Specialist real estate investor Octopus Capital has agreed to forward fund the development of two care homes in Stafford and Norwich for Abora Developments, part of Xanadu Care Group.
The schemes, funded for an undisclosed sum, comprise a 66-bed home in Stafford and a 70-bed home in Taverham, just outside Norwich.
Abora started work on both schemes last year and is on track to complete them in early 2027, when they will be let to and operated by Avery Healthcare on 35-year leases.
The developer is targeting EPC ‘A’ ratings and BREEAM ‘Excellent’ certifications for both homes, which will be powered by air-source heat pumps.
Max Weitzmann, investment director at Octopus Capital, said: “This investment reflects our continued focus on delivering high-quality, sustainable care homes that meet the needs of an ageing population.
“These two developments will provide modern, purpose-built environments for residents, while supporting the long-term provision of care in their respective communities with an operator we rate, value and trust.
“We are pleased to further strengthen our partnership with Avery Healthcare, and this transaction builds on a strong track record of working together to deliver and operate high-quality homes. We look forward to continuing to grow this relationship as we expand the portfolio.”
John Strowbridge, managing director at Abora Developments, added: “We’re delighted to further extend our relationship with Octopus Capital to fund and operate these two energy-efficient care facilities.
“At Abora, quality of life and exceptional care at the forefront of our commitment to our tenants. In Octopus Capital we have found a strong partner to deliver on this premise.”
In November, Synergy Care Developments secured a £30m forward funding deal with Octopus Capital to support the development of two care homes in Nottingham and Peterborough.
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