Retirement living developer PegasusLife announced yesterday its acquisition of Renaissance Retirement. The acquisition will see the new PegasusLife Group doubling its portfolio of developments to over 70 to become the third largest retirement living developer in the UK.
The new group estimates a projected turnover of £500m by 2021 with over 2,500 residents across over 166 developments. The current combined GDV (gross development value) of the businesses is more than £1.7bn, with a portfolio of 71 sites and a further 19 sites under construction.
PegasusLife has some £300m backing from US private equity house Oaktree Capital Management and a £450m debt facility provided by AIG.
Howard Phillips, CEO of PegasusLife says: “The UK is still not building anywhere near the number of properties needed for our ageing population. 22 million people – a third of the UK population – are now over 50 so the demand will continue to grow.
We set out on a mission in 2013 to transform the retirement property market with a high quality product and a transparent operating model. Adding Renaissance, a leading brand with similar values, to the Group allows us to further enhance our product offer, geographical reach as well as offer an even wider range of price points.”