On the go: The £44.1bn Pension Insurance Corporation, in partnership with Octopus Real Estate, has invested £25mn through a joint venture with retirement home developer and operator Elysian Residences, to develop the How Wood retirement community, which is valued at £115mn.
PIC and Octopus are making the investment via their Senior Living Investment Partners partnership. The venture has acquired a nine-acre site with planning consent to develop 124 residencies in St Albans, Hertfordshire.
The development will include 80 apartments and 44 two-bedroom bungalows, as well as a restaurant, café/bar, library, wellbeing and therapy centre, cinema, village green and orchard gardens.
PIC capital senior strategy manager Max Cawthorn said: “We are delighted to be partnering with Elysian on the How Wood village development, the first investment for Senior Living Investment Partners. Local St Albans residents will be given the opportunity to purchase the residences off-plan first.”
Via the Senior Living Investment Partners partnership, PIC and Octopus aim to house 2,000 people across 10 integrated retirement community developments.
Elysian chief executive Gavin Stein said: “We are actively looking for new sites and investment opportunities to undertake with PIC and Octopus Real Estate.”
Earlier in November, PIC announced that it had agreed to invest £200mn in a build-to-rent skyscraper, as reported by MandateWire.
This article originally appeared on MandateWire.com
