New Care Group has partnered with Octopus Real Estate to secure financing for the construction of five care homes, valued at £80m.
The new developments, to be built by McGoff Group, will be in North West England and provide 347 bedrooms. Upon completion, the care homes will be operated by New Care.
David Foran, finance director at New Care, said this transaction will support the company’s growth from 11 to 16 purpose-built developments, providing further care facilities in the North England.
New Care was advised by Knight Frank.
Julian Evans, head of Healthcare at Knight Frank, said: “Supply chains are decelerating care home development, and we are likely to experience a shortfall of new bed provision over the next 24 months.”
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