Elysian Residences, Schroders Real Estate and Octopus Real Estate have joined forces to develop £200m in luxury retirement housing.
Elysian Residences will develop the schemes backed by UK Retirement Living Fund (ReLF), which is managed by Schroders Real Estate and advised by lender Octopus Real Estate.
The first project will see 103 flats in Berkhamsted, Hertfordshire, following approval from Dacorum Borough Council last month.
It is the second joint venture for ReLF after a £400m partnership with Audley to deliver 500 flats.
Kevin Beirne, director, head of retirement at Octopus Real Estate, said: “As a specialist real estate investor, we understand first-hand the scale of the investment opportunity for retirement communities and the important role that institutional investors can play in developing the sector to meet future demand.
“In line with our existing multi-operator strategy, we will continue to work with partners to identify first-rate investment opportunities across the UK which deliver strong diversification benefits and returns to our investors as we invest to unlock the potential of the sector.”
The venture is the latest business to target to retirement sector, following moves from PGIM Real Estate, Galliard and investment heavyweights Macquarie and John Laing.
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