International Trowers & Hamlins has advised Audley Villages and UK Retirement Living Fund (‘ReLF’) on a £35.75m investment facility to support the long-term growth of a landmark retirement village in Leeds. The firm acted for the Joint venture between Audley and ReLF (the Joint Venture between Schroders Capital and Octopus Capital) on the financing secured against the award-winning Audley Scarcroft Park, in a transaction set to strengthen the Joint Venture’s financial position and support its long-term vision for premium retirement living in the region.
Set in 110 acres of Yorkshire countryside, a short distance from the centre of Leeds, Audley Scarcroft Park is described as one of the UK’s most distinctive later living communities. The village features 128 luxury cottages and apartments, arranged in and around the restored Grade II listed Scarcroft Lodge, home to a suite of wellbeing and lifestyle amenities including a private gym, swimming pool, restaurant and library.
The Trowers Banking and Finance team led negotiations on the new investment facility, ensuring the structure delivered commercial terms which aligned with the Trust’s strategic objectives. They were supported by a multi-disciplinary team with advisors from Property and Construction, undertaking extensive due diligence on the estate and advising on documentation relating to the design and construction of the retirement village.
Jack Killip, Investment Manager at Octopus Capital, commented:
“We were delighted to have collaborated again with Trowers & Hamlins on this financing. A strong existing relationship, combined with their deep sector understanding, continues to support an efficient and high‑quality execution.”
Giles Stevens, Director of Transactions and Investments at Audley Villages, added:
“This refinancing represents a positive outcome for the Audley Group, securing beneficial commercial terms that enhance the long term stability and growth potential of this exceptional village. We are pleased to have completed the transaction efficiently and in line with our strategic objectives. Trowers & Hamlins were a pleasure to work with throughout, bringing deep sector expertise and a pragmatic, solutions focused approach that helped ensure a smooth and timely execution.”
Eddie O'Hanrahan, Partner in Banking and Finance at Trowers & Hamlins, said:
“We are delighted to have supported Audley Scarcroft Unit Trust on this refinancing. The new facility secures improved commercial terms, providing the Trust with a strong platform for future growth. As demand for high quality senior living continues to rise, it is great to play a small part in helping to unlock ongoing investment in that part of the market ensuring residents benefit from exceptional facilities, services and long-term value.”
The Trowers team was led by Eddie O'Hanrahan, Ashley Slatford and Bodhi Kothari (Banking and Finance), with James Huckstep, Emma Mitchell-Cowley and Sarah Langworthy (Projects and Construction) and Lizzie Pillinger and Kyle Holling (Real Estate).
Alliance Bernstein arranged the financing, with Oxane Partners Limited acting as agent.
