Retirement living developer PegasusLife has secured a £525m loan facility from Oz Real Estate and Lloyds Banking Group.
PegasusLife Group will use the funds to refinance and consolidate its existing borrowing facilities.
The developer is wholly owned by funds managed by Oaktree Capital Management. It has a portfolio of 50 sites under its two brands, PegasusLife and Renaissance Retirement.
Klaus Betz-Vais, managing director and head of global investors at Lloyds Bank Real Estate and Housing, said: “In the UK, the senior living sector is still at a relatively early stage in its development, but with a growing ageing population, it is set to become ever more important.”
Steven E. Orbuch, founder and president of Oz Real Estate, added: “We believe the UK retirement housing sector is poised to benefit from strong demographic trends, as well as the greater desirability of purpose-built senior housing with modern design and conveniences.”
Raingain Marsh advised on the loan.
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