Amy France speaks to Property Week about the Older People’s Housing Taskforce report
28 November 2024
News
The long-awaited report from the Older People’s Housing Taskforce has called for a new national strategy for an ageing population, including revisions to the National Planning Policy Framework to strengthen the need for older people’s housing.
Property Week has reported on the new strategy where many industry professionals have also shared their views.
Our Head of Later Living, Amy France, said: “With suitable housing for older people being critically low in the UK, we welcome the recommendations from the Taskforce which outline tangible actions that will boost the delivery of homes, rather than simply reiterate the scale of the issue.
“The Taskforce has not forgotten to provide for those who wish to remain and potentially be cared for in existing homes – still the greatest preference amongst older people – with references to the need to think holistically about social care, housing and the NHS. By building up community and primary health services, the aim is to keep patients healthy and out of hospital, with care provided in the home which should provide a massive boost to quality of life and health outcomes, not to mention lowering the burden on the NHS.”
This full article was published on 26 November 2024 and can be read here.
Amy France tells EG about the diversification of the later living sector
5 November 2024
News
After a lacklustre year so far, we are finally seeing some positive movements in the later living sector. The exciting part is that many of the new developments demonstrate the diversification of the industry in terms of ownership models and affordability, both of which have been anticipated for some time.
Although the primary focus on the Older People’s Housing Taskforce has been to explore ways to increase the provision of homes to meet a high level of projected demand, we are also anticipating in-depth guidance on how the sector should adapt to meet the increasingly sophisticated nature of those consumer demands. In practice, this means a much greater choice of tenures across a much wider variety of locations.
We might still wait with bated breath for the outcomes of the task force, however there are signs that the sector is already rising to the diversification challenge, fuelled by a gradual increase in investment.
Affordable options
A recent example is New York-based private investor Meadow Partners’ partnership with shared ownership specialist Affordable Housing & Healthcare Group to build a £500m senior living shared ownership portfolio. AHH is an affordable housing-focused provider with a footprint in the South West which has a unique shared ownership model, in that it typically sells off 50% of its retirement living developments and rents the other half to occupiers. In a similar move, albeit on a smaller scale, Vistry Group has recently agreed a £19m deal with Anchor to build 77 affordable homes in the East Midlands.
It is not just affordable housing that is spreading beyond its usual parameters. We are also seeing retirement villages, most commonly found in London and the South East, gaining ground elsewhere in the UK. In this regard, Adlington Retirement Living stands out, having recently announced plans to build a 96-home community in Leicester, to add to its 18 independent retirement communities created since 2008 across the North West, Yorkshire, Wales, Bedfordshire and the Midlands.
The level of amenity is an area that can be adjusted by developers to deliver more affordable options, with some developments scaling back to one multi-purpose community room to accommodate social activities. Mid-market solutions might, for example, forgo an on site restaurant, particularly in town centre locations, where there is less need.
This trend will continue as economic conditions improve and developers become more ambitious in terms of scale. Shared facilities between a higher number of homes reduces operating costs and consumer prices. There is also hope that the new government, with its emphasis on housing delivery, might finally reduce some of the current strain on senior living developments caused by the planning system and serve to boost numbers.
Catalyst for action
Another key shift is a growing provision of rental housing for older people. This is happening for a plethora of reasons that deliver multiple benefits to consumers, providers and the general health of the housing market. These include greater flexibility over the timing of the sale of the family home, quicker access to services and care, no maintenance worries, no exit fees and no long resale periods.
So far, Birchgrove is the only dedicated developer building retirement homes solely for rent. But with such a huge and growing demand, others are likely to follow. Birchgrove itself is exploring different formats. For example, in conjunction with Hybr, the developer has launched an intergenerational living scheme in north London which will see students, key workers and retirees living alongside one another.
As the sector races to address the deficit of housing for older people, it is pleasing to see that, at the same time, careful thought is going into meeting the needs of a diverse range of people. The eventual publication of the findings of the task force should act as a further catalyst for action, with backing from the UK’s new pro-housing and development government.
