Private equity real estate investment firm Reuben Brothers(RB) has invested in Avery Healthcare with the formation of a 50/50 joint venture partnership with Welltower, an S&P 500 company headquartered in Toledo, Ohio.
The terms of the deal were not disclosed.
Avery Healthcare, one of the United Kingdom’s preeminent operators of assisted living and care facilities, is Welltower’s largest partner in the country.
The partnership is expected to generate significant future growth opportunities through the development of the next generation of seniors housing properties.
The acquisition of Avery Healthcare marks RB’s initial investment in the rental seniors housing and care home sector, serving as a beachhead investment in an area of strategic growth.
“We are delighted to announce this investment by Reuben Brothers which will improve our growth prospects as well as enhance resident and employee experience,” said John Strowbridge, CEO and founder of Avery. “We started our partnership with Welltower with a handful of properties in 2013. We are proud of our growth to 65 homes today and the platform we have built. Through our continued partnership with Welltower, and now joined by Reuben Brothers, the best days of this company lie ahead.”
“We are tremendously excited to announce our new partnership with Reuben Brothers and their strategic investment in the seniors housing industry through the acquisition of Avery Healthcare,” said Shankh Mitra, Welltower CEO and CIO. “Reuben Brothers share our vision and excitement for the unprecedented multi-year growth opportunity in the seniors housing sector in the UK and the US, and we look forward to working alongside their team to expand our relationship. While many investors appropriately remain on the sidelines due to a near-term focus on COVID-19, the exponential multi-decade growth of the seniors population has begun after a period of anemic population growth during the last decade. The entry of Reuben Brothers, a highly sophisticated global investor, into seniors housing, highlights the attractiveness of the opportunity that is ahead of us. We also thank John Strowbridge, our partner, for outstanding leadership so far and going forward.”
“Our investment in Avery Healthcare will be an exciting addition to our portfolio of real estate and operating companies, as we arrive at the precipice of unprecedented growth of the UK seniors population,” said David Reuben Jr. “We are thrilled to be making this investment alongside Welltower and their industry-leading data analytics platform. Together, we are well-positioned to capitalize on an array of growth opportunities as strong secular tailwinds drive exceptional demand for seniors housing in the coming decades. We are proud to be part of this platform that enhances the lives of a great number of UK seniors by providing them high-quality care and an avenue for social and cognitive interaction.”
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