On behalf of the New Care group, Knight Frank LLP has advised on a strategic funding partnership with Octopus Real Estate to finance the development of five future proof care homes valued at circa £80m. The care homes will be constructed by the McGoff Group and operated by New Care after practical completion.

The fit for future care homes, located in sought after locations in North West England will provide a total of 347 bedrooms that all benefit from en suite wet room facilities and feature many other complementary best in class design features.

Julian Evans, Head of Healthcare at Knight Frank, said: “The New Care brand and state of the art care settings are on point for ESG and welcomed by both operator and funding institutions. Supply chains are decelerating care home development and we are likely to experience a shortfall of new bed provision over the next 24 months.”

David Foran, Group Finance Director, New Care, said: “We are delighted to have completed this transaction, which is supporting New Care’s growth from 11 to 16 purpose-built settings, providing further much-needed care facilities to the North of England.  It has also been a pleasure to work with the teams at Octopus and Knight Frank again, both of whom have provided strong support and a constructive, professional approach.”

Chris Wishart, Care Home Origination Director at Octopus Real Estate, concludes: “It’s never been more important to develop future proof care homes, so we’re thrilled to be extending our relationship with New Care on these developments. New Care are highly experienced in both care home development and care delivery, they, and Knight Frank, have been a pleasure to work with again. At Octopus Real Estate we make a point of investing in exceptional healthcare facilities that we would choose for our loved ones. For us, it’s a personal long-term commitment.”

The Fund’s standard development funding terms now also include requirements relating to Environmental, Social and Corporate Governance (“ESG”).  New Care will use its best endeavours to ensure development of the properties reflect the Fund’s ESG requirements.