Retirement Villages Group has announced a £200m plan to expand its portfolio of retirement villages.
RVG currently operates 1,274 units and 400 care beds across 14 luxury villages in the south of England and aims to expand by a further 228 units over the next five years.
This will be the company’s largest development programme in 35 years, with an additional pipeline of seven new locations in Gradwell, East Sussex; Merstham, Surrey; Saffron Walden, Essex; West Malling, Kent; and Shiplake in Oxfordshire.
Planning consent has already been secured on two of the sites, while the others are going through the planning process.
As many as 500 residential units and 160 care beds are expected to be delivered.
Funding for the overall expansion programme will be provided by a combination of bank finance, group equity and alternative sources.
William Crawford, group development director at RVG, said: “Senior living in the UK is a nascent sector and, in our view, offers the greatest growth potential in UK real estate. We believe the UK is set to follow the US experience and become a major market; we are tremendously excited to be at the forefront of its evolution.”
• To send feedback, e-mail shekha.vyas@estatesgazette.com or tweet @ShekhaV or @estatesgazette
