Luxury retirement village provider Audley Group has formed a joint venture (JV) with the real estate arm of Schroders and Octopus Real Estate.
The JV will be used to fund the £400m, 500-unit development of four retirement villages in Cobham, Surrey, Sunningdale Park, Berkshire, (pictured) Scarcroft, West Yorkshire and Stanbridge Earls, Hampshire.
Nick Sanderson, founder and Chief Executive, Audley Group, said: “We have extensive experience of both developing and operating retirement villages, working with multiple partners across the UK. This new JV structure allows us to execute our model in a way which is far less capital intensive, but still delivers the first-class product which the market demands.
“Schroders and Octopus Real Estate have recognised the significant opportunity in the retirement living space and I look forward to working with them as we deliver these four villages.”
Kevin Beirne, Director Retirement, Octopus Real Estate, added: “We’re delighted to be working alongside Audley in this strategic partnership to create the much-needed retirement community real estate for the older population. It is fitting that our first investment alongside Schroders is with the retirement communities sector leader. I believe the new communities we are helping to create will set a standard that will really stimulate this market. As a specialist investor, we understand the opportunities and scale that this market has to offer, and we’re excited to continue to realise this in the future.”
Schroders Real Estate and Octopus Real Estate will provide the majority of funding for the developments alongside Audley Group.
Audley Group was advised by Rothschild & Co. Schroders and Octopus Real Estate were advised by Knight Frank.