PGIM Real Estate has entered into a joint venture with Signature Senior Lifestyle (Signature), a subsidiary of Revera, a Canadian company providing accommodation and care services to the elderly, to develop and operate a portfolio of prime senior housing in and around the Greater London and South East areas of the UK.
The venture has committed to its first investment in a prime care home in Southwest London.
“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,” Charles Crowe, head of UK transactions at PGIM Real Estate, said.