As with most major cities in the UK, rental prices are rising. But now, the company wants to ease this pressure and strengthen the rental market simultaneously. Abrdn & John Lewis Come to £500 Million Agreement to Build 1000 New Rental Homes. Abrdn, a management company managing and development arm of Retirement Villages Group, has agreed with John Lewis to build nearly 1000 new rental homes. A part of the deal will also see ABRdn manage the existing 9000 rental homes owned by John Lewis and its associated companies. This will be in addition to the 2000 replacement properties that Abrdn has already committed to creating. More details are available on Instagram
Another UK sustainable real estate investment platform, Regal Homes, is a partner in this process. This company was initially formed in 2007 with backing from John Lewis and used its knowledge of operations, asset management, and financial planning to construct these affordable homes.
- What is retirement housing?
Retirement housing is a type of investment fund made up of cottage dwellings or houses designed for the elderly, which are now often known as “retirement homes.” These investments initially aimed to provide affordable homes for older people. They are also meant to provide a long-term financial return on investment by generating rental income and charging affordable rents.
- Abrdn & John Lewis Come to £500 Million Agreement to Build 1000 New Rental Homes.
To begin building these homes, Abrdn & John Lewis have signed a five-year agreement with the UK’s largest department store chain, John Lewis. Under this deal, the company will provide the capital needed for the construction and management of existing properties and new units built on top of them. It covers England and Wales and will see about 900 housing units completed. The agreement states that 400 of these will be rental homes previously managed by Abrdn & John Lewis. ABRdn will maintain these homes for as long as they are in service.
Abrdn & John Lewis Come to £500 Million Agreement to Build 1000 New Rental Homes. These affordable rental homes, built by Abrdn & John Lewis, will provide a fresh new source of income for the retirement home builder and its associated companies.