Capreon, the Noé Group’s real estate investment and advisory arm, has today announced its joint venture with Revere Life to develop senior living provision in the South East of England and Midlands.
As part of this partnership, Capreon will invest in the real estate and the operations, highlighting its commitment to build a platform that is sustainable in the long term and focused on service delivery. The firm has exchanged on the purchase of a site in the home counties and will initially invest £70 million as part of a targeted pipeline of £500 million.
Capreon’s research shows that the UK’s housing shortage has had a significant impact on older people – in particular, their ability to downsize into appropriate housing. When retiring, people want to be close to their family roots without having to compromise on the quality of environment or proximity to the towns and villages that they know and love.
The initial target is to acquire sites within the home counties and Midlands, with Capreon acknowledging that there is a pressing need for suitable accommodation in these areas.
Raphael Noé, founding partner at Capreon, said: “We are excited to embark on this joint venture with Revere Life. They are a highly experienced management team with a strong track record. They will strive to provide the highest quality of service and care for their customers. Not only were we impressed by the professionalism of the Revere Life team, but also that they share our interest in generating high-quality, niche developments that incorporate buildings that are true to their location. To illustrate this, at the heart of our first site is a Victorian building with local history that will be retained, giving the scheme a warm and homely feel.”
Nigel Sibley, chairman at Revere Life, added: “Capreon has placed their trust in us to create best-in-class schemes in the South East and Midlands regions. We share the same ethos and goals around exceptional service provision and are delighted to be working with the team to bring our aspirations into fruition.”
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