A joint venture that intends to invest up to £1B in the UK senior living market has formed a new partnership to build as many as four sites and 600 new units across the country.

Senior Living Investment Partners has formed a partnership with Audley, the senior living specialist owned by real estate private equity firm Moorfield, which counts Danish pension fund PFA among its other backers.

SLIP is a joint venture between pension fund manager Pension Insurance Corp. and real estate lender and investor Octopus Real Estate. It has £200M of equity to invest in UK senior living that can be leveraged to build up to 2,000 units with an end value of £1B.

The new partnership will build up to four retirement communities with as many as 600 units, the first of which will be a 112-apartment scheme at Headley Court in Surrey.

Audley is among the companies speaking at Bisnow’s London Later Living: Meeting Residents' Desires event on 19 September alongside other industry heavyweights, including Inspired Villages and Birchgrove. Senior representatives from the UK government will also be at the event. To attend, sign up here.

The Audley Village at Headley Court will safeguard the future of a Grade II-listed historic mansion house and restore the landscaped grounds, which will be made available for the local community for the first time in its history, per a release. The retirement community will include the Audley Club, a health and wellbeing experience for those in the local area aged 55 and above, as well as a restaurant.

The multisite JV will build villages under both the Audley and Mayfield brands. Mayfield, also part of the Audley Group, designs villages aimed at bringing quality retirement living to a wider audience and giving people more choice over how and where they live as they age.

The new partnership comes against a backdrop of undersupply and increasing demand, driven by a growing aging population.