StepStone Real Estate is co-investing in a $75m (鈧�65m) US senior housing venture created by Bridge Investment Group.
Bridge said it has launched the programme to acquire, develop, and operate 鈥渘eeds-based senior housing assets鈥� in the US.
The NYSE-listed real estate investment manager said, as part of the new venture, StepStone has co-invested in an existing portfolio managed by Bridge and intends to help build the platform by co-investing in other senior housing assets identified by Bridge in the future.
Robb Chapin, CEO and co-CIO for Bridge鈥檚 seniors housing vertical business, said Bridge鈥檚 partnership with StepStone represents a 鈥渟trategic milestone as we continue to expand our needs-based seniors housing strategy鈥�.
Blake Peeper, co-CIO Bridge鈥檚 seniors business, said: 鈥淲e are excited to work together with StepStone to strategically invest in seniors housing, a sector supported by attractive market fundamentals.鈥�
John Waters, partner and head of investments for StepStone Real Estate, said: 鈥淭his programme helps StepStone fulfil its dual objectives of furthering our social mission by helping to provide housing to senior residents on a needs-basis and also to provide attractive risk-adjusted returns to our investors.
鈥淲e teamed with Bridge because we believe their vertically-integrated platform and their approach to investing, informed by their property-level operating capabilities, will position them to successfully execute this strategy.鈥�
To read the latest edition of the latest 91传媒在线 magazine click here.
