Partnership to invest £50m in new care homes in the UK
Castleoak has announced it has reached an agreement with Pramerica Real EstateInvestors (Pramerica) to collaborate on the development of quality care homes across the UK.
Pramerica, the real estate investment business of US-based Prudential Financial, is expected to invest an initial £50 m on behalf of an institutional investor.
Under the agreement, Castleoak will offer complete care home development solutions leased to leading care providers. The programme encompasses development and long-term investment and is suitable for both private and not-for-profit care operators.
“Castleoak is delighted to partner with Pramerica to offer care home operators a complete development solution. We’re building on our track record of delivery for customers, and accelerating our development programme,” said Mel Knight, executive chairman at Castleoak.
“We are offering a highly-attractive development solution to operators designed to minimise risk and ensure speed to market. We select new development sites following rigorous demographic and care gap analysis, and our in-house development team deals with acquiring the site and achieving planning consent. In parallel, our specialist design and build teams apply extensive care sector and construction expertise to create a commercially-viable development ready for operators,” he added.
Charles Crowe, managing director at Pramerica, added: “Our client has taken a strategic decision to invest in the UK care home industry. We look forward to partnering with Castleoak as we seek to deliver to our client attractive risk-adjusted returns driven by solid income.”