Capreon, the Noé Group’s real estate investment and advisory arm, has formed a joint venture with later living operator Revere Life to develop a £500m senior living portfolio in the South East and the Midlands.
As part of the jv, Capreon will invest in the real estate and operations. It has already exchanged on the purchase of a site in the Home Counties and will initially invest £70m.
The initial target is to acquire sites within the Home Counties and Midlands, on the back of a “pressing need for suitable accommodation in these areas”.
Raphael Noé, founding partner at Capreon, said Revere Life had a “highly experienced management team with a strong track record”.
“Not only were we impressed by the professionalism of the Revere Life team, but also that they share our interest in generating high-quality, niche developments that incorporate buildings that are true to their location,” he said.
Nigel Sibley, chairman at Revere Life, said the two firms shared the “same ethos and goals around exceptional service provision”.
Cushman & Wakefield advised Revere Life on the deal.
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