Octopus Real Estate has provided circa £35m of funding for the development of three new care homes in the Octopus Healthcare Fund’s (OHF) portfolio of more than 100 homes.
The homes, which will provide more than 200 high-quality beds, have been funded as part of a strategic partnership with Acacia Care.
Two of the homes are currently being constructed by Synergy Care Developments, at sites located in New Lubbesthorpe, Leicestershire, and Hunstanton, Norfolk. Both developments are due to complete in 2025 and Acacia Care will operate each home on a long-term lease.
The fund recently reached practical completion of its first fully operational all-electric home, in Hinckley, Leicestershire, which was developed by Care Build Group on behalf of Acacia Care.
Max Weitzmann, investment director at Octopus Real Estate, said: “We’re pleased to build on our partnership with Acacia Care, an experienced and well-respected operator. We have now worked together on the development of five best-in-class-elderly care homes across the UK, totalling over 350 beds. It’s another example of Octopus Real Estate’s commitment to delivering quality, sustainable homes, fit for the future.”
Jay Patel, managing director at Acacia Care, added: “We’re delighted to be working with Octopus Real Estate to fund and operate these three purpose-built care facilities. At Acacia we believe that everyone has the right to live in a dignified, private and respectful environment, and the homes we have funded with the Octopus team are a prime example of that commitment”.
Steve Day, director at Synergy Care Developments, said: “We’re thrilled to have secured project funding with Octopus Real Estate to enable us to deliver two excellent schemes to Acacia Care in an ever-demanding market. We are expanding our own development portfolio and are excited to continue working with both teams.”
Ashley Cooper, director at Care Build Group, added: “It was a pleasure to collaborate with both Octopus Real Estate and Acacia Care in the delivery of our 67-bed new build turnkey care home facility in Hinckley, Leicestershire. The collective team has delivered a stunning home, which will be an asset to the wider local community for years to come.”
Trowers & Hamlin acted for the fund on all three acquisitions.
