Specialist retirement property developer, the PegasusLife Group, has secured an up-to-£525 mln (€586 mln) loan facility from New York's Oz Real Estate, to fund its expansion programme.
Oz is providing the loan in partnership with Lloyds Bank in order to refinance and consolidate the company’s existing borrowing facilities, PegasusLife said, as well as provide capital for further growth.
'This new financing is another milestone for the PegasusLife Group, which consolidates our existing facilities and frees up further capital for growth at an exciting time for the business,' said Mark Dickinson (pictured), CEO at PegasusLife.
PegasusLife Group is a UK provider of senior living properties, comprising two brands, PegasusLife and Renaissance Retirement. Its portfolio currently consists of over 50 sites across the UK in varying stages of development, in a variety of locations from coastal and market towns to central London, according to the firm.
The firm recently completed projects in Hampstead, Falmouth, Cheltenham, Harpenden and Sevenoaks, and said it was close to completion at Brockenhurst, Sandhurst, Crowthorne, Westminster and Bristol, amongst others.
'We believe the UK retirement property sector is poised to benefit from strong demographic trends as well as the greater desirability of purpose-built senior housing with modern design and conveniences,' added Oz Real Estate founder and president Steven E. Orbuch. 'We are pleased that we were able to structure a dynamic financing transaction that both incorporates its existing portfolio while providing a facility to accommodate its future growth.'
'The backing of Oz and Lloyds is a testament to the quality of the product, market opportunity and our team. We look forward to working closely with our funders to deliver the retirement accommodation that the UK population demands,' Dickinson concluded.