It would be great to see Labour’s planned new towns becoming a template for delivering the right balance of the different types of senior housing into a single location. Certainly, the older generation deserve to have their varied needs met just as much as other demographics, such as first-time buyers and families, which have been the priority for so long. Let’s hope that this new focus on diversification continues at pace.
This article was published in EG on 26 October 2024.
Victoria Du Croz and Amy France share how housing need is an age-old issue with Property Week
2 August 2024
Views
The government must factor older people’s accommodation needs into its plans to boost housing supply.
It has been refreshing to see planning policy at the forefront of the new Labour government’s initial announcements. Many in the industry have welcomed the approach being taken by the government and we certainly need ambitious growth plans for housing delivery if we are to redress the under delivery of the past decade. However, we also need a nuanced approach to ensure a range of housing is delivered to meet the needs of all members of society, and the delivery of specialist housing for older people in particular needs to be addressed.
A recent JLL report indicates that there will be a shortage of up to 46,000 later-living homes in the next five years. The challenges facing the sector include competition from mainstream housebuilders for sites; the impact of inflation on build costs and viability; and the planning system, which continues to stymie development.
A review of appeal decisions for later-living development indicates that establishing the ‘need’ for these facilities takes up a huge amount of time at the planning committee stage and subsequently at appeal. The difficulties are in part due to the range of care models available, which often leads to planning applications for developments where the residents will have specific care requirements.
However, need assessments carried out by local authorities often use data from the Care Quality Commission based on the number of registered beds available (ie, the maximum number permitted, which may be more than the actual number provided) and apply that to their duty of care to provide support to all those over the age of 65.
The data available is often not directly applicable to the proposed development, so assumptions and extrapolations need to be made. Further clarity is urgently needed to help local planning authorities formulate local plan policies that meet the needs of the communities in their administrative area.
The National Planning Policy Framework (NPPF) requires local planning authorities to plan for housing to meet the needs of older people, with the 2023 NPPF changes expanding that definition to reference “retirement housing, housing with care and care homes”. However, this does not encompass the wide range of available models, such as integrated retirement communities, sheltered housing, extra care/assisted living and older persons shared ownership.
Simplistic use classes
The current Use Classes Order is too simplistic, with residential accommodation either failing within class C3 (dwelling houses) or class C2 (residential institutions). Many later-living developments will look to cater for residents with a range of care needs and with the flexibility to meet their changing needs in the future. The ability to provide for a range of care options within a facility without needing planning permissions or without rendering the whole facility sui generis would be welcomed.
The later-living sector continues to wait with bated breath for the findings of the Older People’s Housing Taskforce, which was set up to look at options for the provision of greater choice, quality and security of housing for older people. The taskforce’s objectives were to examine how to increase supply and improve housing options for people in later life, as well as to explore how to overcome obstacles to this goal. The taskforce submitted its report to the previous government on 22 May 2024. However, the general election was called before any action could be taken.
It is hoped that the new Labour government will pick up the taskforce’s report swiftly and look to implement its recommendations as a priority. Those in the sector will be looking out for proposed changes that will bring more clarity to the planning system, so that specialist schemes for older people’s housing are not inadvertently being disadvantaged at the planning stage for the reasons set out above.
Given that Labour has made it clear it aims to build 1.5 million new homes within the first five years of taking office, it would also be welcomed if the government could set out an ambitious target for the proportion of this housing that will be set aside for the specialist later-living accommodation.
There is much to be optimistic out of government in these early days of the new parliament. We can only hope that these announcements result in concrete proposals and policies that can effect change sooner rather than later, particularly for the later-living sector.
This article was released In Property Week on 01 August 2024 and can also be read behind the paywall here.
Amy France speaks to CoStar on how investors are finally waking up to the potential of care homes
29 May 2024
Views
Published as one of CoStar’s expert opinions, Amy France discussed the big supply-demand imbalance the private sector can plug and how investors are finally seeing the potential in care homes.
The gaping supply-demand imbalance for care homes has now reached acute levels, yet delivery has been slow and investors have been reticent in making serious moves into the asset class. However, numerous factors and a succession of significant deals indicate that in the first quarter 2024, sector activity is picking up and looks set for a period of sustained growth.
