Legal & General has acquired Inspired Villages Group, which is formed out of English Care Villages, for £40 million.
English Care Villages’ management team is joining Legal & General, following the acquisition of the assets of two joint ventures between English Care Villages and Places for People.
Inspired Villages aims to create 3,000 new homes over the next five years. According to L&G’s Last Time Buyers report, there are 3.3 million last time buyers looking to rightsize in the UK. The over 65s age bracket is growing five times faster than the working age population, yet only 7,000 homes were delivered to this sector last year making it the most under-supplied area of the housing market.
With Legal & General’s long term financial backing, Inspired Villages will acquire several sites per year.
Nigel Wilson, CEO 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 £15 billion UK direct investment programme.”
Phil Bayliss, Head of Later Living at Legal & General Capital, said, “It is widely recognised that the UK is underprepared to support its ageing population.
“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 wellbeing benefits for those in later life.
“Our homes will provide our customers with an opportunity to use equity locked up in houses that are too big to manage to improve their quality of life and remain in their communities.”
Keith Cockell, Chairman of Inspired Villages, said, “There is no household in the UK that isn’t faced with the challenges of an ageing family member. With more of the population celebrating their 70th birthday than at any time in our history, we will deliver new homes and a lifestyle to enable these baby boomers to age with grace.
“By design we can create great places for people to live. Our master planning will echo the environment found in our very best communities, where everybody is connected by their proximity to one another. The people who live in and visit our villages, will make them great places for everyone.”