L&G enters retirement living market

Legal & General has entered the retirement living sector with plans to build 3,000 new homes over the next five years through a new company called Inspired Villages Group.

Inspired Villages is formed out of English Care Villages whose management team is joining L&G following the acquisition of two joint ventures between English Care Villages and Places for People for around £40m.

The business will acquire several sites a year across the UK and develop houses with prices starting from £250,000. It currently has two schemes, in Warwick and Cheshire, comprising over 300 homes with a GDV of around £110m.

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Jamie Bunce, chief executive of Inspired Villages, said:  “With Legal & General’s investment in Inspired Villages we will create communities across the whole of the UK where people want to live. We will reinforce the family ethos with support and services provided as required. An Inspired Village is more than just bricks and mortar, we are creating positive environments where people can remain socially engaged, comfortable, safe and secure while they enjoy later life.”

Nigel Wilson, chief executive of Legal & General, added:  “Despite the fact that the UK is a great place to invest, thirty years of chronic underinvestment have led to poor productivity, inadequate real wage growth, market failures and low economic growth. Later living is a classic example of underinvestment; it has now been added to Legal & General’s £15bn UK direct investment programme.”

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