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L&G enters the retirement sector with £40m purchase

The institutional investor Legal and General (L&G) has entered the retirement housing sector, aiming to build 3,000 new homes for over-65s in the next five years.

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L&G enters the retirement sector with £40m purchase

L&G has bought the Inspired Villages partnership, a joint venture between Places for People and specialist care village operator English Care Villages, for £40m.

Inspired Villages already has two schemes in Warwick and Cheshire, comprising 300 homes for over-65s. L&G, which recently published a report finding that there are 3.3 million would-be ‘last-time buyers’ in the UK, intends to become a leading housing operator for retired people.

Nigel Wilson, chief executive of Legal & General, said: “Despite the fact that the UK is a great place to invest, 30 years of chronic underinvestment have led to poor productivity, inadequate real wage growth, market failures and low economic growth. Later living is a classic example of underinvestment; it has now been added to Legal & General’s £15bn UK direct investment programme.”


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Phil Bayliss, head of senior living at Legal & General Capital, added: “It is widely recognised that the UK is underprepared to support its ageing population. More than three million over-65s are looking to downsize and only 7,000 housing with care properties are being built each year.

“The UK suffers from a chronic undersupply of age-specific housing as well as spiralling health and social care spend. We believe our long-term capital can deliver significant housing, health and well-being benefits for those in later life.”

L&G already invests in care homes across the country, but this is its first investment in houses for retirees.

Jamie Bunce, managing director of Inspired Villages, said: “With Legal & General’s investment in Inspired Villages we will create communities across the whole of the UK where people want to live. We will reinforce the family ethos with support and services provided as required.

“An Inspired Village is more than just bricks and mortar – we are creating positive environments where people can remain socially engaged, comfortable, safe and secure while they enjoy later life.”

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