Affordable senior housing push for Nuveen
Nuveen Real Estate has announced plans to enter the UK affordable senior housing sector.
The investment manager, on behalf of US pensions group TIAA General Account, has formed a joint venture with Preferred Homes Limited, a registered provided of affordable housing formed by UK investment manager Ashbourne Capital Partners.
The joint venture has identified three locations across the UK where there is a significant undersupply of senior housing. The venture will develop, own and manage affordable retirement living, which Nuveen said would contribute to the regeneration of town centres, as well as reducing the cost burden on local government for providing care services.
Bill Bateman, managing director for European housing strategies at Nuveen, said: “This emerging sector which offers huge scalability potential in the UK. With an increasingly ageing population and acute affordable housing shortage, Nuveen is looking to provide long-term, impact-driven investment strategies which deliver risk adjusted returns as well as creating social value.”