Legal & General launches £2b retirement community program

Legal & General has expanded its later living offering with the establishment of Guild Living, a developer and operator of urban later living communities. Through Guild Living, it plans to deliver over 3,000 new homes over the next five years, equating to a gross development value of around £2 billion ($2.6 billion).

“With over 3 million over 60s in U.K. seeking to downsize their homes, we see a £100 billion [$130 billion] investment opportunity. 84 percent of the United Kingdom population lives in urban areas, and we expect retirees to continue to migrate to U.K. towns and cities to enjoy all the local amenities they have to offer as well as to be closer to their loved ones and transport links,” said Phil Bayliss, CEO of Later Living at Legal & General and chairman at Guild Living. “We are establishing the Guild to address this staggering opportunity and tackle the NHS and care crisis head on. This forms an excellent extension of Legal & General’s ret