Legal & General has acquired later living business, Renaissance Villages for around £51 million from Helical Plc. The business will be integrated into Inspired Villages Group, a later living accommodation operation, which Legal & General acquired in August.
The acquisition allows Legal & General to accelerate its later living plans by several years, both in terms of housing delivery and operational skills. Arranged over four village schemes, located in Warwickshire, West Sussex, Devon and Hampshire, the RV business comprises of around 700 homes, of which over half are already sold and occupied, with the remainder ready for sale or under construction. When combined, this brings Inspired Villages Group’s development portfolio to around 1,000 homes.
Inspired Villages Group will continue to seek to acquire several land sites per year.
Keith Cockell, chairman of Inspired Villages, said: “We want to deliver a new forward-thinking lifestyle for older people to reflect the new needs of the community. Giving older people a safe and secure home of their own and one that is fit for purpose, at the same time we will endeavour to liberate family homes for families.
“Later living communities can make a real contribution to local NHS services by helping to reduce visits to GPs and providing a safe and caring environment for older people to return home to from hospital, therefore releasing NHS beds to those with more acute needs.”