According to the Office for National Statistics, the proportion of the population over 85 years old in the UK is forecast to more than double over the next three decades, from 2.5% in 2021 to 5.2% in 2051. Research from Knight Frank has found that by 2035 there will be a shortfall of 58,000 beds across the later living sector and that by 2050 an additional 350,000 older people will potentially need a care bed, which indicates an even greater acceleration in the demand for more beds.
Read the full article published on 29 May 2024 on CoStar’s website here.
Next steps to supporting later living’s golden age – Amy France writes for EG
12 September 2023
Views
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for EG on the growth of the later living sector and how, despite this, there are several issues in need of government and industry attention in order to maintain the momentum.
Having attended the annual ARCO later living conference, France writes of how the panellists, one of whom was Housing Minister, Rachel Maclean, “set out the key issues that will shape the sector in the year ahead, including upcoming recommendations from the Older People’s Housing Taskforce.”
Lifting the fog
Despite the recommendations of the Older People’s Housing Taskforce not due until May 2024, chair Julienne Meyer provided some early insight with France pleased to hear that planning reforms will be a priority, in addition to measures that will boost the appeal of later living options to consumers.
France writes how the Taskforce must also look to clarify the use of event and deferred management fees, “which are the payments made upon certain events, such as the sale of a unit.” Providing this clarity will undoubtedly help increase consumer confidence in the sector.
France believes that the Taskforce should build on the Law Commission’s 2017 recommendations in respect of event fees, which were confirmed for implementation at the time but have still not yet reached the statute books. “Event/deferred management fees should not be eliminated but restructured. If applied ethically, innovative charging models can deliver advantages to developers, operators and consumers alike, not least in boosting the viability and pace of new developments.
“From a consumer perspective, the sector needs to look at affordability and offering different tenure models and a range of price points. This is particularly evident in the case of integrated retirement communities, where consumers have the choice to either rent or buy a unit in a development, and balance event fees against other types of payment options during their period of ownership. ARCO emphasised the need to educate potential occupants about the options available to them, which should also serve to increase consumer trust in the later living sector.”
OK, boomers
France believes that the sector should adopted ARCO’s proposed “leasehold plus” model, which aims to make leasehold ownership of later living units more flexible for occupiers, as well as boost consumer interest in such schemes by offering more protections.
France supports the advocacy for a new, bespoke use class for later living and the removal of CIL charges to make them more viable.
She concludes by writing: “The great news is that growth is not just reliant on interventions. As pointed out by Bobby Duffy, professor of public policy at King’s College London, baby boomers, with their relatively high levels of wealth, are only just coming to the age when they are more likely to move into later living residences. Their arrival into this age bracket will create the demand needed to significantly boost supply for the next 15-20 years, signalling that a “golden age” for the later living sector is on the horizon.”
This article was originally published byEG on 6 September 2023 and can be readhere in full.
The challenge faced by the Older People’s Housing Taskforce – Amy France writes for Property Week
11 July 2023
Views
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for Property Week on how the Older People’s Housing Taskforce will fare in tackling one of the UK’s biggest challenges: How can suitable housing options be provided for later life?
France notes that “Housing has always been intrinsically linked to life chances, and this is no different in later life. Housing that provides the right kind of support and adequate care, if required, can help people live well for longer.”
France writes how a lack of suitable later living options has had a significant impact on the NHS, resulting in a bottleneck whereby patients who no longer need treatment cannot be discharged as they don’t have a home which is suitable to be discharged to. As a result, in January 2023 “more than 19 in 20 beds were occupied across adult general and acute hospital wards, and more than 14,000 of these beds were taken up by patients who no longer required hospital care.”
With the Taskforce’s recommendations due in 12 months, the key message will be around the delivery of new homes, with France asking: “How else will the taskforce meet one of its central aims – providing older people with access to the right homes in the right places?”
