Audley Retirement Villages is to finance future growth through new banking facilities with AIG and Bank Leumi.
The deals come weeks after the US-style retirement village specialist raised £30m in new capital from investors to add to the £170m raised to create Audley in December 2015.
US insurer AIG has supplemented the equity raise with a £65m revolving credit facility that refinances a facility first extended by Bank Leumi.
The facility will be secured against eight of Audley’s forthcoming retirement villages around the UK and the funds, as well as sales proceeds, will be used to develop the sites into US-style retirement villages with centralised healthcare and leisure.
In addition, Leumi has renewed its relationship with Audley by extending a £27.5m development loan facility for the forthcoming Redwood retirement village in north Somerset, and a £3m loan facility for Willicombe House in Tunbridge Wells.
The extra funding gives Audley firepower of £600m for future projects when sales proceeds are added to the total. Some 75% of all the retirement flats and houses have been sold to tenants.
The company said that there had been strong demand from housebuilders for the firm to take more sites across the UK.
The villages specialise in properties priced at £500,000 and above in spa towns and rural communities, but Audley may look at sites in more urban areas.
Tenants also pay a service charge that allows access to the on-site facilities.
• To send feedback, e-mail mike.cobb@estatesgazette.com or tweet @MikeCobbEG or @estatesgazette
