PGIM Real Estate signs on for Signature joint venture
US outfit PGIM Real Estate has entered into a joint venture with Signature Senior Lifestyle to develop and operate a portfolio of later living properties in and around Greater London and south-east England.
The venture has committed to its first investment: a care home in an undisclosed location in south-west London.
“Long-term demographic trends in the UK are strongly favourable for senior housing development, with growing demand from the rising elderly population set against a backdrop of static – and sometimes even falling – supply,” said PGIM Real Estate head of UK Transactions Charles Crowe.
“This dynamic is particularly evident in and around Greater London, where there are unprecedented levels of population density and affluence combined with a demand/supply imbalance,” he added.
PGIM Real Estate worked with Elevation Advisors LLP in sourcing, structuring and executing the joint venture. PGIM Real Estate will retain Elevation for their specialist expertise in the sector.
Signature Senior Lifestyle is a subsidiary of Canadian later living developer Revera.
“We are extremely pleased to enter into this joint venture, supporting the further development and growth of the Signature Group," said Signature chief financial officer Tom Ball.
"We continue to identify, develop and operate best in class operations, growing our management platform, and welcome the support of our partners in achieving this goal,” he added.