PIC and Octopus Real Estate to build €131m retirement community

Senior Living Investment Partners, a partnership between Octopus Real Estate and Pension Insurance Corp., a U.K.-based insurer of defined benefit pension schemes, has made its first retirement community investment via a joint venture with Elysian Residences.

The joint venture has acquired a nine-acre site with planning consent to develop 124 residences with a gross development value of £115 million (€131 million/$134 million) in an integrated retirement community (IRC) in How Wood, in St Albans, England, located 20 miles northwest of London. St Albans is an ideal location for a retirement living development, with a high proportion of owner-occupier households aged 65-plus in the local area.

The first development will be luxury retirement living specialist Elysian Residences’ sixth IRC. Alongside 80 generous apartments and 44 two-bedroom bungalows, the community will include a restaurant, cafe/bar, library, well-being and therapy center, cinema, village green, and