Retirement village provider, Audley Group, has formed a £500m joint venture (JV) with BlackRock Real Assets.
The landmark deal, which will fund the development of at least three mid-market retirement villages, marks BlackRock Real Assets entry into the UK’s retirement living sector.
The JV’s first village, Audley Group’s Mayfield site in Watford, which will create 255 mid-market retirement living properties, is scheduled to launch in the summer of 2022.
Nick Sanderson, CEO Audley Group, (pictured) said: “Today’s announcement truly is a landmark event, not just for Audley Group but for the whole retirement living sector in the UK. Partnering with a leading global investment team is a major endorsement of our model and the potential for value creation in social and financial terms that exists within the sector.
“An ageing population coupled with a pandemic has made people question their living choices and means they are rightly demanding access to active communities, greater security and a place where they can thrive in rude health within their own homes for as long as possible.
“And as this demand continues, we look forward to continuing in partnership with BlackRock Real Assets to fund appropriate retirement living accommodation solutions for the UK market. Our shared focus on the long-term health of our customers, social impact and sustainability, will be central to our ongoing activity.”
Rothschild and Co advised Audley, and JLL advised BlackRock Real Assets on the transaction.