The design of the joint venture was established through Audley Group and Senior Living Investment Partners, which is itself a partnership between Pensions Insurance Corporation and Octopus Real Estate.
The 53-month loan will finance the acquisition and progression of Headley Court, a Grade II indexed asset spanning 23 acres. This will lead to the construction of 12 two-bedroom apartments in the historic building and the construction of 100 new houses and apartments. Construction is expected to be completed by 2027.
Jon Bond, a member of Withers’ debt finance team, commented: “We are very pleased to be helping Silbury with other progress finance that will help the developing retirement housing sector, which remains attractive to investors. Silbury has a proven and in-depth track record of lending to institutional spouses in this area, and we are very pleased that this transaction has enabled them to reach the milestone of having lent £750 million in less than 3 years.
Gavin Eustace, CEO of Silbury Finance, adds: “This was an important deal for us and we would like to thank the whole Withers team for advising on all aspects of the transaction; their considerable expertise with this asset class was invaluable in bringing this project to fruition. We look forward to working alongside them in 2024 as we look to accelerate our deployment of capital into this and the wider real estate sector.”
Jon headed the Withers team, working with senior associate Isobel Young-Herries. Jon and Isobel joined Withers in August 2023.
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