U.K.-based Shore Capital has formed a joint venture called Puma Social Care Investments, which is focused on real estate opportunities in the supported living sector.
PCSI has secured equity commitments totaling £21 million ($26 million), to be contributed equally from the Group alongside two family offices in the United States.
PSCI will acquire newly built or converted assets that provide residential accommodation in the form of self-contained apartments for individuals with learning disabilities, enabling them to live independently with the support of on-site care. Accommodation of this nature allows local authorities in the United Kingdom to meet their statutory obligations with regard to care and housing provision, while also addressing the U.K. government’s stated desire to locate individuals needing care. Each site will typically have between 10 and 20 units.
The assets targeted will benefit from long-term, typically 25- or 30-year, inflation-linked leases to a variety of housing associations. Rental income paid from housing associations will be funded from Housing Benefit payments from central government.
PSCI intends to acquire an identified initial pipeline of assets with an aggregate value of £50 million ($62 million).
Shore Capital is an independent investment group specializing in capital markets, principal finance and asset management.