Audley secures £170m investment to continue growth
Following a prosperous 2015 Audley has been acquired for £158 million by a newly created Fund called Moorfield Audley Real Estate Fund (MAREF). The Fund was created especially for the purpose of buying Audley and is backed by many who were previously investors through the Moorfield Fund which owned Audley. The intention is to create a structure with a longer life to allow Audley to continue to grow in a more secure and long term ownership arrangement. The investors, which include major European and American institutions, are committed to seeing Audley through its next phase of growth. A total of £170m has been raised, which will fund both the existing growth programme and support the acquisition and development of new Audley retirement village sites. The investment is expected to enable us to double our size over the next five years.
We have seen significant growth in recent years and based on our pipeline and forward sales we’re aiming to continue this momentum.
Nick Sanderson, CEO, Audley said, “Moorfield and a number of its global institutional investors are recognising retirement living in the UK as a growth market, principally as a result of the significant shortage of retirement housing and because demand is now vastly outstripping supply. Market penetration is less than 1% in the UK, compared with 17% in the USA, and 13% in Australia and New Zealand
Against this backdrop, Audley’s strong brand and expertise is well placed to provide the products and services that our customers demand, and this new capital enables us to accelerate and deliver our plans. We can now significantly increase the number retirement properties we develop and manage, supported by unrivalled facilities and care services.”