Elevation Development Partners, a real estate fund advised by Elevation, in partnership with PGIM Real Estate and elderly care operator Care Concern Group (CCG), has completed the development and sale of a new-build luxury care home in Didcot, Oxfordshire, to a European asset manager.

Valerian Court Care Home comprises 70 en suite wetroom bedrooms and offers 24-hour comprehensive care with facilities including a cinema, hairdressers and rooftop garden. It also has electric vehicle charging points and cycle storage.

PGIM Real Estate partnered with Elevation to source and structure investments with developer-operators, and to provide ongoing asset and development management services.

Elevation and PGIM Real Estate have so far committed to six new purpose-built care homes, in partnership with CCG. 

Charles Crowe, head of UK transactions at PGIM Real Estate said: “During this challenging time, the importance of high-quality senior housing has never been more apparent. Long-term demographic trends in the UK are strongly favourable, with increasing demand from a rapidly ageing population.”

Andrea Auteri, managing partner at Elevation commented: “We are thrilled to see the realisation of our first project in our investment joint venture with PGIM Real Estate and CCG, which is providing modern, high-quality care environments to an undersupplied market. This innovative investment partnering product allows operators to incubate freehold developments on their balance sheet to retain development upside while reducing their equity requirements, enabling efficient scaling of multiple developments at once.  The sale of this first care home is a vote of confidence in the UK healthcare real estate market and shows the value in quality accommodation for investors, as well as residents, staff and the local community.”