Shore Capital announces supported living JV
Investment group Shore Capital has announced a new joint venture focusing on real estate opportunities in the supported living sector.
Financial Services
15,999.21
17:14 04/10/24
Shore Capital Group Ltd.
222.50p
16:55 31/10/19
The JV, Puma Social Care Investments, has secured equity commitments totalling £21m, to be contributed equally from the group alongside two family offices in the US.
Shore Capital's £7m commitment will be partly provided through the injection of £5.8m of supported living assets already held on the group's balance sheet, while the balance will be funded from group reserves.
PSCI has been established to acquire newly built or converted assets which provide residential accommodation in the form of self-contained apartments for individuals with learning disabilities, enabling them to live independently with the support of on-site care. Each site will typically have between 10 and 20 units.
David Kaye, chief executive officer of Asset Management, said: "This new joint venture continues the expansion of our asset management activities and will deploy the group's considerable real estate expertise into a sector where innovative new solutions are much needed. By committing capital to supported living assets, we will enable housing associations in the UK to lease high quality facilities and provide important local services."
At 1300 BST, the shares were up 1% to 250p.