Home Care Homes Elevation Development Partners: Elevation and PGIM Real Estate complete sale of market-leading new build care home in Oxfordshire

Elevation Development Partners: Elevation and PGIM Real Estate complete sale of market-leading new build care home in Oxfordshire

by Kirsty Kirsty

Elevation Advisors LLP (“Elevation”) is pleased to announce that Elevation Development Partners (“EDP”), a real estate fund advised by Elevation, in partnership with PGIM Real Estate and prime elderly care operator Care Concern Group (“CCG”), has completed the development and sale of a new-build, luxury care home in Didcot (Oxfordshire) to a European asset manager.

Valerian Court Care Home comprises 70 en-suite wetroom bedrooms and is located on a highly visible site on a gateway road close to Didcot (Oxfordshire) town centre and railway station.  The home, which opened in December 2022, offers 24-hour comprehensive care in a next generation future-proofed real estate environment with facilities including cinema, hairdressers and rooftop garden.  The home has been developed with green travel in mind incorporating EV charging points and cycle storage.

The new home was built as part of the joint venture partnership between Elevation, PGIM Real Estate and CCG.  PGIM Real Estate partnered with Elevation to source and structure investments with quality developer-operators, and to provide ongoing asset and development management services.

Elevation and PGIM Real Estate have so far committed to six new purpose-built state-of-the-art care homes, in partnership with CCG, one of the industry’s most highly-regarded developer-operators.  Valerian Court in Didcot is the first of these developments to open its doors with the others to follow over the coming year.  Following the sale by Elevation and PGIM Real Estate, CCG will continue operating the asset in partnership with the European asset manager.

Charles Crowe, Head of UK Transactions at PGIM Real Estate said: “During this challenging time, the importance of high-quality senior housing has never been more apparent.  Long-term demographic trends in the U.K. are strongly favourable, with increasing demand from a rapidly-ageing population.  We are delighted to have successfully completed this development and sale alongside Elevation and CCG.”

Andrea Auteri, Managing Partner at Elevation said: “We are thrilled to see the realisation of our first project in our investment joint venture with PGIM Real Estate and CCG, which is providing modern, high-quality care environments to an undersupplied market.  This innovative investment partnering product allows operators to incubate freehold developments on their balance sheet to retain development upside while reducing their equity requirements, enabling efficient scaling of multiple developments at once.  The sale of this first care home is a vote of confidence in the UK healthcare real estate market and shows the value in quality accommodation for investors, as well as residents, staff and the local community.  We are looking forward to the continued success and impact of this joint venture.”

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