John Laing acquires remaining 50% interest in UK-based retirement accommodation business
John Laing Group ("John Laing" or the “Group”) announces that it has entered into an agreement to acquire the remaining 50% interest in Brigid Investments Limited (“Brigid”), a UK-based retirement accommodation business, from Macquarie Capital (the “Transaction”).
Following completion of the Transaction, which is expected to occur later this month, John Laing will own 100% of Brigid.
Brigid invests in purpose-built, completed and let retirement living units developed in partnership with McCarthy Stone, the UK’s leading developer and manager of retirement communities. Since the Group’s initial investment in a 50% interest in Brigid in April 2021, made alongside Macquarie Capital, Brigid has performed well and is on track to deliver approximately 600 units in its first full-year of operations.
Brigid benefits from a three-year exclusive option with McCarthy Stone to acquire follow-on investments in an additional c.500 units.
Retirement living in the UK is a market with high barriers to entry and strong fundamentals, driven by undersupply and a shortage of suitable options. The UK’s aging population means the gap between demand and supply is expected to continue to widen over the coming years, with one in four of the total UK population expected to be aged over 65 by 2050. Brigid has selected and secured a high quality and geographically diverse pipeline of units to meet the growing needs of an ageing population as well as offering the increased flexibility that a rental model provides.
Ben Loomes, Chief Executive of John Laing Group, commented:
“We are pleased to have increased our interest in Brigid to 100% ownership. There is currently a structural supply shortage of retirement rental units in the UK and a growing ageing population looking for independence and a sense of community in their later years. We look forward to continuing to work with McCarthy Stone to provide additional rental housing stock to meet these needs.
John Laing has a proven track record of investing in social infrastructure, including in hospitals and student accommodation. This investment in Brigid is in-line with our strategy of investing in core infrastructure assets which are asset-backed and scalable, and which offer long-term, resilient cash flows. Brigid offers inflation-linked revenues and strong cash yield.”
About John Laing
John Laing is a leading international investor in core infrastructure projects and businesses. We are a long-term and responsible investor with a strategy focused on developing and delivering core infrastructure in OECD countries.
Our business is focused on two investment areas:
- PPP & Projects: developing and delivering PPP and other concession-based projects, as well as similar core infrastructure projects; and
- Mid-market Infrastructure: investing in low-risk mid-market infrastructure assets and businesses.
John Laing invests across the spectrum of development, under construction, and operational assets. We invest across a broad range of sectors, including transportation, energy and utilities, telecommunications and social infrastructure.
John Laing has an experienced team of investors and asset managers operating across eight offices covering the UK & Europe, North America, Australia and Colombia. Our local presence and partner relationships enables us to better originate, execute, manage, and create a positive impact for our investments.
Over its history, John Laing has invested in, and managed, over 150 assets globally. John Laing currently manages a diversified portfolio of over 30 investments with assets under management of approximately £2 billion.
In its PPP & Projects business, John Laing partners with governments, local authorities and other highly rated institutions to develop and deliver core infrastructure projects that are sustainable for the long-term and which serve the needs of local communities.
In its Mid-market Infrastructure business, John Laing invests in developing and growing core infrastructure businesses and platforms which are asset intensive and provide essential or critical infrastructure.