Octopus Real Estate partners with Sandstone Care Group to acquire North Yorkshire care home

By Bridging Loan Directory 23rd November 2023

Octopus Real Estate, part of Octopus Investments and a leading specialist real estate lender and investor, today announces the addition of an 80-bed care home in Yorkshire to the Octopus Healthcare Fund’s portfolio of over 100 care homes.

Sandstone Care Group, which has headquarters in Chester and Warrington, will take operational ownership Manor Farm in Old Malton, North Yorkshire upon completion of the build.

The 80-bed home, which will offer a mix of residential and dementia care is currently in development and has been acquired by Octopus Real Estate for £15.5m via forward funding.

Upon completion it will be operated by Sandstone on a 35-year lease.

Manor Farm is due to open to residents in Spring 2025.

James Parkin, Co-Founder and Director, Sandstone Care Group, commented:

“We are delighted to have completed this transaction, providing further much-needed care facilities to the North of England.

Our growing portfolio of care homes provide a range of residential, nursing and dementia care services within modern, vibrant communities.

Our focus is always on providing unrivalled person-centred care for our residents in a welcoming environment, and Manor Farm in Old Malton will be no different.”

Chris Wishart, Care Home Origination Director, Octopus Real Estate, concluded:

“We are thrilled to add Manor Farm to the Octopus Healthcare Fund.

We can’t wait for development to start on what will be a purpose-built, fully electric fit-for-future care home that typifies the quality of assets we at Octopus seek to invest in across the UK.

We welcomed Sandstone Care Group as an operating partner last year and they have demonstrated how they deliver high-quality care, so it’s great to be further strengthening our relationship with them through this acquisition.”