This will be a significant challenge when viewed against the government’s scrapping of mandatory housing targets and the prediction of net additional homes each year dropping to 140,000. France writes that local authorities must commit to ensuring a certain proportion of these homes are suitable for older people.
The government has also proposed an increase in planning fees, which has industry support provided that it does actually result in a swifter approval of planning applications. “At the current pace, though, applications and the homes they propose to deliver will take months to materialise, while our population continues to age and our NHS and care system continue to buckle under the pressure.”
France concludes by writing: “Older people don’t want to have to move miles away from their existing home so that they can access retirement communities or sheltered housing. In later life, people want to have the option of moving to a more suitable type of accommodation close to their existing home – the only way that we can ensure this is possible is to support the development of later-living schemes all over the country, and in all different sorts of settings.
“The taskforce needs to take a truly holistic view of the solutions, and cross-department working will be essential in delivering these solutions. Let’s hope that this once-in-a-generation opportunity for meaningful and significant change in delivering housing for older people is seized and much positive change emerges from it.”
This article was originally published by Property Week on 6 July 2023 and can be read here in full (behind their paywall).
The year of the great care home revival – Amy France writes for CoStar
6 June 2023
Views
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for CoStar on how 2023 is seeing a return to full health for the care home sector, following a period of dramatic drop-off in terms of occupancy rates during the pandemic.
France explains that there are several positive factors that have seen the sector return to pre-pandemic occupancy levels (84.3%, Knight Frank 2022). The first reason is that of the significant growth in our ageing population, with the number of over-65s set to reach 17 million by 2040. “The research suggests that the number of older people’s housing units constructed per year to meet this demand will need to rise from 7,000 to 50,000.”
Beyond the need for more units, there is also a need for better quality units; near to 80,000 have been removed from the sector over the last decade due to them being below standard. “Although some of these have been replaced, overall the number of care home beds in the UK are 5,000 less than five years ago.”
“This growing lack of suitable housing for our ageing population represents an opportunity for investors to improve the lives of older generations, generate both social and financial value, and in turn satisfy the social element of ESG metrics. For example, our client Octopus Real Estate recently became a signatory of the Operating Principles for Impact Management, a global standard for managing investments for impact.”
Long-term resilience is also evident within the sector, with an increased demographic demand and fee rises despite a cost-of-living crisis due to the fact that “the older generation [are] generally wealthier, with more money to spend on better quality care homes.”
France highlights how care homes have consistently produced higher returns than other sectors and so asks: “what are we going to see in terms of delivery as the year unfolds?” She describes seeing a sector that “is emboldened by the significance of government and regulatory support in both the short and the long-term.”
France predicts that the incoming announcement of the Older People’s Housing Taskforce and the proposed updates to the National Planning Policy Framework (coupled with market fundamentals) “should see institutional money continue to flood into the sector.” Further to this, she adds, care home investment has also become popular with foreign investors, particularly when they are fully managed and deliver regular income.
“This is a great opportunity for the real estate sector to improve the lives of older people, achieve stable returns and deliver this much-needed aspect of our community infrastructure.”
This article was originally published by CoStar on 23 May 2023 and can be read here in full (behind their paywall).
Taking Care: Europe’s (sometimes) controversial later living market – Amy France speaks to Institutional Real Estate, Inc.
2 May 2023
Views
Commercial Real Estate Partner and Head of Later Living, Amy France, is quoted in Institutional Real Estate, Inc.’s latest piece on Europe’s later living market, which looks at how private capital is sometimes prevented from entering the sector, and how more uniform regulation could reassure investors.
The article describes how “care homes and senior living, such as retirement villages with medical and hotel-style facilities, are proving popular with investors across Europe.” While there is a clear reasoning for such investment trends, when understood alongside Europe’s ageing, affluent demographic, there are still several challenges which need of tackling.
One such challenge is fragmentation within the sector, on which France comments: “This is a story of two halves, concerning regulation and planning. In the UK, care home regulation is in a good place compared to other types of retirement living, but many believe that increased government guidance on leasehold structure and deferred management fees, for example, would help the sector grow, providing consumers with more reassurance. And planning remains an issue, with consented sites in short supply.”
