Property News > BlackRock Real Assets and Audley Group enter joint venture

BlackRock Real Assets and Audley Group enter joint venture

Audley Group and BlackRock Real Assets have come together to create a joint venture for the UK’s retirement living sector.

The development of retirement communities, including at least three mid-market villages within the Audley Group’s Mayfield portfolio, will be funded by the venture. Audley has been advised by Rothschild and Co on the transaction while BlackRock Real Assets has been advised by JLL. 

Audley Group’s Mayfield site at Watford will be the first village developed, and will see the creation of some 255 mid-market retirement living properties with extensive health, wellbeing, care and leisure facilities. Pre-sales have been strong and the properties will be ready for buyers to move into next summer. 

The development and the operational running of the village, including the sales and marketing of all the properties, will be managed by Audley. 

Nick Sanderson, CEO of Audley Group, said: “Today’s announcement truly is a landmark event, not just for Audley Group but for the whole retirement living sector in the UK. Partnering with a leading global investment team is a major endorsement of our model and the potential for value creation in social and financial terms that exists within the sector. 

“An ageing population coupled with a pandemic has made people question their living choices and means they are rightly demanding access to active communities, greater security and a place where they can thrive in rude health within their own homes for as long as possible. And as this demand continues, we look forward to continuing in partnership with BlackRock Real Assets to fund appropriate retirement living accommodation solutions for the UK market. Our shared focus on the long-term health of our customers, social impact and sustainability, will be central to our ongoing activity.”

Those living in the Audley and Mayfield villages will enjoy an independent and healthy lifestyle in their own homes with flexible care, wellbeing services and support when needed. Residents and those living in neighbouring communities will also have access to a swimming pool, health and wellbeing studio, restaurant, bars and bistro as well as care services provided by Care, Audley Group’s CQC registered provider.

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