The loan has been extended from the LaSalle Residential Finance (LRF) programme to a joint venture between Audley Group and the UK Retirement Living Fund, which is managed by Schroders Real Estate and Octopus Real Estate.
The facility is secured against two luxury retirement villages — which combined will comprise over 250 for-sale residential units for over-65s — and will be operated by Audley in Stanbridge Earls in Romsey, Hampshire, and Sunningdale Park in Sunningdale, Berkshire.
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“We are delighted to have provided this financing solution to the joint venture which further strengthens our relationship with the Audley team, having extended a loan from the LRF programme to the group in 2017 for an urban retirement scheme in Clapham, London,” said Daniel Pottorff, managing director of debt investments and special situations at LaSalle Investment Management.
Amy Klein Aznar, head of debt investments and special situations at LaSalle Investment Management, added: “This is another example of our strategy of lending to market-leading sponsors to finance the development of best-in-class assets and marks the 15th debt investment completed on behalf of the LRF programme.”
Jon Austen, chief financial officer at Audley Group, stated that its joint venture structure with the UK Retirement Living Fund will allow it to execute its model in a “less capital-intensive way, while maintaining our first-class offering, which the market continues to demand”.