London, Jan. 25 2021 – Heitman LLC (Heitman), a global real estate investment management firm, today announced that its joint venture with Signature Senior Lifestyle (Signature) and Revera Inc. (Revera) to develop, own, and operate senior living communities across Greater London has completed a further acquisition and commenced construction (Project Highgate). Project Highgate will be a senior living community located on London’s prestigious Bishops Avenue. This is Heitman’s second joint venture partnership with Signature and marks the third property that the current venture has acquired. All three sites are currently under construction with scheduled delivery dates in late 2022. Heitman’s joint venture with Signature and Revera was executed on behalf of an affiliate of the firm.
The site of Project Highgate is approximately 1.7 acres and will house, upon construction completion, a 7,500-square meter, 96-unit prime senior living community. Approximately 25 per cent of units will be developed to house specialized dementia units, while additional units will be adaptable for dementia use depending on demand. Additional features include private underground parking, exclusive penthouse apartment homes, communal areas including a club bar and gardening area, specialized space for sensory experiences, and top-end finishes throughout the residences. The property will also feature a more sustainable energy provision and reduced carbon emissions.
“Underpinned by strong secular trends and continued market undersupply, the construction of Highgate evidences our continued conviction in UK and European senior housing,” said Tony Smedley, Heitman Head of European Private Equity. “We are keenly focused on continuing to build a value-oriented European portfolio of real estate in both traditional and non-traditional property types, particularly those which deliver an improvement to society and the environment. Over the past several economic cycles, we’ve seen the importance of complementing traditional real estate portfolios with alternative asset types with income streams less tied to broader economic conditions that provide greater resilience during times of volatility.”