Specialist lender Octopus Real Estate has loaned £26.3m to Connaught Care to support the construction of two new care homes.
Octopus loans will finance the building of a care home in Chichester, West Sussex, and another in Bishops Stortford, Hertfordshire. Each home will have 80 en suite bedrooms.
Octopus previously financed the development of Connaught Care’s Portsdown View care home in Hampshire.
Nick White, head of development origination at Octopus Real Estate, said: “Octopus Real Estate’s investment team already manages over £1.8 billion 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.”
Connaught Care chairman Seamus Halton commented: “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."
