EDP has developed six new purpose-built high-quality care homes in total, in partnership with CCG, one of the industry’s most highly regarded developer-operators. The sale of three of these care homes in Matlock, Bideford & Newton Mearns, follows the announcement of the sale of Valerian Court Care Home in Didcot in January 2023 (link).
CCG continues to operate all the care homes developed by EDP which offer 24-hour comprehensive care with facilities including cinemas, hairdressers, sensory gardens and large social spaces for the enjoyment of residents, staff and their local communities.
Yoad Hariely, Investment Associate at Elevation said: “We are delighted to see the realisation of these projects in our investment joint venture, which is providing modern, high-quality care environments to undersupplied markets. This innovative investment partnering allows operators to incubate freehold developments on their balance sheet and retain development upside, while reducing their equity requirements, enabling efficient scaling of multiple developments at once. The sale of these care homes shows confidence in the UK healthcare real estate market and the value of quality accommodation for investors, as well as for residents, staff and the local community.”
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Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
Signature Senior Lifestyle is highly regarded as a best-in-class developer and operator of 10 award-winning senior care communities in and around Greater London, totalling 878 high-quality apartments and large studios with elegant, nurturing environments for residents, staff and communities.
Strategically located in the high-demand areas of Enfield, Surbiton and Hornchurch, the three new purpose-built sites will add circa 90 beds to their respective markets (total 270 beds) and each will provide circa 110 new jobs to the local community. The all-wetroom high-quality assets are built with longevity in mind and will mirror the exceptional standard of Signature’s existing homes.
The new developments are now underway and are due to open to residents in 2026. The homes contribute positively to the Signature’s ESG strategy and are targeting an EPC rating of A and a BREEAM New Construction rating of Very Good, evidencing high-quality specification, design and build processes. Solar panels will be installed on all sites to their maximum capacity to deliver onsite energy generation and will meet the latest regulations in terms of fire safety sprinkler systems. The sites will also benefit from air source heat pumps for space heating and hot water supply, energy and water efficiency technology, and large green and outdoor spaces to enhance biodiversity and the wellbeing of residents, staff and visitors.
Kay Cox, Chief Executive Office, Signature Senior Lifestyle commented: “The Signature brand is synonymous with exceptional later living lifestyle and care, and we were so proud when our most recent home, Signature at Highgate, was named Knight Frank’s Luxury Care Home of the Year. We will be building on this expertise to ensure our three new homes go even further in delivering the later living lifestyle dreams of older people in Enfield, Surbiton, and Hornchurch, and to set new standards for elegance, comfort, and service. Like our existing homes, all three will continue to champion safety, transparency and accountability through our ongoing investment in safety monitoring technology, and how we use this technology to drive personalised care and mentoring for residents and colleagues. We are hugely grateful for the ongoing support of Elevation and our partners at Natwest and Virgin Money, and we look forward to welcoming new residents and colleagues to these homes in 2026.”
Craig Ambler, Senior Director, Virgin Money said: “We are absolutely thrilled to continue to our relationship with Signature and Elevation by funding the development of two new care homes. All Signature homes combine fantastic care and hospitality with exceptional settings. We look forward to seeing these homes open in 2026 creating more local jobs and further addressing the care provision shortfall.”
Ashleigh Dorrington-Harvey, Director, Healthcare & Life Sciences at NatWest commented: “NatWest continues to be dedicated to the healthcare sector, including supporting leading operators in the elderly care space such as Signature. We are delighted to have supported their latest purpose-built, 92- bed care home development in Enfield with a development facility”.
Simon Webster, Partner at Elevation said: “We are delighted to continue our partnership with Signature, Virgin Money and NatWest and support the next phase of their growth. These new sites, in sought-after locations around London, will fulfil the market need for modern assets that make a positive contribution to their communities. Furthermore, a strategy to implement identified opportunities that further improve the environmental sustainability of Signature’s current operating homes is being rolled out across the already high-performing portfolio.”
About Signature Senior Lifestyle
Signature Senior Lifestyle offers luxury assisted living, nursing, respite and dementia care in locations across London and the home counties. Each of Signature’s luxury care homes is unique and has its own sense of community. All of Signature Senior Lifestyle’s ten operational homes offer award-winning care, luxurious surroundings and top-quality dining and nutrition. They are beautifully designed with excellent facilities, from state-of-the-art dementia care floors to cinemas, hair salons and restaurants, with attention paid to every detail.
