Homes England has teamed up with NatWest Group to provide a £75m development facility to Adlington Retirement Living, a specialist that designs, builds, and operates Integrated Retirement Communities (IRCs). NatWest is providing the senior debt, and Homes England the Mezzanine tranche with funding from the Levelling Up Home Building Fund.
Adlington will use the development facility to accelerate the growth of its pipeline of integrated retirement communities across the country. These specialist communities help the elderly to retain their independence for as long as possible, enabling them to choose where they want to live with the safety net of care options being readily available if they are needed in the future.
Adlington is currently set to provide 700 new homes over the next three years, with two more retirement communities due to complete in the next nine months at Wylde Green and Newcastle-under-Lyme, adding to the 18 Integrated Retirement Communities it has already delivered so far. Homes England's support will enable Adlington to continue to grow and meet the fast-growing need for specialist later living accommodation in the UK.
This is the first time Homes England has supplied Mezzanine financing to a specialist Integrated Retirement Community (IRC) developer, demonstrating our recognition of the important role IRCs play.
Paul Langdon, Head of structured real estate finance said:
We are pleased to have been able to structure this new facility alongside NatWest. This will accelerate the delivery of much needed specialist retirement homes, and support the continued growth of Adlington. Not only do Integrated Retirement Communities provide older people with a safe place to live, but they foster a sense of community and help tackle loneliness and isolation amongst older people".
