Audley Group, a UK provider of retirement villages, and BlackRock Real Assets, have formed a joint venture (JV) in a landmark deal that marks the investment group’s entry into the retirement living sector in the UK.

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

The first village in the JV, Audley Group’s Mayfield site at Watford, will create 255 mid-market retirement living properties with extensive health, wellbeing, care and leisure facilities. The project is well-advanced with strong pre-sales and will be ready for occupation in the summer of 2022.

With its significant sector experience, scale and heritage Audley will manage the development and the operational running of the village, including the sales and marketing of all the properties.

Read more/Source: Property Funds World