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Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
PGIM Real Estate is the US$210 billion real estate investment business of PGIM and the third-largest real estate firm globally. Elevation is a specialist investment manager in the European healthcare real estate sector with approximately £2 billion of assets under management.
Nabil Mabed, senior portfolio manager of European value-add strategy at PGIM Real Estate, comments: “This is a landmark deal for the UK senior living sector and a hugely attractive growth opportunity for us, which strengthens our European value-add portfolio. Working with Elevation, we are confident we can add value to Signature on behalf of our investors. Being one of the largest real estate investors globally, we are seeing real estate markets stabilise, and we maintain our conviction in the UK following the reset in valuations over the last two years.”
The Signature portfolio consists of 13 senior living communities, comprising 10 operating properties and three consented development projects in and around Greater London. Signature’s established management team will continue to operate the homes with a focus on continuity and brand growth.
As a priority, Signature will focus on ensuring all assets are future-proofed through the integration of the latest technologies and standards, with the portfolio currently achieving or targeting a BREEAM New Construction rating of ‘Excellent’ or ‘Very Good’. A strategy to implement identified opportunities to further improve the environmental sustainability of the operating homes has been identified and will be rolled out across the already high-performing portfolio.
Simon Webster, partner at Elevation, said: “We carefully select operating partners who are proven to create best-in-class environments, have an excellent record in care and can evidence a positive impact on their respective local communities. We are delighted to extend our relationship with Signature, who are recognized as one of the premier senior living brands in the UK, and are looking forward to growing the brand. Plans are underway to start construction on three new developments in the Greater London area later this year. We are also excited to expand our partnership with PGIM Real Estate and draw from their wealth of institutional and sector expertise to grow the Signature footprint.”
Kay Cox, CEO of Signature, said: “PGIM Real Estate and Elevation have a proven track record of supporting operators in the senior living sector. This investment is a natural next step in our lifecycle, together with the expertise to help us achieve our ambitions and enhance our brand as a market-leading senior living provider. With our amazing team and best-in-class assets combined with a strong development pipeline, we are well placed for the next stage in our growth. We are incredibly excited about what we can achieve together in the years ahead.”
ENDS
About Elevation
Elevation is a specialist investment manager in the European healthcare real estate sector with approximately £2 billion of assets under management in four countries (UK, France, Germany and Spain), with more than 160 assets spanning care homes, rehabilitation clinics, and specialist assets for learning disabilities and mental health.
About PGIM Real Estate
With US$210 billion in gross assets under management and administration (US$134 billion net), PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing, and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (PFI). PFI has a history that dates back over 145 years and through more than 30 market cycles. With 41 offices in 19 different countries (as of 31 March 2024), our more than 1,450 investment professionals are located in key financial centres around the world.
Our firm comprises multi-managers that collaborate with each other and specialise in a particular asset class with a focussed investment approach. This gives our clients diversified solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. As a leading global asset manager with US$1.34 trillion in assets under management (as of 31 March 2024), PGIM is built on a foundation of strength, stability and disciplined risk management. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
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This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
The £53 million development facility will facilitate construction of three new sites, starting with a modern, best-in-class care home in Great Wyrley (South Staffordshire) and 32 co-located retirement living apartments with high-quality shared amenities. The development is targeting both an EPC rating of A and a ‘Very Good’ BREEAM Construction rating. The completed project will benefit from a number of sustainability features including air source heat pumps and solar panels to help deliver an efficient, future-proofed asset.
The additional financing will allow MACC to continue its trajectory in developing next generation, future-proofed real estate while maintaining its excellent standards in 24-hour comprehensive care. All of the homes in MACC’s portfolio hold an EPC rating of A or B, which aligns with Elevation’s strategy of transitioning all homes to perform at the highest standards which the new developments will also meet or exceed. The first new development of a market-leading care home with integrated retirement living units, will also deliver a positive societal impact by reducing the level of undersupply of quality care beds and purpose-built accommodation in its community.
Andrea Auteri, Managing Partner at Elevation said: “We are excited to continue our partnership with MACC by providing funding to grow the portfolio with three additional high-quality care schemes, as we continue the deployment of our Credit Fund with a leading institutional real estate investor. The senior housing sector is severely underserved; its granularity, fragmentation and high barriers to entry mean that it is hard to access the sector in scale. Elevation is pleased to accelerate the provision of fit-for-purpose accommodations by offering innovative financing to enable high quality operators to ramp up their business plans and giving large investors access in scale to the sector. Fulfilling the market need for future proof assets squarely aligns with Elevation’s ambitious ESG strategy.”
