UK: Adlington Retirement Living has secured a £75 million debt facility from NatWest Group and Homes England.
The Cheshire-based later living developer will use the funding to deliver hundreds of homes across the north-west, Yorkshire and the Midlands.
Adlington Retirement Living has a three-year pipeline of 700 homes and is actively seeking land for development. Target locations include Allerton, Altrincham, Sale, Wilmslow, Cheadle Hulme, West Kirby, Mossley Hill, Grappenhall, and Knutsford.
Adlington has developed and currently operates 17 integrated retirement communities. Earlier this year, it acquired a 1.2-acre plot in Timperley intending to build its first rental-only scheme.
Adlington chief executive Ed Gladman said the new facility showed the bank and Homes England’s support for the integrated retirement community model.
“Integrated retirement communities offer the elderly a way to retain their independence for as long as possible, choosing where they want to live with the safety net of care options being readily available if they are needed in the future,” he said.
“They also keep older people engaged with wider society which is key to tackling loneliness and isolation in later years. Now with the backing of Homes England and Natwest Group we can support even more older people to enjoy their retirement years to the full.”
NatWest provided the senior debt and Homes England the mezzanine tranche. Myerson Solicitors advised Adlington on the deal, while Addleshaw Goddard represented NatWest and Eversheds acted for Homes England.
NatWest has been involved in financing Adlington for more than 35 years. Andy Clarke, relationship director for real estate finance at NatWest, said: “At this exciting time for the company, we are delighted to be supporting their ambitious plans and significant growth aspirations as they move forward with their plans,” Clarke said.
