Housing association and Places for People and Octopus Healthcare have launched a £200m retirement housing partnership hoping to tap into the growing number of over-55s looking to downsize.
The new venture will be known as Liberty Retirement Living and will aim to deliver 25 retirement villages and 2,700 units over the next five years.
Octopus Healthcare currently manages more than £1bn of healthcare assets, including GP surgeries, care homes, private hospitals, specialist schools and retirement villages.
The Places for People Group which includes 20 different companies, manages or owns more than 180,000 homes and 115 leisure facilities.
Octopus Healthcare has invested £180m towards the creation of Liberty with Places for People committing £20m, though PfP will lead on the development of the homes.
It has either begun construction or has planning for six retirement villages, and intends to deliver seven villages and 700 homes in its first year.
Shay Ramalingam, director at Octopus Healthcare, said: “We’re currently invested in more than 200 healthcare facilities across the UK and we see retirement villages as probably the largest growth property sector in this country.”
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