PGIM Real Estate is acquiring the real estate and operations of Signature Senior Lifestyle which develops and operates senior housing in the UK.
Signature’s portfolio comprises 13 senior living communities, including 10 operating properties and three consented development projects in and around Greater London. Signature’s established management team will continue to operate the homes.
The acquisition, in partnership with Elevation Advisors, is being made on behalf of PGIM Real Estate’s European value-add strategy and the deal is expected to close by the end of H1, 2024.
Elevation is a specialist investment manager in the European healthcare real estate sector with approximately £2 billion of assets under management.
“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,” said Nabil Mabed, senior portfolio manager of European value-add strategy at PGIM Real Estate. “Working with Elevation, we are confident we can add value to Signature on behalf of our investors.”
He added that PGIM is seeing real estate markets stabilise and that the company maintains its conviction to the UK following value reset of the last two years.
Signature will prioritise future-proofing assets by using the latest technologies and standards and the portfolio is currently achieving or targeting BREEAM New Construction ratings of Excellent or Very Good.
Author: Paul Strohm