LONDON-Chicago-based Heitman has partnered with Signature Senior Lifestyle Ltd., a local firm, to develop, own and operate three senior care communities here and in the southeast United Kingdom area. The projected development cost for the planned projects is $120 million.
The joint venture is Heitman’s first property investment in the United Kingdom. Signature has more experience, with 30 facilities in communities such as Kent, Sheffield, Leicester, Surrey and Essex.
The venture has already purchased a site in Marlow, in the county of Buckinghamshire, and construction there will begin in the third quarter 2012. Negotiations are ongoing for the other two sites, according to a Heitman statement. Each property will include senior care homes, about 75-95 units each, and dedicated dementia care units.
Gordon Black, senior managing director of Heitman’s European private real estate equity group, said in the statement that Signature is the ideal partner for this activity. “As one of the more defensive real estate asset classes, senior care communities are an appealing property sector with which Heitman is very familiar and in which we have successfully invested in the past,” Black said. “UK demographics suggest the sector is poised for impressive growth, but key to our investment strategy is partnering with experienced operators.”
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