Senior living developer Auriens seeks £700m funding partner

Senior living developer Auriens has completed the acquisition of its last site in its luxury London portfolio and appointed agents to secure a funding partner to deliver the schemes. It has acquired the John Nash Grade I listed York Terrace East, NW1, comprising 70 flats, which will be its fourth and final development. The Goldman Sachs-backed developer has appointed Cushman & Wakefield to secure a funding partner to provide £700m in equity for the builds. Auriens founder Johnny Sandelson said: “After four years, we have completed our Regent’s Park acquisition. We were piecing together a complicated portfolio and can now go to the market.” Sandelson said the developer has already secured seed finance from an Asian family office which holds a minority stake in the £2bn portfolio. It has since been approached by a number of sovereign wealth funds. Cushman & Wakefield has a mandate to secure a single capital partner, and Sandelson has a particular interest in North American finance, seeking a partner with a keen understanding of the senior housing market. Auriens now owns four sites with around 400 flats at various stages of development. Its first scheme at Dovehouse Gardens in Chelsea, SW3, comprises 55 apartments, with restaurants, a hydrotherapy pool and a private members club, which is expected to complete next year. The portfolio includes two additional sites at Lodge Road in St John’s Wood, and Heythrop College’s King’s Gardens. Sandelson said: “Affluent elderly people live in many parts of London. Our demographic analysis shows us there is no shortage of demand in Chelsea, Kensington, St John’s Wood and Regent’s Park.” However, he said the four sites have sated Sandelson’s appetite. He added: “That’s enough, my plate will be full. If I was able to deliver these four sites in central London and operate them well, I would be satisfied.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette