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Cushman & Wakefield Advises Revera on PGIM Real Estate Senior Housing Joint Venture

22/04/2021

Cushman & Wakefield’s Senior Living team has advised Signature Senior Lifestyle, a subsidiary of senior living sector owner, operator and developer, Revera Inc. on the creation of a new joint venture with PGIM Real Estate.
 
The newly formed joint venture will develop a portfolio of prime senior housing in and around Greater London and the South East.

The venture has committed to its first investment, a prime care home in South West London. PGIM Real Estate worked with asset manager and investor Elevation Advisors in sourcing, structuring and executing the joint venture.

Caryn Donahue, head of senior living at Cushman & Wakefield said: “We are pleased to have been advisors on this significant transaction for the sector. Acting for Revera, a market leader in seniors housing globally and Signature Senior Lifestyle, a best in class operator, the partnership with PGIM Real Estate demonstrates a commitment to the growth of the seniors’ market in the UK. This particular JV, driven by experienced investors and a highly successful operator supports the vast lack of supply for fit for purpose housing for seniors in Greater London.”

Tom Ball, chief financial officer of Signature, said: “We are extremely pleased to enter into this joint venture, supporting the further development and growth of the Signature Group. We continue to identify, develop and operate best-in-class operations, growing our management platform, and welcome the support of our partners in achieving this goal.”

Tom Wellner, president and chief executive of Revera Inc., added: “As a global leader in senior housing, Revera is excited to invest alongside PGIM Real Estate and to share our expertise to support the growth of our award-winning Signature brand. Signature, with its experienced management team, is a valuable asset within the Revera portfolio.”

Charles Crowe, head of UK transactions at PGIM Real Estate said: “Long-term demographic trends in the UK are strongly favourable for senior housing development, with growing demand from the rising elderly population set against a backdrop of static – and sometimes even falling – supply. 

“This dynamic is particularly evident in and around Greater London, where there are unprecedented levels of population density and affluence combined with a demand/supply imbalance. PGIM Real Estate’s long-standing track record of investing in senior housing in the US and the UK showcases our deep understanding of this sector. We are excited to enter into this new venture.”

 

MEDIA CONTACT

Richard Coleman, Head of Communications EMEA
Richard Coleman

Head of EMEA Communications • London

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