Venture Projects has advised Tristan Capital Partners on its first acquisition with Elysian Residences for a new £150m development in Hampstead, London.

The acquisition, through Tristan’s EPISO 5 fund, marks its debut in the UK luxury later living sector as it looks to grow its portfolio in the London market as part of a £500m strategy.

The Tristan fund is teaming up with Elysian Residences Ltd to deliver the new development, which will be monitored by Venture Projects.

Richard Cooper, Partner, Venture, Workman’s Project Management team, said: “We are excited to work with Tristan Capital Partners as their EPISO 5 fund pushes into the luxury later living sector – a market which is experiencing uplift as the population ages. One in four people in the UK will be aged over 65 by 2037, so new homes with intelligent, future-proof design and lifestyle at their core will increasingly be in high demand.”

Elysian Residences is an investor, developer, and operator dedicated exclusively to the luxury later living sector. The company already operates two schemes in the UK; The Landsby in Stanmore and Wildernesse in Sevenoaks, with a further three developments under construction, and five projects in the planning pipeline. The development in Hampstead will offer a range of apartments available for purchase, with extensive hotel style amenities and support if needed. Elysian Residences will act as the developer, operator, and operating partner with build completion expected in 2024.

Kristian Smyth, Executive Director at Tristan Capital Partners, said: “We’ve seen a distinct shift in what people are looking for from their property as they age. The ‘hotelisation’ of the sector is driving a stronger focus on the provision of high-quality amenities that support a different lifestyle for a new generation of over 65’s. The supply demand dynamics of the sector, especially in London, represent an attractive investment proposition and having executed our first deal we are actively assessing further opportunities with Elysian Residences as part of our £500 million later living strategy. We look forward to working in partnership with Elysian Residences, an established, best-in-class, luxury later living specialist to deliver high-quality age-appropriate housing.”

Gavin Stein, Founder and CEO at Elysian Residences, said: “Elysian Residences is delighted to enter into this investment partnership with EPISO 5, a fund managed by Tristan Capital Partners, for our Hampstead retirement development. As part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK, we are actively looking for new sites and investment opportunities, to undertake with Tristan Capital Partners.” 

Tristan Capital Partners was advised by BCLP, CBRE, PWC and Workman’s Venture Projects. Elysian Residences was advised by Slaughter & May and Forsters.