Pegasus to become leading BtR provider in UK’s later living sector
The later living specialist is moving towards becoming a solely Build to Rent developer
Pegasus, part of the Lifestory Group, has announced a significant move towards becoming entirely a Build to Rent (BtR) operator.
After successfully securing a significant investment loan facility with Barclays to support its growth as a wholly rental orientated developer, Pegasus currently has a pipeline of six new development sites across the country, creating over 300 new homes, and is due to start construction in early 2024. These new communities will be available for rent to the over 60s community.
Keen to fill a much-needed market gap for flexible living for older generations, Steve Bangs, Pegasus’ CEO, explained that the move to become the market leading BtR developer and operator for seniors came as a direct result of customers selecting rental as their preferred option. “Renting is flexible, allowing our customers to be more agile when moving, as well as providing greater financial freedom and the ability to choose to move closer to family and friends. The need is clearly there, and we are responding to it,” Steve said.
Recent analysis shows that the bracket of those aged 55 and older is the fastest growing segment of the private rented sector, increasing by 93 percent since the turn of the last decade.
Pegasus already has a strong track record of rentals. At its Latheram House community in Cheltenham, 83 percent of current occupants are renters. Steve said, “These are rental customers who have chosen to live in a thriving location, with the flexibility that independent living brings with it, by removing the burdens that may have come with their former homes in terms of management and maintenance. Whilst support is on hand if needed, the primary focus is to create a maintenance-free environment, enabling them to spend their time on the things they really love.”
Steve continued, “I am very excited to be leading the business through the transition to become the market leading BtR developer and operator in the seniors market. As we prepare for this change, we will continue to offer both home purchase or renting as options across all 26 existing communities available to move into today, before moving to be exclusively BtR.”