PGIM acquires Signature Senior Lifestyle

PGIM Real Estate has bought senior housing developer and operator Signature Senior Lifestyle, in partnership with specialist investment manager Elevation Advisors. The deal to acquire Signature’s real estate and operations was made on behalf of PGIM Real Estate’s European value-add strategy. The Signature portfolio consists of 13 senior living communities, comprising 10 operating properties and three consented development projects in and around Greater London. Signature’s management team will continue to operate the homes. The portfolio is either achieving or targeting BREEAM New Construction ratings of Excellent and Very Good. A strategy to further improve the environmental sustainability of the operating homes will be put in place. The transaction is expected to close by the end of H1 this year. Nabil Mabed, senior portfolio manager of European value-add strategy at PGIM Real Estate, said: “This is a landmark deal for the UK senior living sector and a hugely attractive growth opportunity for us, which strengthens our European value-add portfolio.” Kay Cox, chief executive at Signature, said: “PGIM Real Estate and Elevation have a proven track record of supporting operators in the senior living sector. This investment is a natural next step in our life cycle, together with the expertise to help us achieve our ambitions and enhance our brand as a market-leading senior living provider.”