Reuben Brothers and Welltower Announce Highly Strategic Partnership
TOLEDO, Ohio, Feb. 15, 2022 /PRNewswire/ — Reuben Brothers (RB) and Welltower (NYSE: WELL) today announced the formation of a long-term strategic partnership in conjunction with Reuben Brothers’ acquisition of Avery Healthcare, one of Welltower’s largest operating partners and the Company’s largest partner in the United Kingdom. The 50/50 joint venture partnership is expected to generate significant future growth opportunities through the development of the next generation of seniors housing properties by leveraging Reuben Brothers’ real estate investment and development acumen and Welltower’s unparalleled data analytics platform and leadership within the seniors housing industry. This transaction also positions Avery for superior growth to meet the demand of an aging population in the UK.
Reuben Brothers, founded by David and Simon Reuben, are highly sophisticated global investors in private equity, venture capital, infrastructure and prime real estate. Over the past decades, RB has assembled a world class portfolio of irreplaceable real estate through the acquisition of high-quality super-prime retail, office and leisure properties in many of the world’s most desirable markets. RB has also been a pioneer in alternative real estate investments through its early investment in Global Switch, a premier network dense, carrier and cloud neutral data center business.
The acquisition of Avery Healthcare, one of the United Kingdom’s preeminent operators of assisted living and care facilities, marks RB’s initial investment in the rental seniors housing and care home sector, serving as a beachhead investment in an area of strategic growth. With high-quality assets concentrated across Greater London, the Avery portfolio will complement Reuben Brothers’ existing portfolio of existing real estate assets and prime land bank.
“We are delighted to announce this investment by Reuben Brothers which will improve our growth prospects as well as enhance resident and employee experience,” said John Strowbridge, CEO and founder of Avery. “We started our partnership with Welltower with a handful of properties in 2013. We are proud of our growth to 65 homes today and the platform we have built. Through our continued partnership with Welltower, and now joined by Reuben Brothers, the best days of this company lie ahead.”
“We are tremendously excited to announce our new partnership with Reuben Brothers and their strategic investment in the seniors housing industry through the acquisition of Avery Healthcare,” said Shankh Mitra, Welltower CEO and CIO. “Reuben Brothers share our vision and excitement for the unprecedented multi-year growth opportunity in the seniors housing sector in the UK and the US, and we look forward to working alongside their team to expand our relationship. While many investors appropriately remain on the sidelines due to a near-term focus on COVID-19, the exponential multi-decade growth of the seniors population has begun after a period of anemic population growth during the last decade. The entry of Reuben Brothers, a highly sophisticated global investor, into seniors housing, highlights the attractiveness of the opportunity that is ahead of us. We also thank John Strowbridge, our partner, for outstanding leadership so far and going forward.”
“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,” said David Reuben Jr. “We are thrilled to be making this investment alongside Welltower and their industry-leading data analytics platform. 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.”
Forward-Looking Statement
This press release may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from Welltower’s expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to, those factors discussed in Welltower’s reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
About Welltower
Welltower® Inc. (NYSE: WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing, post-acute communities and outpatient medical properties. More information is available at www.welltower.com.
About Reuben Brothers
Reuben Brothers is a leader in private equity, real estate investment and development, and debt financing. Our investments include racecourses, pubs, aerodromes, media and data centres. Our resource heritage is today represented through energy investments, shipping, metal warehousing and mining. Our real estate holdings are significant in scale and broadly diversified, encompassing office, retail, hotel, residential and infrastructure properties across the world.
Our philanthropic arm, the Reuben Foundation, was formed in 2002 and makes essential contributions to the advancement of healthcare and education worldwide. For further information on the Reuben Foundation please visit www.reubenfoundation.com
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SOURCE Welltower Inc.
