CarePlaces, the healthcare property fund set up by Bridges Ventures and Castleoak, is planning to raise a second pool of equity after investing most of the £32m that was raised earlier this year. The fund is geared to around 40%.
Simon Ringer, managing director of Bridges Ventures’ property fund management business, said: “We intend to increase the fund to around £75m, which will give an investment capacity of around £125m with borrowings.”
A net return of 12-14% IRR is anticipated over the fund’s six-year life.
Its first three deals have been care home developments prelet to Barchester Healthcare. The latest (pictured) is a £7m 65-bedroom property in Uckfield, East Sussex.
The fund’s investors include Merseyside Pension Fund and Wittington Investments.
