London, June 2016
Bank Leumi (UK) PLC provides retirement village operator Audley Retirement with development funding for their £70m new development near Bristol
Bank Leumi (UK) PLC’s Property Finance team provided retirement village developer Audley Retirement with development funding to fund a new project on the site of the former Redwood Hotel & Country Club near Bristol.
When completed, Audley Redwood will provide 106 luxury apartments and 20 cottages, a restaurant, a library and a health club, all set within a large area of landscaped parkland. The first owners are expected to move in to the village in autumn 2017.
This is the second time the Bank and Audley, one of the UK’s leading providers of luxury retirement villages, have worked together on a large financing deal following the successful development of Audley’s Chalfont Dene village, which opened this month.
Richard Martin, Relationship Manager at Bank Leumi (UK) PLC said:
“It was a pleasure to work with the team at Audley once again. They are a fantastic client working in an increasingly important sector. Britain’s over-65s possess more than £1 trillion of mortgage-free housing wealth, but more than half of them live in houses that are too large or unsuitable for their lifestyle. Many would like to move but don’t want to live in a care home or can't find suitable accommodation. That’s where companies like Audley, who build luxury accommodation specifically designed for older people, come in.”
Nick Sanderson, CEO, Audley Retirement Villages, said:
“The older population increasingly recognise the quality of life on offer in the burgeoning retirement village sector in the UK. Over 60s in the UK have record levels of housing equity to pay for this new way of living too. Already this year we have announced a new village site at Romsey in Hampshire, the new satellite site in Leamington Spa and most recently, we have just completed on a new site in Runnymede which will add 77 units to our development pipeline. Partnering with organisations such as Bank Leumi, which understand the potential of our business, is fantastic news for both parties.”
Alasdair Houghton, Head of Property Finance at Bank Leumi (UK) PLC said:
“This is the latest in a string of transactions undertaken by the Bank’s Property Finance team. The team specialises in a diverse range of residential, mixed used and commercial properties in London and the South East and has a track record funding care homes, retirement villages and student accommodation throughout the UK.”
Law firm Burges Salmon LLP and real estate advisors CBRE also advised the Bank on the Audley financing.
For more details, please contact:
Liat L Moskovich, Marketing & Public Relations Manager, Bank Leumi (UK) PLC
T: +44 (0)20 3772 1602
Teamspirit Public Relations
020 7360 7800
Notes to editors
About Bank Leumi (UK) PLC and Bank Leumi Group
Bank Leumi (UK) is a first class boutique bank offering a wide range of corporate and private banking services to both UK based and international clients
An integral part of the Bank Leumi Group founded in London in 1902, the Bank operates through its head office in London and its award winning Asset Based Lender subsidiary, Leumi ABL in Brighton
Activities include commercial finance, trade finance, with a particular expertise in financing cross border trading, commodity finance, financing Israeli related business, media finance, property finance and hotel finance
The Bank also specialises in UK and international private banking and wealth management, offering an extensive range of deposit accounts, investment services, executive residential mortgages, structured products, and foreign exchange and hedging facilities.
Bank Leumi (UK) is a subsidiary of the Leumi Group, one of Israel’s largest banking groups and a reputable global banking institution. The Group has total managed assets in excess of $311 billion and $7.4 billion in equities. Leumi operates over 250 branches across Israel, alongside offices in key financial centres worldwide. The Group offers a comprehensive range of specialised financial services.
Founded in 1991, Audley has since established itself as a pioneer in the provision of high quality retirement living. Audley owners buy their own house or apartment on a 125 year lease with access to the Audley Club and flexible care if needed.
Audley properties are in magnificent settings and the Audley Club provides country club style leisure facilities, including swimming pools, restaurants, beauty treatment rooms and fitness rooms and discreet on site domiciliary care on demand. Audley’s customers either choose to use the facilities on their doorstep or just enjoy their homes and independence. It is the range of services and care at each village which differentiates Audley from other retirement housebuilders.
The first Audley village was built fifteen years ago in Kent and today Audley owns a portfolio of twelve and manages two more across the country. In total, more than 2,000 new units will be complete within the next five years with turnover forecast to reach £100m in 2016, having grown more than tenfold between 2009 and 2015, from £4.2m to £42.9m