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Riverstone appoints new chair ahead of London investment push

George Sell Uploaded 15 June 2020 UK: Senior living operator Riverstone has appointed Penny Hughes as chair in preparation for a £3 billion expansion in London.

Hughes has served on the boards of companies including The Body Shop, Next, Home Retail Group, Gap and Superdry. She was chair of iQ Student Accommodation until its sale last month to Blackstone for £4.66 billion.

Riverstone is preparing to spend up to £3 billion in London over the next seven years. It is overseeing the construction of two senior living schemes, and is reported to be seeking up to 10 more sites.

Hughes said: “Riverstone is at the forefront of the UK’s opportunity to create a world-class retirement living sector on the scale of what we can see in locations such as the United States, Australasia and Canada. The strength and experience of the Riverstone team, coupled with the expertise and financial backing of Goldman Sachs, sets us apart from others and offers a platform to create something significant for all our stakeholders. With a focus on health and wellbeing, later senior living can be safer living in retirement communities. I look forward to joining the team and delivering on our promise to our future residents.”

Riverstone CEO Jason Leek said: “Penny’s arrival at Riverstone is a pivotal moment on our journey, as we seek to benefit from her long experience of enhancing world-class businesses through a focus on the customer experience.”

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"ULF is a long needed innovative approach. The blend of content demonstrates that hospitality provides the increasingly crucial thread through so many real estate classes and not only refers to traditional hotels and serviced apartments but has already permeated the residential markets in their increasingly varied formats. Now these services are expanding into the residential innovative care and office markets in the UK and overseas. We are witnessing the market converging at pace as investors seek optimum yield across a variety of urban asset classes. These are exciting and pioneering times and I look forward to expanding my horizons at this unique event"

Laurence Geller CBE, CEO Geller Capital Partners

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