The UK’s second richest family has made their first move into the care home sector with the acquisition of Northampton-based provider Avery Healthcare.
Reuben Brothers, founded by Simon and David Reuben (pictured, left to right) and estimated to worth £21.5 billion in the 2021 Sunday Times Rich List, will enter into a 50/50 joint venture with US real estate investment trust and prominent UK care home investor Welltower Inc.
Avery formed a partnership with Welltower in 2013, since when its portfolio has grown to 65 care homes.
The new partnership will see Reuben Brothers' real estate investment and development acumen combine with Welltower's data analytics platform and leadership within older adult living.
Reuben Brothers’ property portfolio includes Millbank Tower, the John Lewis Partnership headquarters in Victoria and the London Primark store on Oxford Street.
Reuben Brothers said the acquisition of Avery Healthcare marks its “initial investment in the rental seniors housing and care home sector, serving as a beachhead investment in an area of strategic growth”.
"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," added David Reuben Jr.
"We are thrilled to be making this investment alongside Welltower and their industry-leading data analytics platform.”
Reuben continued: “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."
Avery founder and chief executive John Strowbridge said: "We are delighted to announce this investment by Reuben Brothers which will improve our growth prospects as well as enhance resident and employee experience.
“Through our continued partnership with Welltower, and now joined by Reuben Brothers, the best days of this company lie ahead."
