Heitman forms London senior living JV with Signature

Heitman, the Chicago-headquartered real estate investment management firm, is doubling down on senior living communities in the UK by forming a second joint venture with partner, Signature Senior Lifestyle.

This is a follow-up to a 2011 JV between the two parties to develop, own, and operate senior living communities which ended successfully as Heitman made returns of around 20% when it sold its stake. Together they developed, owned, and operated four premium senior care properties across southeastern UK.

The new venture is targeting Greater London and is looking to invest in three to four sites for premium, private pay schemes of independent, assisted, and dementia care apartment home units.

‘This joint venture is an extension of our strategy to invest with skilled, like-minded partners in a market segment which evidences significant long-term growth potential,’ said Europe head, Tony Smedley.

He added, ‘We are focused on tactical asset allocation and investment strategies that will benefit from drivers that are less sensitive to both economic and market volatility together with those that are supported by long-term structural fundamentals. The development of senior living schemes positions our portfolios to capture long-term growth while also providing defensive characteristics.’

Heitman is in the middle of a refocussing led by Smedley, who joined the firm in 2018 from Schroders. Gordon Black, who led European efforts for 17 years during which time the firm was particularly active in the CEE region, is transitioning to a different role.

Heitman was established in 1966 and had around $43 bn (€38 bn) of assets under management and more than 320 employees with offices in the US, Europe, and Asia.

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