This article was originally published in the May 2023, Vol. 7, No. 5, edition of Institutional Real Estate, Inc. and is available here behind their paywall.
To celebrate International Women’s Day (IWD) 2023, Forsters is delighted to be releasing a series of Q&As with some of our partners and employees who go above and beyond to champion equity across our business.
We hope they will provide an insight into what drives those individuals who are really pushing the equity agenda forward.
Amy France is a Partner in our Commercial Real Estate team and Joint Head of EDI at Forsters. Amy shares her journey into law, balancing working and parenting and her thoughts on steps we can take to achieve greater equity in the workplace. Read more about Amy below:
1. Tell us a bit about yourself.
I’m a Partner in the Commercial Real Estate team at Forsters. I began my career at Forsters as a trainee back in 2008 and was promoted to Partner last year. Since then, I have been co-lead on EDI matters at the firm, alongside Charlie Mieville.
2. How does this year’s theme of Embrace Equity resonate with you?
Being a lawyer, I have a keen sense of justice and the concepts of fairness and impartiality are integral to this. There’s more that we can all do, though, to ensure that we are promoting equity in all areas of our lives, and particularly in the workplace. Which is why I think Embrace Equity is a great theme for this year’s IWD.
3. Have you ever experienced being treated inequitably in your career? If so, how did you move forward from it?
In all honesty, I can’t say that I’ve ever felt that I’ve been treated inequitably, however one part of my career which I found difficult was the period around going on maternity leave and then returning to work. Somewhat naively I hadn’t really thought about the impact that having a family would have on my career path. Inevitably, though, taking months away from the workplace on maternity leave and returning to my career on a part-time basis had an impact on my role and what I could achieve. I had to find my peace with the fact that career progression was just going to take me a little longer. I firmly believe, though, that life is a marathon and not a sprint.
4. Tell us about your most inspiring female role models (whether at Forsters, clients, or beyond).
At Forsters we are inundated with inspiring female role models – in fact there are too many to mention! Smita Edwards, our former senior partner, has always been an inspiration to me – we’ve worked together since I was a trainee and her support and belief in me has been invaluable. Natasha Rees and Emily Exton, our current Senior Partner and Managing Partner, are also wonderful examples of women being at the very top of the business and bringing their own personal styles to the role. And finally my mum is my most constant inspiring female role model – as a single parent she ploughed everything into ensuring her children had the best base on which to thrive in their adult lives, both personally and professionally.
5. What has been the highlight of your career?
Being made a Partner at Forsters last year has to be my career highlight. It was the culmination of many years of hard work and commitment, and I was incredibly proud to have achieved what had always been a dream when I started my career in law.
6. What has been your biggest career challenge(s)?
After I left university, I worked in politics for a few years and making the transition into law was my first career challenge. Applying for training contracts was the first time I’d experienced that kind of demanding and competitive recruitment process. I learned a lot from that and the various setbacks I had to overcome to secure a training contract. As I mentioned earlier, I think the other big career challenge for me has been having a family and how to juggle that with work.
7. What is the best advice you have been given?
“Be nice to everyone”- and “good enough is ok” – you don’t have to always strive for perfection.
8. What message would you send to young women today?
Believe in yourself and put yourself forward. I think women have a natural tendency to be self-deprecating, but we need to find our inner self-confidence and not hold ourselves back.
9. What do you think are the most effective steps men can take to help achieve gender equity in the workplace?
At Forsters we have lots of men who have taken or are in the process of taking parental leave, and we have lots of committed fathers who want to ensure that they take an active role in parenting their children. This is a brilliant way of achieving gender equity in the workplace – when men and women are seen as equal parents and the same societal expectations are placed on them, this breaks down the inequality which can arise between men and women where women traditionally have taken the larger share of this burden.
10. Have you seen progress in the area of gender equity, and equity generally, over the course of your career?
Possibly I’ve just ended up in very gender equal organisations and companies, but I feel like even back when I started out in my career the fact that I was a woman would never have held me back. In terms of equity generally, I think we are seeing some real progress but there’s still work to be done. In the legal profession I think we can find that certain groups are not so well represented. As co- lead on EDI I am trying to ensure that here at Forsters we work on ensuring that we are attracting as diverse a workforce as possible, and once here we work hard to retain that diversity by engendering an open, inclusive and respectful workplace.
