August 9, 2018 Finance

Retirement Living Development secures £5.25m in Private Equity Funding

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Award-winning property investment company Cogress have provided £5.25million in private equity to fund SME developer Pacalis’s retirement living project in Petersfield.
“The UK retirement housing market is evolving at pace, driven by undersupply and a rapidly changing demographic,” explains Callum Ferguson, Head of Origination at Cogress. “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, Australia 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 and retain ownership.”
The Petersfield development is one such example. Nestled in the South Downs, the 70-unit retirement village features apartments, terraced and detached houses. The design is heavily centred on garden space and landscaping, and includes a club house, sports and beauty facilities, cafe and bar, library, guest suite and excellent transport links.
Niche developer Pacalis specialises in producing high quality properties for downsizers aged over 55. “Our partnership with Cogress has enabled us to increase the scale of our operations,” says Julia Robinson MD. “Pacalis at Petersfield is our largest project to date. All Pacalis Properties are uniquely 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 community of qualified investors.
Tal Orly, CEO of Cogress, says: “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 £175million in private equity to 50 UK developments, with a combined GDV in excess of £1billion .

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