Heitman Forms JV to Develop Senior Housing Projects in London

The joint venture between Signature Senior Lifestyle and an affiliate of Heitman will acquire and develop three to four sites that will house premium, private pay senior living schemes comprised of independent, assisted and dementia care apartment home units.

Heitman LLC headquarters in Chicago. (Photo: Kendall/Heaton Associates)

CHICAGO—Global real estate investment firm Heitman LLC, which is headquartered here, reports that it has formed a joint venture with UK-based Signature Senior Lifestyle to develop, own and operate senior living communities across Greater London.

This is the second joint venture between Heitman and Signature. The first venture was formed in 2011 and developed, owned, and operated four premium senior care properties across southeastern U.K.

Heitman has since sold its interests in the first senior living joint venture, generating gross returns of approximately 20%.

“We are delighted to announce our second joint venture with Signature and look forward to delivering premium senior housing schemes across greater London.,” says Tony Smedley, managing director and head of European Private Equity. “This joint venture is an extension of our strategy to invest with skilled, like-minded partners in a market segment which evidences significant long-term growth potential.

“We are focused on tactical asset allocation and investment strategies that will benefit from drivers that are less sensitive to both economic and market volatility together with those that are supported by long-term structural fundamentals,” Smedley adds. “The development of senior living schemes positions our portfolios to capture long-term growth while also providing defensive characteristics.”

Heitman has $43 billion in assets under management. The firm’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors.