Home / News / Industry News / Octopus Real Estate, Schroders Real Estate and Audley joint venture secures £47 million development loan for high end retirement village in Cobham

Octopus Real Estate, Schroders Real Estate and Audley joint venture secures £47 million development loan for high-end retirement village in Cobham

A joint venture between Audley Group (Audley), Schroders Real Estate and Octopus Real Estate, has completed on a GBP47 million development finance facility with Silbury Finance to fund the development of a 74-apartment Audley retirement village in Cobham, Surrey.

Alongside equity investment from Octopus Real Estate and Audley, the 26-month loan will fund the development of a retirement community in a highly sought-after location in Cobham, in the South-East. The retirement village, Audley Fairmile, will be operated by Audley and will comprise of two-bedroom apartments, along with the Audley Club, including a pool, gym, restaurant and bar bistro. Support services will be available on site and to the local community 24 hours a day through Audley Care. The investment in the retirement sector is designed to help address the undersupply of high-quality retirement housing in the UK, where demand is being driven by a growing ageing population.
 
The joint venture was formed in August 2019, to develop four best-in-class retirement villages with over 500 units in total, representing a total value of GBP400 million. The development in Cobham is the third project undertaken by the joint venture.
 
The loan represents the first underwritten by Silbury Finance in the retirement living sector. Silbury Finance is backed by Oaktree Capital Management and launched in January 2021 to provide bespoke senior development finance solutions for property professionals active in the structurally undersupplied UK residential, retirement and student accommodation sectors. 

Source: propertyfundsworld.com on 15 February (https://www.propertyfundsworld.com/2021/02/15/295891/octopus-real-estate-schroders-real-estate-and-audley-joint-venture-secures-gbp47m)