£90m loan secured for development of six later life sites

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Residential developer Lifestory has secured two development loans totaling £90m to be used on six sites in the UK.

The funding will cover sites in Lichfield, Lymington, West Byfleet, Bath, Cranleigh and Wooburn Green for further residential developments, which will range from one to three bedroom homes. The properties will represent a total GDV of £160m across the 315 homes.

Lifestory was formed in 2019 by the merger of established retirement home builders PegasusLife and Renaissance Retirement with open market housing specialist Anthology.

This has created a business with over 2,500 homes in 50 developments across the UK, worth over £1.5billion.

David Clark, Chief Financial Officer of Lifestory, said: “With a current lack of suitable homes on the market for all life stages, we are working to address this shortage by prioritizing the delivery of residential communities across the UK, with emphasis on later. residential homes for those looking to downsize”.

Cheyne Capital manages around £8bn of assets, around half of which are property investments. Funding for the company was arranged by debt and equity advisory firm Moorhall Capital on behalf of Lifestory.

Richard Howe of Cheyne Capital said: “Future Life is an asset class in which we have strong conviction and we are confident that Lifestory has a market-leading team with the full set of capabilities to implement implement this strategy and manage our investment.

“Furthermore, Lifestory is directly aligned with our ESG principles and we appreciate the team’s focus on sustainability as well as their dedication to good corporate citizenship. As this asset class continues to evolve, we will selectively examine new opportunities with a view to investing more capital in this sector.

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