11. In what areas do you feel there is work to be done?
I think there is work to be done in terms of racial diversity within our workforce and also social mobility. I also think there is work to be done in relation to ensuring those with disabilities have the same opportunities as those without disabilities. In general, I think we should all be working towards being more curious about others, and therefore more attuned to what makes us different but also what binds us together as members of the human race. Approaching everyone with kindness and respect also goes a long way.
To celebrate International Women’s Day (IWD) 2023, Forsters is delighted to be releasing a series of Q&As with some of our partners and employees who go above and beyond to champion equity across our business.
We hope they will provide an insight into what drives those individuals who are really pushing the equity agenda forward.
Our first Q&A in the series is with Maxine Hinds, our IT Service Desk Manager. Maxine shares her experience of working in a male dominated industry as a woman and how she has overcome inequity in the workplace:
1. Tell us a bit about yourself.
I am a mother of three and grandmother of six. I love to cook and see people happy when eating the dishes I’ve made. I can be adventurous; I have abseiled off London buildings, climbed Mount Toubkal in Morocco, Nordic ice fishing and husky sledging. I have even been a contestant on a TV cooking show, needless to say I didn’t win as I’m answering this question. I’m a good listener. I love going to the theatre and to concerts; the London O2 is my spiritual home and I need private box now! I’m always smiling.
2. How does this year’s theme of Embrace Equity resonate with you?
It resonates because if we all work together, we can make a positive change, embrace each other and see each other as one. Out of many – One People
3. Have you ever experienced being treated inequitably in your career? If so, how did you move forward from it?
A male manager told me to listen to him, because practically he knew best, and my opinion and experience didn’t matter to him. I knew what I knew, and that the proof would be by showing him what I knew and how my experience has helped me to achieve where I am today. I decided not to shout and throw the toys out of the pram because that wasn’t going to change his view with words, and by retaliating I would be seen as the aggressor and not him.
4. Tell us about your most inspiring female role models (whether at Forsters, clients, or beyond).
Maya Angelou and my grandmother both faced a life of adversity, racism, and prejudice but they never gave up achieving their goals and taught others that they too can do it!
5. What has been the highlight of your career?
During my management career winning an industry award along with my team for the services we offered to the business. It is nice to be recognised for the work you do to support others.
6. What is the best advice you have been given?
Do the best you can until you know better, and then when you know better do better!
7. What message would you send to young women today?
To never give up, always look within, do better, be better. Treat everyone with respect and integrity. Many have come before you to pave the way so don’t waste the opportunities now given to you – you’ve got this.
8. What do you think are the most effective steps men can take to help achieve gender equity in the workplace?
Listen, understand, empathise and if something isn’t right call it out, speak up. Just because that’s how it has always been, if it is wrong break the cycle, be a leader.
9. Have you seen progress in gender equity, and equity generally, over the course of your career?
Yes, IT is a very male dominated environment. Heads of, or CIO are mainly men but of late, women are breaking through the glass ceiling and they too are now leaders and sometimes of teams consisting of only men, especially the Technical Manager roles in the industry. In my first management role, I had a team of 15 men and as people moved on within the team or left, we noticed more applications from females and the team dynamics started to change. More women are working within the IT industry across all roles.
10. What is your biggest hope for the future in the field of gender equity?
We all work together to make the change. Everyone can play their part and work together to embrace inclusion, unity, and harmony.
11. What benefits do you feel working at a firm with a gender balanced partnership?
That everyone can succeed. You have inspiration, you will see yourself in others, and can succeed.
12. Do you think of embracing equity at work, and pushing forward the equity agenda, falls equally on both genders? If not, what impact do you think this has on women?
Yes, it falls to both genders to make it work, to share and teach others. Be a leader. Everyone must be working together to achieve the same goal.
