Octopus Capital has agreed a forward-funding deal to support the delivery of two new purpose-built care homes in Staffordshire and Norfolk.
The developments are being delivered in partnership with Abora Developments, part of Xanadu Care Group, with the homes to be operated by Avery Healthcare on 35-year leases.
The care homes will provide 136 beds, comprising a 66-bed home in Stafford and a 70-bed home in Taverham, just outside Norwich. Both schemes are currently under construction and are on track to reach practical completion in early 2027.
Max Weitzmann, investment director at Octopus Capital, said: “This investment reflects our continued focus on delivering high quality, sustainable care homes that meet the needs of an ageing population. These two developments will provide modern, purpose-built environments for residents, while supporting the long-term provision of care in their respective communities with an operator we rate, value and trust.
“We are pleased to further strengthen our partnership with Avery Healthcare, and this transaction builds on a strong track record of working together to deliver and operate high quality homes. We look forward to continuing to grow this relationship as we expand the portfolio.”
John Strowbridge, managing director of Abora Developments, added: “We’re delighted to further extend our relationship with Octopus Capital to fund and operate these two energy efficient care facilities. At Abora, quality of life and exceptional care at the forefront of our commitment to our tenants. In Octopus Capital we have found a strong partner to deliver on this premise.”
Jeremy Richardson, CEO of Avery Healthcare, said: “These two developments represent an important addition to our portfolio, bringing high quality, purpose-built care homes to Stafford and Taverham. Both schemes have been thoughtfully designed to create comfortable, modern environments that support the wellbeing of residents and staff alike. As demand for high quality care continues to grow, partnerships like this are essential to ensuring we can provide the right settings and standards of care for local communities.”
