.
And subscribe to Inside Housing Living by clicking here.
Already have an account? Click here to manage your newsletters.
Related stories