The later living sector needs a boost – Amy France speaks to Property Week
20 January 2023
Views
Commercial Real Estate Partner and Head of Later Living, Amy France, has spoken to Property Week about the International Longevity Centre’s research into Later Living and how this can trigger progress by tackling issues that have held back growth and innovation in the sector.
With the number of over-65s set to reach 17 million by 2040, the research suggests that the number of older people’s housing units constructed per year will need to rise from 7,000 to 50,000.
A considerable boost in production is therefore necessary and France outlines several steps that can be taken to facilitate this. She specifically mentions sector-specific legislation, local authority targets and widespread planning exceptions as methods to increase clarity, accountability and viability of developments. She also references flexible tenure options, such as shared ownership agreements and stamp duty land tax removals.
France says: “There is no lack of good ideas for how we can get the sector motoring. We need the public and private sectors to work together to escalate delivery. This means putting some meaningful incentives in place for later-living development to thrive.”
This article was first published in Property Week on 19 January 2023 and is available to read in full here, behind their paywall.
Will ground rent legislation deliver positive change in later living? – Amy France writes for EG
10 August 2022
Views
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for EG, considering how the later living sector may now be viewing the Leasehold Reform (Ground Rent) Act 2022, as an opportunity to deliver positive change.
The article, which was first published on 8 August 2022 on the EG website, is available to read in full here (behind the EG paywall).
This one-day event will bring together key players across the industry, as well as top-level speakers who have been hand-picked to inform, inspire and engage audiences on the big issues of the Later Living sector, which have been accelerated by the impacts of Covid-19, changing lifestyles and consumer demands.
Currently, almost 12 million people are aged 65 and above, and it is predicted that by 2072 this figure will have risen to close to 21 million. The ageing population will present challenges and opportunities, shaping both development and investment decisions. The conference will centre around discussions on the new realities of investment in the Later Living market, what the future might hold for the industry, and the potential role that new technologies and innovation might play in that future.
Forsters, the leading London real estate and private client law firm, announces today that it has promoted six Senior Associates to Partner and four to Counsel. This is the single largest round of promotions that the firm has recorded in in its 24-year history. Forsters now has 66 partners and 420 other members of staff.
Emily Exton, Managing Partner at Forsters, commented: “We have promoted 10 talented lawyers from across our practice areas, reflecting the fantastic talent pool we have at Forsters and the strength of the firm’s business. Each of these exceptional individuals has already established a strong market profile and has a track record of providing technically excellent advice to our growing client base while also contributing to our positive working culture. I look forward to working with them as they continue to develop in their new roles.”
James Brockhurst, new Partner in our Private Client team, commented: “Forsters is an extremely powerful player in my sector, private wealth, so I am delighted to be joining the partnership. I will be working with clients and intermediaries in the offshore market, and especially look forward to promoting our business in the Middle East. Alongside this, I will continue to work on a deep level in the cryptoassets space, as that industry grows rapidly.”
Jade Capper, new Partner in our Commercial Real Estate team, commented: “I am delighted to have been promoted to Partner during my 10th year at Forsters. Having trained at Forsters, I am excited to be embarking on this new role at the firm and to continue working with our brilliant Commercial Real Estate team and fantastic clients on a broad range of investment and development work. I look forward to further contributing to the team and the firm as a whole, and helping to grow our already formidable network of industrial and logistics clients and advising them on complex and interesting high value deals.”
Amy France, new Partner in our Commercial Real Estate team, commented: “I am delighted to have been promoted to Partner. Having trained at Forsters it is a very special opportunity for me to join the next generation of Partners who will help to steer the firm forward. I am looking forward to leading the Later Living practice within the Commercial Real Estate team and advising our clients who are investing in this exciting growth sector. I will be working alongside the other real estate partners to ensure that our clients receive the fantastic Forsters’ service that we are rightly recognised for.”
Anthony Goodmaker, new Partner in our Commercial Real Estate team, commented: “Having trained at the firm, to become a Partner at Forsters really means a lot to me. I am incredibly proud and excited to be making this step up at such an interesting time for the real estate industry. I am keen to build on our existing network of fantastic clients across the spectrum of investment and development work, with a particular focus on the industrial and logistics sector. As a Partner, I look forward to further contributing to our team and the firm as a whole.”
