Addleshaw Goddard have advised Royal London on their entry into the Senior Living market by way of a joint venture with the UK's leading provider of luxury retirement villages, Audley Group.
Audley Wycliffe Park will become the 21st village in Audley Group’s portfolio, with an initial GDV of £80 million. This innovatively structured JV will deliver a long term sustainable inflation index linked income for Royal London and provide 156 high quality retirement properties and luxury facilities for the residents including a swimming pool, gym, spa and restaurant.
Audley Wycliffe Park will be developed by Royal London and then be operated by Audley under a 250 year leasehold structure. This deal is a first for the rapidly expanding retirement living sector and demonstrates the unique and sustainable income they generate which is highly attractive for institutional investors. Care at each village will be delivered by Audley Care, Audley’s award-winning CQC-registered care provider.
The Addleshaw Goddard team was led by Addleshaw's head of senior living, Rachel Orton, assisted by Michael Hunter, Nick Danev, Michelle Cathcart and Ellie Warren.
Rachel Orton, head of senior living at Addleshaw Goddard, said: "We are delighted to have supported Royal London on this deal, which demonstrates the importance of the senior living sector as an asset class and one that presents significant investment opportunities."