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Advising on a £400m senior living joint venture

  • Global
  • United Kingdom

    28-08-2019

    Eversheds Sutherland advises Audley Group on a four-site later living development

    Eversheds Sutherland has advised Audley Group, a leading specialist retirement housing provider, on its joint venture to develop four new retirement residential sites with Schroders Real Estate and Octopus Real Estate.

    A cross-practice team from Eversheds Sutherland advised Audley Group throughout the establishment of the joint venture, providing corporate, real estate and construction advice. The joint venture will see the development of over 500 new, specialist later living units with a gross development value of over £400m.

    Schroders Real Estate and Octopus Real Estate will provide the majority of equity for the four sites, with Audley Group responsible for the long term management, delivery and ownership of the sites.

    The four sites will provide specialist retirement housing with care and are located at  Cobham, Surrey, Sunningdale Park, Berkshire, Scarcroft, West Yorkshire and Stanbridge Earls, Hampshire.

    Theresa-Marie Stodell, Corporate Partner, said:

    “The senior living sector is growing rapidly and we are delighted to have worked with Audley on its £400m JV with Schroders and Octopus Real Estate, an innovative deal which will bring further momentum to the growth of the sector. Complex JV’s like this one require an agile, cross-practice team; we were well placed to advise as we pooled experience from our corporate, real estate and construction teams to deliver this successful project.”

    Dominic Morris, Real Estate Partner, also commented:

    “The over-65 population is increasing and by the 2040s could make up a quarter of the UK’s population. Meeting the specialist housing needs of this growing population presents a huge opportunity for both operators and investors.  This JV represents another important milestone for the development of the retirement communities sector, and our dedicated senior living team is delighted to have been able to support Audley in delivering it.”

    The Eversheds Sutherland team was led by Theresa-Marie Stodell, working with Dominic Morris, Megan D’Souza-Mathew, Real Estate Principal Associate, Mike Harris, Corporate Senior Associate,  and Ed Freeman, Construction Principal Associate.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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