Octopus Real Estate partners with Torwood Care to fund delivery of three purpose-built care homes

By Bridging Loan Directory 4th December 2024

Octopus Real Estate, part of Octopus Investments and a leading specialist real estate investor and lender, today announces £40 million of funding for three new high-quality, purpose-built care homes in the Octopus Healthcare Fund’s (OHF) portfolio of over 100 homes.

These new care homes will provide a total of over 200 beds, each with a private wet room, having been funded as part of a strategic partnership with award-winning operator Torwood Care.

The sites are prominently located in Durham, Worksop and Bradford, and will operate as Tanglewood Care.

The homes, which are being developed by Torsion Care, will be fully electric, powered by air source heat pumps and featuring solar panels.

All homes are targeting BREEAM ‘Excellent’, contributing to the Fund’s ESG performance and net zero targets.

These acquisitions mark sites three, four and five of a seven-home forward funding portfolio with Torwood Care, a joint venture partnership between Torsion Care and Tanglewood Care.

The three new homes are expected to open in the first half of 2026.

Forsters LLP acted for the Fund on all three acquisitions.

Max Weitzmann, Investment Director, Care Homes, Octopus Real Estate, commented:

“We’re pleased to build on our partnership with Torwood Care, an experienced and well-respected operator.

We have now worked together on the development of five best-in-class elderly care homes across the UK, totalling over 350 beds.

It’s another example of Octopus Real Estate’s commitment to delivering quality, sustainable homes that are fit for the future and meet the needs of society.

We look forward to working with Torwood on additional developments going forward, working together to address the undersupply of high-quality care beds across the UK.”

Nick Kempster, Director, Torwood Care, commented:

“At Torwood, we believe that everyone has the right to live in a home that is fit for their needs, and we take great pride in providing quality care in comfortable, relaxed and homely surroundings.

The developments we have funded with the Octopus team are a prime example of that commitment; we’re delighted to be working with Octopus Real Estate to fund and operate these three purpose-built care facilities.”

Martin Hutson, Director, Torsion Care, commented:

“We’re thrilled to have secured project funding with Octopus Real Estate to enable us to deliver three more excellent schemes in an increasingly demanding market.

We are expanding our own development portfolio and are excited to continue working with both teams.”