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Silbury Finance has completed a £47 million development finance facility to a joint venture between Audley Group (“Audley”), the UK luxury retirement village provider, Schroders Real Estate and Octopus Real Estate, the UK specialist real estate lender and investor, to fund the development of a 74-apartment Audley retirement village in Cobham, Surrey.

Alongside equity investment from Octopus Real Estate and Audley, the 26-month loan will fund the development of a retirement community in a highly sought-after location in Cobham, in the South-East. The retirement village, Audley Fairmile, will be operated by Audley and will comprise of two-bedroom apartments, along with the Audley Club, including a pool, gym, restaurant and bar bistro. Support services will be available on site and to the local community 24 hours a day through Audley Care. The investment in the retirement sector is designed to help address the undersupply of high-quality retirement housing in the UK, where demand is being driven by a growing ageing population.

Gavin Eustace, Founding Partner of Silbury Finance, commented: “This is a landmark transaction for Silbury as we target £500 million of lending this year, in a sector where we have significant experience financing schemes. The UK retirement living space is one of our high conviction calls due to its nascency and the associated reluctance of more traditional lenders and debt funds to underwrite mid-size development loans for experienced developers. We look forward to working alongside two highly credible counterparties in Audley and Octopus Real Estate to deliver this scheme, which we hope marks the start of a long-term relationship.”

Audley - Cobham

South East

£47m Debt

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