PGIM Real Estate is set to acquire the real estate and operations of Signature Senior Lifestyle, a prominent owner, developer, and operator of senior housing in the UK. This acquisition is expected to finalise by the end of the first half of 2024.

The purchase was made on behalf of PGIM Real Estate’s European value-add strategy, in partnership with Elevation Advisors LLP, who helped source, structure, and manage the transaction and the portfolio. PGIM Real Estate is a major player in the global real estate market, managing assets worth approximately £165 billion, while Elevation Advisors specialise in European healthcare real estate with around £2 billion in assets under management.

Nabil Mabed, senior portfolio manager of European value-add strategy at PGIM Real Estate, remarked, “This is a landmark deal for the UK senior living sector and a hugely attractive growth opportunity for us, which strengthens our European value-add portfolio. Working with Elevation, we are confident we can add value to Signature on behalf of our investors.”

The Signature portfolio includes 13 senior living communities around Greater London, with ten operating properties and three approved development projects. Signature’s management team will continue to oversee the homes, focusing on maintaining continuity and brand growth.

Signature aims to future-proof its assets by integrating the latest technologies and standards, with the portfolio currently achieving or targeting a BREEAM New Construction rating of ‘Excellent’ or ‘Very Good’. Plans are in place to enhance the environmental sustainability of the operating homes.

Simon Webster, partner at Elevation, stated, “We carefully select operating partners who are proven to create best-in-class environments, have an excellent record in care and can evidence a positive impact on their respective local communities. We’re delighted to extend our relationship with Signature, who are recognised as one of the premier senior living brands in the UK.”

Kay Cox, CEO of Signature, added, “PGIM Real Estate and Elevation have a proven track record of supporting operators in the senior living sector. This investment is a natural next step in our lifecycle, together with the expertise to help us achieve our ambitions and enhance our brand as a market-leading senior living provider. With our amazing team and best-in-class assets combined with a strong development pipeline, we are well placed for the next stage in our growth. We are incredibly excited about what we can achieve together in the years ahead.”

Construction on three new developments in Greater London is set to begin later this year, marking an exciting phase of growth for Signature and its partners.