£90m loan secured for development of six later-living sites
Cheltenham-based residential developer Lifestory has secured two development loans totalling £90 million to be used for six later-living developments, The Business Desk has reported.
The funding from Cheyne Capital was arranged by debt and equity advisory firm Moorhall Capital on behalf of Lifestory.
The sites are located in Lichfield, Lymington, West Byfleet, Bath, Cranleigh and Wooburn Green and will range from one to three-bedroom homes.
The properties will represent a total gross development value of £160 million across the 315 homes.
Lifestory’s chief financial officer David Clark said: “With a current lack of suitable housing across the market for all life stages, we’re striving to address this shortage by prioritising the delivery of residential communities across the UK, with a strong focus on later-living homes for those seeking to downsize.”
Richard Howe of Cheyne Capital added: “Later-living is an asset class in which we have strong conviction and we are confident that Lifestory has a market leading team with the complete set of capabilities to deliver this strategy and manage our investment. Moreover, Lifestory is directly aligned with our ESG principles and we value the team’s focus on sustainability as well as their dedication to good corporate citizenship. As this asset class continues to evolve, we will be selectively reviewing new opportunities with a view to investing further capital into this sector.”
Date published: May 12, 2022