Northampton-based Avery Healthcare has been acquired by Reuben Brothers in a 50-50 joint venture agreement with Welltower. Avery Healthcare formed a partnership with Welltower in 2013, since when its portfolio has grown to 65 care homes.
The joint venture partnership is expected to generate significant future growth opportunities through the development of the next generation of seniors housing properties by leveraging Reuben Brothers’ investment and development acumen and Welltower’s unparalleled data analytics platform and leadership within the care home sector.
This transaction also positions Avery for superior growth to meet the demand of an aging population in the UK.
Reuben Brothers, founded by David and Simon Reuben, are highly sophisticated global investors in private equity, venture capital, infrastructure and prime real estate. Over the past decades, they have assembled a world-class portfolio of real estate through the acquisition of high-quality retail, office and leisure properties in many of the world’s most desirable markets. Reuben Brothers has also been a pioneer in alternative real estate investments through its early investment in Global Switch, a premier network dense, carrier and cloud neutral data centre business.
The acquisition of Avery Healthcare, one of the United Kingdom’s pre-eminent operators of assisted living and care facilities, marks Reuben Brothers’ initial investment in the rental seniors housing and care home sector. With high-quality assets concentrated across Greater London, the Avery portfolio will complement Reuben Brothers’ existing portfolio of existing real estate assets and prime land bank.
“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 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 anaemic population growth during the last decade. The entry of Reuben Brothers 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.”
David Reuben Jr said:
“Our investment in Avery Healthcare will be an exciting addition to our portfolio as we arrive at the precipice of unprecedented growth of the UK seniors population.
“We are thrilled to be making this investment alongside Welltower and their industry-leading data analytics platform. Together, we are well-positioned to capitalise 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.”
Find out more about Avery Healthcare.