AXA Investment Managers – Real Assets, a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe has announced that it has completed, on behalf of a club deal of investors, the acquisition of Retirement Villages Group Ltd, the UK’s leading retirement village developer and manager.
The acquisition of RVG provides AXA IM Alts – Real Assets with ownership, on behalf of its clients, of the company’s portfolio of 14 retirement village properties, comprising a total of 1,274 purpose-built independent living units and402 care beds, primarily located in the South East and South West of the UK, together with a development pipeline including extensions to existing assets and a number of new village sites. The established Retirement Villages brand will be retained and operated autonomously to continue its smooth operation, while the care element of the portfolio will be operated by HC-One Limited, a leading provider of health and social care, under new 25-year leases.
Andrew Ovey, Head of Healthcare at AXA IM Alts – Real Assets, commented:
“Having built up a deep understanding of the intricacies of healthcare real estate we are very pleased to be able to add this significant UK holding to our European healthcare portfolio. RVG has proven its leadership in the sector and has secured a pipeline of extensions and new sites that offer significant scope for further penetration of an undersupplied market providing long-term stable cash flows, for the benefit of clients.”