Retirement property developer McCarthy Stone has secured £200m in financing to expand its rental portfolio.
The finance will be provided jointly by John Laing and Macquarie Capital, and will help the UK developer expand its rental properties to “a growing aging population”.
Brigid Investments Limited, a special purpose vehicle formed by John Laing and Macquarie Capital, will finance around 250 purpose-built retirement units in the UK, worth approximately £80m.
They have also committed to backing a further 400 units worth around £120m over the next 12 months.
John Tonkiss, chief executive of McCarthy Stone, said: “Partnering with experienced and dependable infrastructure investors such as John Laing and Macquarie creates the platform to fund greater expansion of our rental offering and provides the business with a highly sustainable platform for growth. It also proves for the first time the retirement living rental proposition in the UK market.
“Similar investment vehicles were launched by the student housing market, led by Unite, the UK’s leading student housing provider, which led to a similar increase in delivery.
“Our customers have jumped at the opportunity to rent. It provides greater choice and more flexibility and allows more people to access the benefits of retirement living, which include increased companionship, peace of mind and independence in their later years.”