Schroders, Octopus UK pension fund, agrees to new improvement JV | to information
Octopus Real Estate, Schroder Real Estate and luxury retirement planning developer, Elysian Residences, have formed a joint venture to develop £ 200m (EUR 231m) worth of retirement villages in the UK.
The company, which was founded by Schroder Real Estate and the UK’s Retirement Living Fund from Octopus Real Estate, is developing a first project in Berkhamsted, Hertfordshire, a village of 103 apartments for homeowners aged 65 and over.
The new development is branded as the Elysian Residences program.
Kevin Beirne, Director, Head of Retirement at Octopus Real Estate, said: “As we got through the pandemic, the benefits of living together and old age villages became apparent. As a specialist real estate investor, we understand firsthand the scale of investment opportunities for age groups and the important role 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 world-class investment opportunities across the UK that will provide our investors with strong diversification advantages and returns when we invest to unlock the potential of the sector.”
Gavin Stein, CEO of Elysian Residences, said, “This latest development is part of our ongoing expansion plans. Elysian Residences is actively seeking new locations and investment opportunities as part of our vision to be the UK’s leading provider of inspiring and elegant retirement homes. “
Patrick Bone, Fund Manager at Schroder Real Estate Capital Partners, said: “The pandemic has highlighted the growing need for special retirement homes to support the UK’s elderly population and we are committed to developing quality old-age communities.”
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