Retirement living property secures £5.25m private equity funding

Property investment company, Cogress has provided £5.25m in private equity to fund SME developer, Pacalis’s retirement living project in Petersfield.

Located in the South Downs, the 70-unit retirement village features apartments, terraced and detached houses. The design is centred on garden space and landscaping, and includes a club house, sports and beauty facilities.

Callum Ferguson, head of origination at Cogress, said: “The UK retirement housing market is evolving at pace, driven by under-supply and a rapidly changing demographic.

“UK retirement living has historically focused on people who require a high level of health care or are unable to live independently.

“In countries such as the US and the Netherlands, the concept of active retirement is far more established, and there is a growing need in the UK for developments that cater to the increasing number of over-65s who want to downsize to an active community.”

Pacalis specialises in producing high quality properties for downsizers aged 55-and-over.

Julia Robinson, managing director, added: “Our partnership with Cogress has enabled us to increase the scale of our operations.

“And Pacalis at Petersfield is our largest project to date. All Pacalis Properties are designed and will enable more people than ever before to live a better life, longer.”

Founded in 2014, Cogress is an exit-orientated property investment company. The innovative model provides private equity and mezzanine funding to SME developers, while simultaneously making off-market residential and commercial real estate accessible to its investors.

Tal Orly, CEO of Cogress, concluded: “We are delighted to have closed another successful deal and welcome Pacalis as our newest development partner.

“This is Cogress’s first retirement living deal and is a great representation of the fast-evolving space.

“We’re very proud to be able to support niche developers on new and novel projects, especially developments such as Petersfield which address changing market needs.”

Since its inception, Cogress has committed more than £175m in private equity to 50 UK developments, with a combined GDV in excess of £1bn.

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