The UK Retirement Living Fund, managed by Schroders, has purchased a £55m retirement scheme in a joint venture with Elysian Residences.
The jv has bought a site in Royal Tunbridge Wells (pictured), with consent for 89 luxury flats and hotel-style facilities.
ReLF is advised by Octopus Real Estate. It is the second deal for the ReLF/Elysian jv, which launched earlier this year to develop £200m in retirement housing. Its first site comprises 103 flats in Berkhamstead, Hertfordshire.
Patrick Bone, fund manager at Schroder Real Estate Capital Partners, said: “There is a growing need for specialist retirement housing to support the older population in the UK, and we are committed to developing first-rate retirement communities.”
Kevin Beirne, head of retirement at Octopus Real Estate, added: “This latest acquisition emphasises our belief that retirement communities provide investors with a strong return, and an opportunity to create a positive impact for our ageing society through delivering beautifully designed and sustainable real estate.”
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