Octopus Real Estate has agreed to lend care home operator Connaught Care £26.3m to support the development of two purpose built care homes.
The loans will finance the construction of a care home in Chichester, West Sussex, and in Bishops Stortford, Hertfordshire. Each home will have 80 beds with associated amenity spaces, including ensuite wet rooms for every bedroom.
Nick White, head of development origination at Octopus Real Estate, said: “Octopus Real Estate’s investment team already manages over £1.8bn of investments with a focus on care homes and retirement communities. We’ve been looking into fully committing to the debt space in these markets for some time now; we know the demand is there for us to expand our offering further and provide a more joined-up approach for all our customers.
“These loans demonstrate Octopus Real Estate’s commitment to funding a diverse development portfolio within the later living sector, and the partnership with an established and experienced team at Connaught Care represents a shared vision to transform care homes into spaces where residents can thrive.”
Seamus Halton, chairman of Connaught Care, added: “We are thrilled to deepen our ties with Octopus Real Estate with these two deals. At Connaught Care, we are committed to creating a new generation of care homes that set new standards in service through the premium facilities available to our residents. Our experience combined with Octopus’s track record in this specialist sector mean we are confident that these new care homes will serve as a testament to that commitment.”
