Legal & General has acquired Inspired Villages Group, formed out of English Care Villages, and specifically, the acquisition of the assets of two joint ventures between English Care Villages and Places for People, for around £40 million.
To assist in the process, Legal & General commissioned a Carterwood comprehensive older people’s housing market assessment report to provide essential due diligence.
Inspired Villages currently has two schemes, in Warwick (above) and Cheshire, comprising over 300 homes and a gross development value of around £110 million.
Phil Bayliss, head of Later Living at Legal & General Capital, comments: “Our move into the retirement housing sector is of major strategic importance. Addressing the chronic undersupply of age-specific housing in the UK, we believe our long-term capital can deliver significant housing, health and wellbeing benefits for those in later life. High quality data and analysis is key to attracting institutional capital into the retirement housing market, and Carterwood’s comprehensive market assessment report gave us the clarity we needed to complete this substantial acquisition.”
Ben Hartley, co-founder and director at Carterwood, adds: “Legal and General is a valued client and we are delighted to continue to support their investment decisions through our comprehensive market assessment reports. The acquisition of Inspired Villages is highly significant in the older people’s housing sector and reflects the market’s strengths and prosperity.”
Carterwood’s innovative older people’s housing report helped secure the company’s retention of its prestigious HealthInvestor ‘Property consultants of the year – property services’ title at the HealthInvestor Awards earlier this year.