PGIM Real Estate enters new joint venture in U.K. senior housing
PGIM Real Estate has entered into a joint venture with Signature Senior Lifestyle (Signature), a subsidiary of Revera, to develop and operate a portfolio of prime senior housing in and around the Greater London/South East areas. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial.
The venture has committed to its first investment, a prime care home in Southwest London. PGIM Real Estate worked with Elevation Advisors LLP in sourcing, structuring and executing the joint venture. PGIM Real Estate will retain Elevation for their specialist expertise in the sector.
“Long-term demographic trends in the United Kingdom are strongly favorable for senior housing development, with growing demand from the rising elderly population set against a backdrop of static — and sometimes even falling — supply,” said Charles Crowe, head of U.K. transactions at PGIM Real Estate