OakNorth Bank has provided a £50 million loan to Brigid Investments, an investment vehicle former by John Laing and Macquarie Capital, to support the acquisition of around 250 rental retirement properties.
The properties are operated by McCarthy Stone, a developer and manager of retirement living communities across the UK.
The debt facility provided by OakNorth Bank will enable Brigid Investments, in partnership with McCarthy Stone, to develop a platform that will include a further 400 retirement units within the next 12 months.
Richard Williams, chief executive, Brigid Investments, said: “Retirement living is a market with high barriers to entry and strong fundamentals, underpinned by an ageing population and constrained supply.
“We were delighted to work with Damien and the team at OakNorth Bank, whose understanding of the retirement living sector was impressive. They structured a flexible and attractive facility that will have a significant impact on our future growth ambitions.”
Damien Hughes, senior director of property finance, OakNorth Bank, added: “With the UK retirement living market significantly undersupplied compared to other developed countries, and the demand-supply imbalance expected to deepen in the medium term, it’s vital that lenders support projects of this type in the short, medium and long term.”
Date published: June 17, 2021