UK-based real estate firm Lifestory Group subsidiary Pegasus has announced its business shift to become a developer and operator of build-to-rent (BtR) schemes exclusively for the senior citizen community, reported BTR News.
This move builds on the company’s track record for consumer demand as some of its current communities have more than 83% renters.
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Pegasus has obtained an investment loan facility from Barclays to support its growth as a fully owned BtR developer and operator.
The company’s 26 later living communities currently provide rental as a tenure. In addition, Pegasus has a pipeline of six additional development locations all over the UK that will see the delivery of approximately 300 new rental units being offered only to the senior citizen community.
Construction is slated to begin early next year.
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Pegasus CEO Steve Bangs said: “I am very excited to be leading the business through the transition to become the market-leading Build to Rent developer and operator in the seniors market.
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By GlobalData“Our move to become the market-leading build-to-rent developer and operator for seniors comes as a direct result of our customers selecting rental as their preferred option when choosing a Pegasus home.
“Renting is flexible, allowing our customers to be more agile when moving, as well as providing greater financial freedom and the ability to choose to move closer to family and friends.
“The need is clearly there, and we are responding to it.”
