PGIM Real Estate, a prominent real estate manager, has recently declared its acquisition of the real estate and operations of Signature Senior Lifestyle, a notable owner, developer, and operator of senior housing in the UK. This acquisition, executed on behalf of PGIM Real Estate’s European value-add strategy, is in collaboration with Elevation Advisors LLP to originate, structure, and execute the transaction and asset manage the portfolio. The transaction is anticipated to be completed by the end of the first half of 2024, signifying a noteworthy milestone for both entities.
Nabil Mabed, Senior Portfolio Manager of the European value-add strategy at PGIM Real Estate, conveyed his excitement for the acquisition, stating that it presents an appealing growth opportunity while fortifying the company’s European value-add portfolio. He underscored the confidence they have in adding value to Signature on behalf of their investors, accentuating the stability of real estate markets and their continued conviction in the UK despite recent valuation adjustments.
Subsequent to the acquisition, Signature’s portfolio, comprising 13 senior living communities in and around Greater London, will be under the ownership and management of PGIM Real Estate. The company’s management team will persist in operating the homes with an emphasis on continuity and brand growth, ensuring that all assets are future-proofed through the integration of the latest technologies and standards. This encompasses achieving or targeting a BREEAM New Construction rating of ‘Excellent’ or ‘Very Good’.
Kay Cox, CEO of Signature, conveyed her enthusiasm regarding the partnership with PGIM Real Estate and Elevation, stating that it represents a natural progression for the company, offering the expertise to help them achieve their aspirations and enhance their brand as a leading senior living provider. She also spotlighted the company’s robust development pipeline and their readiness for the next stage of growth.
In addition to the acquisition, plans are in progress to commence construction on three new developments in the Greater London area later this year, reinforcing the company’s commitment to expanding its footprint in the senior living sector. This aligns with PGIM Real Estate and Elevation’s objective to support operators in the senior living sector and grow the Signature brand, drawing from their wealth of institutional and sector expertise.
Simon Webster, Partner at Elevation, echoed this sentiment, expressing delight at extending their relationship with Signature and expanding their partnership with PGIM Real Estate. He emphasized the companies’ shared vision of creating best-in-class environments, delivering excellent care, and making a positive impact on local communities, underscoring their commitment to further growing the Signature brand.
The acquisition of Signature Senior Lifestyle marks a significant development in the UK senior living sector, reflecting a strategic move by PGIM Real Estate and Elevation to strengthen their presence in the industry. With a focus on enhancing the quality of care, leveraging the latest technologies, and expanding their portfolio, this acquisition establishes the foundation for a new chapter of growth and innovation in the senior living market.