CarePlaces Fund Unveiled

The healthcare property fund, launched earlier this year by Castleoak and Bridges Ventures, has been named the CarePlaces Fund to reflect its complete focus on investing in properties in the care sector.

The Fund, which has an initial investment capacity of over £50 million, has made a very positive start, with a pipeline of predominantly off-market, pre-let care home developments supplied by Castleoak.

Castleoak Group’s Chief Executive, Melville Knight, explained that the new branding reflects the fund’s singular focus on the care sector.

“The fund’s mandate has always been to focus exclusively on social care facilties and we wanted to make sure that this message was clear in our branding,” he said.

“Our objective is to deliver steady sustainable long term returns for our investors by offering a first class product and service to care providers.”

Simon Ringer, Managing Director of Property Funds at Bridges Ventures commented,

“CarePlaces is about the funding of quality accommodation for people requiring care. The Fund has made a very encouraging start and we have every confidence that it will grow steadily over the next five years.”

About the CarePlaces Fund

Each CarePlaces Fund project will be developed to provide first class care facilities with a focus on sustainable design and construction. It will concentrate on care homes for the elderly with a high proportion of private pay residents where demand is driven by a shortage of high quality accommodation in locations with attractive demographic profiles. Rents will be set in close collaboration with care providers, based upon realistic trading projections and to ensure long-term sustainability.

The closing of the first round of investment (£32 million) represented another successful property fund launch for Bridges Ventures, following the earlier creation of their Bridges Sustainable Property Fund. The focus of the CarePlaces Fund is closely aligned with the overall mission of Bridges Ventures to use its commercial expertise to achieve social or environmental benefit, as well as attractive returns for investors.

Back to Newsroom