PegasusLife has acquired later living housebuilder Renaissance Retirement, instantly doubling its portfolio of developments to more than 70.
With a projected turnover of £500 million by 2021, the new PegasusLife Group is set to become one of the biggest retirement developers in the country.
Howard Phillips, CEO of PegasusLife said: “The UK is still not building anywhere near the number of properties needed for our ageing population. 22 million people – a third of the UK population – are now over 50 so the demand will continue to grow.
“We set out on a mission in 2013 to transform the retirement property market with a high quality product and a transparent operating model. Adding Renaissance, a leading brand with similar values, to the Group allows us to further enhance our product offer, geographical reach as well as offer an even wider range of price points.”
Chris Goddard, Chairman of Renaissance Retirement added: ““We are very excited to be joining the PegasusLife team. The PegasusLife Group is well positioned to address the chronic shortage in quality later living Accommodation. The continued supply/demand imbalance in this sector presents a huge growth opportunity for the Group.”
Designed specifically for people over 60, the company builds homes to support wellbeing both through the physical space and through enhanced onsite services, which can range from restaurants and delis through to spas, gyms and shared social lounges. The combined GDV (gross development value) for both companies now sits at more than £1.7billion, with 19 sites currently under construction and a portfolio of 71 sites in total.
Image: Renaissance Retirement’s Romsey development