PGIM Real Estate has recently publicised its acquisition of Signature Senior Lifestyle, a prominent proprietor, developer, and operator of senior housing in the UK. The agreement, encompassing the real estate and operations of the company, is expected to be finalised by the conclusion of the year.
The Signature Senior Lifestyle portfolio consists of 13 senior living communities, comprising 10 operating properties and three sanctioned development projects situated in and around Greater London. Post-acquisition, the existing management team at Signature will persist in supervising the operations of the homes.
This strategic acquisition was facilitated through a collaboration with investment manager Elevation Advisors, which played a pivotal role in sourcing, structuring, and executing the transaction, as well as delivering asset management services for the portfolio.
Nabil Mabed, senior portfolio manager of European value-add strategy at PGIM Real Estate, conveyed his excitement for the deal, articulating, “This is a momentous deal for the UK senior living sector and a highly appealing growth opportunity for us, which fortifies our European value-add portfolio. As one of the largest real estate investors globally, we are observing real estate markets stabilise, and we uphold our conviction in the UK following the reset in valuations over the past two years.”
Simon Webster, partner at Elevation, accentuated the meticulous selection of operating partners who possess a proven track record in delivering exceptional care services and effecting a positive influence on their local communities. He also unveiled plans for future expansion, encompassing the commencement of construction on three new developments in the Greater London area later this year.
Kay Cox, chief executive of Signature, recognised the support and expertise that PGIM Real Estate and Elevation contribute to the conversation, accentuating the constructive impact that this investment will have on the company’s growth and development. She expressed, “This investment is a natural subsequent step in our life cycle, in conjunction with the expertise to aid us in realising our aspirations and refining our brand as a market-leading senior living provider. With our outstanding team and best-in-class assets combined with a strong development pipeline, we are well positioned for the next phase in our growth.”
As the real estate industry continues to evolve, partnerships such as this one between PGIM Real Estate, Elevation, and Signature Senior Lifestyle are illustrative of the ongoing growth and development within the senior living sector. It also underscores the confidence of major investors in the long-term potential of the UK real estate market.
The future looks bright for Signature Senior Lifestyle, as the company prepares to embark on a new phase of expansion and development under the guidance and support of its new partners.