Audley expands outside UK with Danish deal
Retirement village developer Audley Group has signed a new joint venture agreement with Danish pension company PFA to bring the group’s retirement living concept to the Danish market – its first venture outside of the UK.
The JV will fund the development of 10 retirement communities with up to 250 later living apartments in each.
Audley said the partnership reflected the growing demand for luxury retirement living options in Greater Copenhagen and Aarhus, where there is a high density of over-60-year-olds with suitable disposable income.
Retirement village developer Audley Group has signed a new joint venture agreement with Danish pension company PFA to bring the group’s retirement living concept to the Danish market – its first venture outside of the UK.
The JV will fund the development of 10 retirement communities with up to 250 later living apartments in each.
Audley said the partnership reflected the growing demand for luxury retirement living options in Greater Copenhagen and Aarhus, where there is a high density of over-60-year-olds with suitable disposable income.
The Danish villages will have their own brand, which is currently in development.
Audley founder and chief executive Nick Sanderson said: “We have extensive experience of both developing and operating retirement villages throughout the UK. This new joint venture structure allows us to effectively export our existing model that we have honed over the past two decades in the UK and capitalise on key growth areas in Europe.
“PFA has been a strong and supportive partner of Audley and is well aware of the potential of this model. In line with the rest of Europe, Denmark’s ageing population provides the ideal opportunity for Audley and PFA to combine their extensive knowledge of the later living market.”
Michael Bruhn, executive property director at PFA, added: “Over-65s is the fastest growing section of the Danish population, and their wishes and needs in terms of housing are changing rapidly. Our market analysis points to a strong demand for retirement villages in the Danish market. In the future, this new type of housing could serve the needs of those looking to downsize from the traditional family home to their retirement home. We believe this is a market with very interesting perspectives.”
PFA is a significant investor in the Moorfield Audley Real Estate Fund, which acquired Audley in late 2015. Bruhn is a non-executive director on Audley’s board.
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