Adlington gets £75m boost for retirement resi

NatWest Group and Homes England have provided the debt facility for the Congleton-based later living developer to deliver hundreds of homes across the North West, Yorkshire, and the Midlands.

Adlington Retirement Living has a current three-year pipeline of 700 homes and is actively seeking land for development. Current targets for the developer include Allerton, Altrincham, Sale, Wilmslow, Cheadle Hulme, West Kirby, Mossley Hill, Grappenhall, and Knutsford.

Adlington has developed and currently operates 17 integrated retirement communities. Earlier this year, it acquired a 1.2-acre plot in Timperley intending to build its first rental-only scheme.

Adlington chief executive Ed Gladman said the £75m development facility showed the bank and Homes England’s support for the integrated retirement community model.

“Integrated retirement communities offer the elderly a way to retain their independence for as long as possible, choosing where they want to live with the safety net of care options being readily available if they are needed in the future,” Gladman said.

“They also keep older people engaged with wider society which is key to tackling loneliness and isolation in later years. Now with the backing of Homes England and Natwest Group we can support even more older people to enjoy their retirement years to the full.”

Regarding the £75m development facility, NatWest provided the senior debt and Homes England the mezzanine tranche. Myerson Solicitors advised Adlington on the deal, while Addleshaw Goddard represented NatWest and Eversheds acted for Homes England.

NatWest has been involved in financing Adlington for more than 35 years. Andy Clarke, relationship director for real estate finance at NatWest, said the bank was “proud” of its longstanding relationship with the developer.

“At this exciting time for the company, we are delighted to be supporting their ambitious plans and significant growth aspirations as they move forward with their plans,” Clarke said.

Gladman also spoke highly of the company’s partnership with NatWest.

“Our relationship with NatWest spans over 35 years so to be able to evolve our partnership with them on a deal like this is fantastic,” Gladman said. “Their continued support, along with Homes England’s engagement will facilitate our progress towards addressing the urgent need for suitable housing for our ageing population.”