Audley Group has signed an agreement to introduce its luxury retirement living concept to the Danish market, marking its first strategic development outside of the UK.
The agreement with Danish pension company PFE will fund the development of 10 retirement communities, with up to 250 later living apartments in each community.
In keeping with Audley’s network of 20 villages throughout the UK, each of the new communities in Denmark will offer owners access to leisure facilities including restaurants and well-being centres, as well as onsite domiciliary care.
Audley Group said the partnership reflects the “growing demand” for luxury retirement living options within Greater Copenhagen and Aarhus.
Comprising a high density of over 60-year olds with suitable disposable income, the area represents an area of significant potential growth for Audley. The Danish villages will have their own brand identity, which is currently in development.
Nick Sanderson, founder and chief executive, Audley Group, said: “Today’s new joint venture structure allows us to effectively export our existing model that we have honed over the past two decades in the UK and capitalise on key growth areas in Europe.
“PFA has been a strong and supportive partner of Audley and is well-aware of the potential of this model. In line with the rest of Europe, Denmark’s ageing population provides the ideal opportunity for Audley and PFA to combine their extensive knowledge of the later living market.”
PFA has witnessed the growth of Audley, having become a significant investor in the Moorfield Audley Real Estate Fund, which acquired Audley in late 2015.
Michael Bruhn, head of Real Estate at PFA, is a non-executive director sitting on Audley’s Board.
He said: “Over 65s is the fastest growing section of the Danish population, and their wishes and needs in terms of housing are changing rapidly. Our market analysis points to a strong demand for retirement villages in the Danish market. In the future, this new type of housing could serve the needs of those looking to downsize from the traditional family home to their retirement home. We believe this is a market with very interesting perspectives.”