Audley Group, a UK-based provider of luxury retirement villages, has inked its first deal outside the UK, signing a new joint venture agreement with Danish pension company, PFA.
Financial details were not disclosed.
The agreement introduces the group’s retirement living concept to the Danish market, by funding the development of ten retirement communities with up to 250 apartments in each.
In keeping with Audley’s UK villages, each of the newly created retirement communities in Denmark will offer owners access to central facilities, including restaurants, wellbeing centres, library facilities and hobby rooms, as well as an onsite domiciliary care function.
The partnership plans to focus on the growing demand for luxury retirement living options within Greater Copenhagen and Aarhus. The Danish villages will have their own brand identity which is currently in development.
Nick Sanderson, founder and chief executive, Audley Group, said: 'We have extensive experience of both developing and operating retirement villages throughout the UK.
Today’s 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.'
Michael Bruhn, executive property director, 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.'
Active in the later living retirement market for over 20 years, Audley Group has 20 villages throughout the UK in its portfolio. PFA is a significant investor in the Moorfield Audley real estate fund, which acquired Audley in late 2015. Michael Bruhn, head of real estate at PFA, is a non-executive director sitting on Audley’s board.