LaSalle Investment Management has provided a £106m loan to developer Audley to develop two retirement villages in the South of England.
The loan was made from the LaSalle Residential Finance programme to the joint venture between Audley and the UK Retirement Living Fund managed by Schroders Real Estate and Octopus Real Estate.
LRF is backed by Dutch pension fund APG and focuses on residential investments, in particular senior living and build-to-rent.
Last year the partners committed to developing 500 homes with a GDV of £400m.
Audley will use the new finance to develop two villages with a combined 250 homes in Stanbridge Earls in Romsey, Hampshire, and Sunningdale Park in Sunningdale, Berkshire.
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