Caroline Harbord, new Partner in our Dispute Resolution team, commented: “I feel so proud to now count myself among the partners here at Forsters. In addition to being home to fantastic lawyers, the firm is a trail blazer on gender equality and has fostered a culture which really promotes thought leadership. As a partner in the Dispute Resolution team, I look forward to continuing to build my commercial litigation practice, and in particular helping trustees and other parties recover offshore investment losses.”
Anna Mullins, new Partner in our Property Litigation team, commented: “I am delighted to have been promoted to partner in our highly-regarded property litigation team. This promotion reflects the success and growth of our team. I look forward to working strategically with the partners in our award-winning commercial real estate and residential practices to ensure that we continue to grow and deliver a first-class service to our clients.”
Michael Armstrong, new Counsel in our Private Client team, commented: “Having trained at Forsters, I am delighted to have been promoted to Counsel in our award-winning Private Client group. This promotion confirms the firm’s commitment to mental capacity work, and I am looking forward to the chance to develop my practice advising and supporting vulnerable clients and their families.”
Polly Reeve, new Counsel in our Rural Property team, commented: “Having been with Forsters since 2010, I am delighted to be moving to this next phase of my career with the support of such an excellent team around me – our top ranked Rural Property practice provides a strong platform for this to happen. This promotion reflects the expertise we have built and continue to build in the rural sector and in my particular case, in rural transactions, complex and high value residential and mixed-use developments and renewables. My expertise in rural housing development and green energy projects, particularly solar, battery storage facilities and wind farms in rural areas are key issues for our clients and I will developing a broader practice in this demanding area of law.”
Amanda Sandys, new Counsel in our Family team, commented:
“In my new role as Counsel I will be further developing my expertise in advising and supporting clients who are part of a growing network of modern families, with a focus on the financial and parenting issues that can arise on separation particularly amongst cohabitants. Working closely with the wider team, and building on our strong market reputation, I look forward to contributing to the ongoing success of our practice.”
Bryan Shacklady, new Counsel in our Dispute Resolution team, commented: “I am looking forward to developing further our market leading dispute resolution practice, which is unique in combining highly effective commercial litigation with other practice areas for which Forsters is justifiably renowned.”
Forsters’ Commercial Real Estate team advises Octopus Real Estate on one of its biggest care home portfolio purchases to date
14 January 2021
News
Forsters has advised Octopus Real Estate in relation to the acquisition of eight new care homes from LNT Care Developments for an overall purchase price of over £100 million.
Octopus Real Estate, part of the Octopus Group, is a specialist real estate lender and investor, and Forsters has advised its care home team since early 2018.
This deal is one of the biggest portfolio purchases to date for the Octopus Healthcare Fund, managed by Octopus Real Estate. The Fund has committed to buy five of the care homes at practical completion and forward fund the construction of three care homes over their 12 month build period.
The care homes are purpose built by LNT Care Developments and are located around the country. At practical completion seven of the homes will be let to existing care home operator, Ideal Carehomes, and the remaining home will be let to Elmfield Care, a new ‘LNT care partnership’ operator formed by LNT in partnership with Elmfield’s Directors.
Octopus Real Estate is passionate about executing its strategy of funding the development of modern care homes to bridge the existing gap in investment in the care home market.
The deal saw Forsters’ Commercial Real Estate, Construction and Planning teams working together to advise Octopus Real Estate and was another example of Forsters’ continuing growth into the healthcare/retirement living sector.
Senior Partner Smita Edwards and Senior Associate Amy France led the Forsters team, assisted by Commercial Real Estate Senior Associates Ruth de Maupeou and Danielle Kenyon, Associate Emma Francombe, Construction Senior Associate Richard Spring and Associate Caitlin Ervine. Planning advice was given by Senior Chartered Legal Executive Lauren Archer, Senior Associate Laura Parrish and Associate Sophie Smith.
