£50m loan provided to support retirement living portfolio acquisition
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OakNorth Bank has provided a £50m loan to Brigid Investments to support the acquisition of a UK retirement living rental portfolio.
The capital from OakNorth Bank will support the acquisition of approximately 250 newly built and fully occupied rental retirement properties operated by McCarthy Stone.
The units, which are spread across the UK, are split into two types – Retirement Living: apartments designed specifically for over 60s with facilities such as communal lounges and guest suites that support companionship, and Retirement Living PLUS: apartments designed for over 70s that offer extra facilities, such as restaurants, on-site flexible care, and support packages to assist those who need additional help.
The facility will also provide Brigid Investments with the opportunity to develop a scalable platform moving forward, in partnership with McCarthy Stone, resulting in a commitment to finance a further 400 rental retirement units over the next 12 months.
Richard Williams, chief executive of Brigid Investments, said: “Retirement living is a market with high barriers to entry and strong fundamentals, underpinned by an ageing population and constrained supply.
Damien Hughes, senior director of property finance at OakNorth Bank, added: “Richard has over 20 years of real estate, property and later living experience, following his roles as regional managing director with McCarthy Stone and as chief executive of Rangeford Retirement Living & Care.
“With the UK retirement living market significantly undersupplied compared to other developed countries, and the demand supply imbalance expected to deepen in the medium term, it’s vital that lenders support projects of this type in the short, medium and long-term.”
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