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This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
Simultaneously, the Credit Fund has completed its first transaction, extending senior and junior loans in aggregate amount of £124.7 million to prime elderly care operator MACC Care Group (“MACC”) to help MACC refinance existing indebtedness and accelerate growth of the business.
The MACC portfolio comprises over 900 predominantly en-suite wetroom beds in 13 homes across the Midlands, with high-specification builds situated in prominent locations. MACC has also developed market-leading integrated retirement living units at its latest sites, which have been developed with green travel in mind with options for electric charging points at each apartment. MACC has undergone a period of very strong growth, opening 8 homes in the last 5 years, and this financing will allow MACC to continue its trajectory in developing next generation, future-proofed real estate while maintaining its excellent standards in 24-hour comprehensive care.
All of the homes in the portfolio hold an EPC rating of A or B, which aligns with Elevation’s strategy of transitioning all homes to perform at the highest standards. MACC are committed to working collaboratively to monitor the performance of the homes to drive further change and integrate the latest environmental technologies where appropriate. In addition, the homes have a positive societal impact, delivering a high number of quality care beds reducing the level of undersupply in these areas.
Naz Nathani, CEO of MACC Group said: “It was a real pleasure dealing with very knowledgeable and focused team during the refinance. MACC was well supported and listened to and the final shape of the deal was innovative and bespoke, meeting our immediate needs but with a clear and visible pathway for the planned growth. We are confident of the significant value this will create for MACC and thanks to Elevation in achieving this with us. We are looking forward to the next few years of growth and partnership.”
Andrea Auteri, Managing Partner at Elevation said: “We are excited to begin our partnership with MACC by adding 13 modern, high-quality homes to the portfolio, as we seed and grow our Credit Fund. The senior housing sector is severely underserved; its granularity, fragmentation and high barriers to entry mean that it is hard to access the sector in scale. Elevation is pleased to accelerate the provision of fit-for-purpose accommodations by offering innovative financing to enable high quality operators to ramp up their business plans and giving large investors access in scale to the sector. Fulfilling the market need for future proof assets squarely aligns with Elevation’s ESG strategy.”
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Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
Valerian Court Care Home comprises 70 en-suite wetroom bedrooms and is located on a highly visible site on a gateway road close to Didcot (Oxfordshire) town centre and railway station. The care home development, which opened in December 2022, offers 24-hour comprehensive care in a next generation future-proofed real estate environment with facilities including cinema, hairdressers and rooftop garden. The home has been developed with green travel in mind incorporating EV charging points and cycle storage.
The care home development was built as part of the joint venture partnership between Elevation, PGIM Real Estate and CCG. PGIM Real Estate partnered with Elevation to source and structure investments with quality developer-operators, and to provide ongoing asset and development management services.
Elevation and PGIM Real Estate have so far committed to six new purpose-built state-of-the-art care homes, in partnership with CCG, one of the industry’s most highly-regarded developer-operators. Valerian Court in Didcot is the first of these developments to open its doors with the others to follow over the coming year. Following the sale by Elevation and PGIM Real Estate, CCG will continue operating the asset in partnership with the European asset manager.
“During this challenging time, the importance of high-quality senior housing has never been more apparent. Long-term demographic trends in the U.K. are strongly favourable, with increasing demand from a rapidly-ageing population. We are delighted to have successfully completed this development and sale alongside Elevation and CCG.”
—Charles Crowe, Head of UK Transactions at PGIM Real Estate
Andrea Auteri, Managing Partner at Elevation said “We are thrilled to see the realisation of our first project in our investment joint venture with PGIM Real Estate and CCG, which is providing modern, high-quality care environments to an undersupplied market. This innovative investment partnering product allows operators to incubate freehold developments on their balance sheet to retain development upside while reducing their equity requirements, enabling efficient scaling of multiple developments at once. The sale of this first care home is a vote of confidence in the UK healthcare real estate market and shows the value in quality accommodation for investors, as well as residents, staff and the local community. We are looking forward to the continued success and impact of this joint venture.”
