PGIM Real Estate acquires Signature Senior Lifestyle

PGIM Real Estate is set to acquire Signature Senior Lifestyle and its 13 assets within the senior living portfolio.

Signature at Surbiton - one of the assets in the portfolio that PGIM Real Estate is acquiring. The scheme is currently under construction and due to complete in Summer 2025 | BTR News
Signature at Surbiton - one of the assets in the portfolio that PGIM Real Estate is acquiring. The scheme is currently under construction and due to complete in Summer 2025.

Real estate manager PGIM Real Estate has announced that it is acquiring the real estate and operations of owner, developer and operator of senior housing in the UK – Signature Senior Lifestyle. The transaction is expected to close by the end of H1 2024, when PGIM Real Estate will acquire the Signature brand and its portfolio.

The acquisition is subject to finalisation and was made on behalf of PGIM Real Estate’s European value-add strategy, in partnership with Elevation Advisors LLP to source, structure and execute the transaction and asset manage the portfolio.

“This is a landmark deal for the UK senior living sector and a hugely attractive growth opportunity for us, which strengthens our European value-add portfolio. Working with Elevation, we are confident we can add value to Signature on behalf of our investors.

“Being one of the largest real estate investors globally, we are seeing real estate markets stabilise, and we maintain our conviction in the UK following the reset in valuations over the last two years.”  

Nabil Mabed, Senior Portfolio Manager – European value-add strategy, PGIM Real Estate

The Signature portfolio consists of 13 senior living communities, comprising ten operating schemes and three consented developments in and around Greater London. Signature’s management team will continue to operate the homes with a focus on continuity and brand growth.

As a priority, Signature will focus on ensuring all assets are future-proofed through the integration of the latest technologies and standards, with the portfolio currently achieving or targeting a BREEAM New Construction rating of ‘Excellent’ or ‘Very Good’.

“PGIM Real Estate and Elevation have a proven track record of supporting operators in the senior living sector. This investment is a natural next step in our lifecycle, together with the expertise to help us achieve our ambitions and enhance our brand as a market-leading senior living provider.

“With our amazing team and best-in-class assets combined with a strong development pipeline, we are well placed for the next stage in our growth. We are incredibly excited about what we can achieve together in the years ahead.”

Kay Cox, CEO, Signature

A strategy to implement identified opportunities that will further improve the sustainability of the homes has been identified and will be rolled out across the portfolio.

“We carefully select operating partners who are proven to create best-in-class environments, have an excellent record in care and can evidence a positive impact on their respective local communities.

“We are delighted to extend our relationship with Signature, who are recognised as one of the premier senior living brands in the UK and are looking forward to growing the brand. Plans are underway to start construction on three new developments in the Greater London area later this year.

“We are also excited to expand our partnership with PGIM Real Estate and draw from their wealth of institutional and sector expertise to grow the Signature footprint.”

Simon Webster, Partner, Elevation

PGIM Real Estate is the US$210bn real estate investment business of PGIM. Elevation is a specialist investment manager in the European healthcare real estate sector with approximately £2bn of assets under management.