Audley Group and BlackRock Real Assets create new JV

Audley Group, a U.K. provider of retirement villages, and BlackRock Real Assets, have formed a joint venture in a landmark deal that marks the investment group’s entry into the retirement living sector in the United Kingdom.

The joint venture will fund the development of retirement communities, including at least three mid-market villages within the Audley Group’s Mayfield portfolio.

The first village in the joint venture, Audley Group’s Mayfield site at Watford, will create 255 mid-market retirement living properties with extensive health, well-being, care and leisure facilities. The project is well-advanced with strong pre-sales and will be ready for occupation in the summer of 2022.

Audley will manage the development and the operational running of the village, including the sales and marketing of all the properties.

Investment into the retirement living sector has accelerated in recent years, and BlackRock Real Assets’ entry points to the growt