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PGIM Steps Up Living Investment With Signature Senior Lifestyle Deal

PGIM Real Estate is buying a portfolio of senior residential homes around London.

PGIM Real Estate is to acquire the real estate and operations of residential homes specialist Signature Senior Lifestyle in its second major living sector purchase in recent weeks.

The deal to buy the owner, developer and operator of UK senior housing is expected to complete by the end of the year, and the acquisition was made on behalf of PGIM Real Estate’s European value-add strategy, in partnership with Elevation Advisors. 

The portfolio of 13 senior living communities consists of 10 operating properties and three consented development projects in and around Greater London.

Signature’s management team will continue to operate the homes, while the companies said they will look for opportunities to improve the environmental sustainability of the operating homes.

“This is a landmark deal for the UK senior living sector and a hugely attractive growth opportunity for us, which strengthens our European value-add portfolio,” PGIM Real Estate Managing Director Nabil Mabed said in a statement.

“Working with Elevation, we are confident we can add value to Signature on behalf of our investors,” he added. “Being one of the largest real estate investors globally, we are seeing real estate markets stabilise, and we maintain our conviction in the UK following the reset in valuations over the last two years.”

There are plans to start construction on three new developments in Greater London later this year at Surbiton, Hornchurch and Enfield, all scheduled to open in summer 2025.

In May, PGIM Real Estate acquired a purpose-built student accommodation portfolio from Unite Group. It consists of six properties totalling just fewer than 3,000 beds in Birmingham, Cardiff, Leicester, Liverpool, Nottingham and Sheffield.

Generation Partners will act as the asset and development manager for the portfolio. Its operational management arm, Now Student Living, has been retained as the property manager. 

PGIM Real Estate said that it intends to conduct a rolling refurbishment programme across the portfolio to modernise the accommodation, with the improvement also to focus on enhancing sustainability and energy efficiency.