About Elevation
Elevation is a specialist investment manager in the European healthcare real estate sector with over £1.2bn of assets under management in four countries (U.K., France, Germany and Spain) spanning care homes, rehabilitation clinics and specialist assets for learning disabilities and mental health.
About PGIM REAL ESTATE
With $204.4 billion in gross assets under management and administration ($132.9 billion net),1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of Sept. 30, 2022; Net AUM is $132.9 billion; AUA is $46.6 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
About Care Concern Group
Care Concern Group (CCG) is a top 20 U.K. care home operator with in-house development capabilities. CCG started in 1991 and has grown through acquisitions and developments into a national operator. CCG has presence across the U.K. and aims to grow its presence through further developments and acquisitions. In the last 10 years, CCG has been focusing its target on the mass-affluence market, by offering a modern purpose-built luxury care setting on an all-inclusive price basis. Each care home is individually branded, with strong emphasis on the family-owned nature of the operations.
Korian, the leading European care services group for elderly and fragile people, has concluded in December 2021a long-term investment partnership with funds from BAE Systems Pension Funds advised by Elevation. Korian will be the asset and property manager in the real estate structure and will continue to consolidate the structure in its accounts.
BAE Systems Pension Funds invest in real estate, infrastructure, alternative and other private markets assets globally, in addition to listed equities and fixed income. Elevation is a healthcare real estate investment manager.
BAE Systems Pension Funds invested around €100m of equity into a real estate portfolio of 23 Long Term Care and Healthcare assets including nursing homes, post-acute and mental healthcare clinics across France, Germany and Spain. The partnership includes one greenfield site and four assets which are being redeveloped.
The portfolio has a net equity value of around € 200 million, including a portfolio structuration fee and based on Cushman & Wakefield’s valuation (blended capitalisation rate of c.4.9%) and a LTV (loan to value) of around 38% as of December 2021. Further capex investment into the greenfield and redevelopment sites expected between 2022 and 2024 will bring the overall gross value of the portfolio to around € 320 million.
This long- term partnership has a similar structure to the one set up in 2020 with BNP Cardiff and EDF Invest, as a partnership of 15 years with a possible extension and a minimum lock up of 7 years for BAE Systems Pension Funds. The expected remuneration is around 4.5% per annum, with a floor and a cap on the exit yield, which allows Korian to benefit from any significant increase of the value of real estate portfolio above the cap over the long term.
This new agreement confirms the group’s capability to leverage its attractive and liquid existing portfolio and to raise equity financing on a regular basis in order to match the real estate investments related to its sustained development momentum, while keeping a prudent loan to value rate (55% or below).
Korian’s real estate strategy, launched in 2016, has multiplied by over 3 times the value of its real estate portfolio to € 2.9 billion as of 30 June 2021, for 25% of the operated network across Europe.
Korian has also been able to build a consistent new build pipeline, representing to date around 120 projects, using internal expertise and entering into partnerships with land developers and investors.
Korian continues to invest in real estate, in order to serve its growth ambitions. It is expected that the real estate portfolio will reach € 4 billion by 2023 consisting of primes assets in key locations across Europe.
Korian has been listed on Euronext Paris Section A since November 2006 and is included in the following indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global Small Cap Euronext ticker: KORI – ISIN: FR0010386334 – Reuters: KORI.PA – Bloomberg: KORI.FP
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Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
The venture has committed to its first investment being 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.
Charles Crowe, Head of UK Transactions at PGIM Real Estate, comments: “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.”
Tom Ball, CFO of Signature, comments: “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 CEO of Revera Inc., comments: “As a global leader in seniors 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.”
Simon Webster, Partner with Elevation, comments: “This joint venture brings together an experienced group of investors with a strong track record in healthcare to support the next phase of growth for Signature, one of the most highly respected senior living operators in the UK market.”
About PGIM Real Estate
As one of the largest real estate managers in the world with US$188.5 billion in gross assets under management and administration (1), PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing (2), and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PFI ranks among the top 10 largest asset managers in the world (3) with US$1.5 trillion in assets under management as of 31 Dec. 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
(1) As of 31 Dec. 2020, net AUM is US$124.3 billion and AUA is US$42.8 billion.
(2) Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
(3) Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on 1 June 2020. This ranking represents global assets under management by PFI as of 31 March 2020.
In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Real Estate Luxembourg S.A. with registered office: 2, boulevard de la Foire, L-1528 Luxembourg. PGIM Real Estate Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Real Estate Luxembourg S.A. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).
