Trowers advises on £64.3m financing of luxury retirement complex development
Trowers & Hamlins advised Senior Living Investment Partnership (a joint venture company comprising Pension Insurance Corporation plc (“PIC”) and Octopus Real Estate and Elysian Residences, on the £64.3 million financing behind the acquisition and development of a 124-residence luxury retirement community in St Albans.
The scheme represents an investment by market-leaders Octopus, pension insurance specialist PIC, and Elysian into the rapidly growing retirement living sector. The development promises to deliver a strong social impact in constructing an integrated retirement community in a period of housing shortage. The financing is provided by Silbury Finance, which follows their recent ventures into retirement living, contributing to their £554 million financing into the sector to date.
Banking and Finance Partner, Eddie O'Hanrahan, commented:
"We are delighted to support Octopus, PIC and Elysian on another venture within the retirement-living residential sector and are proud to play a part in the development of a market-leading retirement community."
Domas Karsokas, Investment Director, Octopus Real Estate, commented:
“We are pleased to be moving forward with the development of this integrated retirement community, with the support of Trowers & Hamlins. The structure and terms of the debt provided by Silbury are well suited to this development project and will support returns to our institutional investors.”
Gavin Stein, Chief Executive Officer, Elysian Residences, commented:
“We are delighted to be progressing a new market-leading community in St Albans, with the Pension Insurance Corporation (PIC) and Octopus Real Estate. Senior Living Investment Partners is further proof of the great potential of this rapidly growing alternative residential sector.“Careful consideration of the market has revealed St Albans to be a prime location for development of a luxury retirement scheme, with strong demand anticipated from local residents aged 65+ whose choices are limited in the immediate area. As a market leader in the provision of luxury retirement developments, Elysian Residences’ will set a new standard within the St Albans market and challenge existing perceptions of retirement living.”
In addition to advising in relation to the debt financing, which included negotiation of the full suite of finance documents amidst a turbulent market, Trowers also advised on the corporate element of setting up the joint venture, as well as on the construction and real estate elements, which encompassed forming the framework to enable future development and operation of several senior living sites.
Eddie O'Hanrahan and Jon Grosvenor led the team with assistance Samer Almaz, Rob Woolliams and Rishi Sarin on banking elements whilst specialist advice on corporate was provided by Tim Nye and Claire Scanlon, construction by James Huckstep with assistance from Amy Bentall, and real estate by Lizzie Pillinger with support from Shivana Sood and Katie Evans.