A £18m care village in Worcester has been named as the first project to be backed by Bridges Ventures’ and Castleoak’s UK healthcare property fund.
Care homes developer Castleoak has secured planning permission for a 80-bedroom care home, as well as 57 flats, on the former site of Ronkswood Hospital in Newton Road.
After joining forces at the end of July, Bridges Ventures and Castleoak raised £32m of equity. The pair intended to gear the fund to around 40%, giving it an initial spending power of £50m.
Barchester Healthcare will operate the site.
joanna.bourke@estatesgazette.com
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