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About Revera
Revera is a leading Canadian-owned and -headquartered, owner, investor, operator, and developer in the senior living sector. Through its portfolio of partnerships, Revera owns or operates more than 500 properties across Canada, the United States and the United Kingdom, serving more than 55,000 seniors. The company offers seniors’ apartments, independent living, assisted living, memory care and long term care. With approximately 50,000 employees dedicated to providing exceptional care and service, Revera is helping seniors live life to the fullest. Through Age is More, Revera is committed to challenging ageism, the company’s social cause of choice. Find out more at ReveraLiving.com, Facebook.com/ReveraInc or on Twitter @Revera_Inc.
About Elevation
Elevation is a specialist asset manager and investor in the UK healthcare real estate sector, with approximately £500m under management as of 31 January 2021. Elevation provides market leading competence, intelligence and asset management services to its investors with the purpose of delivering consistent risk-adjusted returns over a cycle. The Elevation team brings together a unique wealth of complimentary expertise and know-how in real estate, financing and asset management across various real estate investment structures, development and healthcare operations.
Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU). The venture has committed to its first investment with the development of two new purpose built state of the art care homes in Exeter and Didcot, in partnership with Care Concern Group, one of the industry’s most highly-regarded operators. The new homes in Exeter and Didcot are expected to be completed and open by late summer 2021 and 2022 respectively.
Charles Crowe, Head of UK Transactions at PGIM Real Estate comments, “We are very pleased to announce our investment into senior housing with Elevation. During this challenging time, the importance of high-quality senior housing has never been more apparent. As the market recognizes the demographic trends that are driving demand for senior housing, we are seeing compelling investment opportunities in this sector. PGIM Real Estate’s long standing track record of investing in senior housing in the US and UK, showcases our deep expertise and understanding of this sector and we are excited to launch this UK venture.”
Andrea Auteri, Managing Partner with Elevation, comments: “The structure of this joint venture aligns operators alongside an experienced group of investors with a strong track record in healthcare. This innovative investment partnering product allows operators to incubate freehold developments on their balance sheet whilst reducing their equity requirements, enabling efficient scaling of multiple developments at once. We are delighted to be working with PGIM Real Estate and supporting the next phase of growth for Care Concern Group, one of the most highly respected senior living integrated developer-operators in the UK market.”
Manpreet Johal, Owner and CEO of Care Concern Group, comments: “We look forward to our new venture with PGIM Real Estate and Elevation, this relationship now means that we can execute our pipeline of developments with a clear and efficient framework allowing us to proceed at a greater pace. We aspire to develop 60 homes over the next 3-5 years adding circa 4,700 beds to our portfolio, this partnership will play a significant role in our growth.”
About PGIM Real Estate
As one of the largest real estate managers in the world with US$188.5 billion in gross assets under management and administration (1), PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing (2), and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU). PFI ranks among the top 10 largest asset managers in the world (3) with US$1.5 trillion in assets under management as of 31 Dec. 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
(1) As of 31 Dec. 2020, net AUM is US$124.3 billion and AUA is US$42.8 billion.
(2) Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
(3) Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on 1 June 2020. This ranking represents global assets under management by PFI as of 31 March 2020.
PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor.
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About Elevation
Elevation is a specialist asset manager and investor in the UK healthcare real estate sector, with approximately £500m under management as of 31 January 2021. Elevation provides market leading competence, intelligence and asset management services to its investors with the purpose of delivering consistent risk-adjusted returns over a cycle. The Elevation team brings together a unique wealth of complimentary expertise and know-how in real estate, financing and asset management across various real estate investment structures, development and
healthcare operations.
About Care Concern Group
Care Concern Group (CCG) is a top 20 U.K. operator of 46 care homes with in-house development capabilities. CCG started in 1991 and has grown through acquisitions and developments into a national operator. CCG has presence across the U.K. and aims to grow its presence through further developments and acquisitions. In the last 10 years, CCG has been focusing its target on the mass-affluence market, by offering a modern purpose-built luxury care setting on an all-inclusive price basis. Each care home is individually branded, with strong emphasis on the family-owned nature of the operations.
In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Real Estate Luxembourg S.A. with registered office: 2, boulevard de la Foire, L-1528 Luxembourg. PGIM Real Estate Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Real Estate Luxembourg S.A. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive Directive 2014/65/EU (MiFID II).
Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
