Lifestory, the senior living developer and operator that trades under the Pegasus brand, has secured a £35m investment loan facility with Barclays to support its growth in the rental market.
Arranged by Moorhall Capital, the funding agreement will enable Lifestory to pursue its plans to have 500 rental flats, as the business pivots towards build-to-rent for seniors.
David Clark, chief financial officer at Lifestory, said: “This is an important facility for the next chapter of our business. Increasingly, what our customers want is greater flexibility and our rental product has been a huge success as a result.
Rob Jones, principal at Moorhall Capital, added: “Retirement living is one of the least talked about but most exciting areas of the BTR sector in the UK. The potential for growth is significant and Lifestory has already shown it has a great product that’s ready to scale.”
Lifestory was formed in 2019 through the merger of retirement living housebuilders Pegasus and Renaissance Retirement with open-market housing specialist Anthology. This created a business with over 2,500 homes across 50 developments around the UK, with a value of more than £1.5bn. More recently the business has focused its efforts on the later living product under the Pegasus brand.
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
