ICG Real Estate has provided a £63m loan to a joint venture between Elysian Residences and Senior Living Investment Partners to fund a retirement living scheme.
SLIP is a partnership between Pension Insurance Corporation and Octopus Real Estate.
The loan facility will fund the acquisition and development of a 100-home integrated retirement community in Henley-on-Thames, Oxfordshire.
The development will feature a mix of one-bedroom, two-bedroom, and three-bedroom homes together with a wide range of amenities including a café and bistro, gym, swimming pool, wellness and relaxation areas, a curated library, and residents’ lounges.
Isobel Dench, managing director at ICG Real Estate, said: “We continue to see living as a high-conviction sector, with Henley-on-Thames our first deal in the retirement space.
“The retirement market has compelling demographics supporting it, which are expected to encourage future demand. We see this development as a great opportunity to enter the market alongside experienced sponsorship, in a prime location with strong micro fundamentals.”
Kevin Beirne, head of retirement at Octopus Real Estate, said: “ICG’s involvement is incredibly exciting for the later living sector; to have such a top-tier capital partner supporting the delivery of much-needed retirement living options further bolsters the sector and demonstrates the importance of IRCs to the wider UK real estate landscape.”
Image © Elysian Residences
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