Albion Ventures invests £16m in new care homes
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Funds managed by Albion Ventures, one of the biggest independent venture capital investors in the UK, have committed up to £16m for the development of two purpose-built residential care homes for elderly people.
The new facilities will be located in Cumnor Hill, Oxford and Hillingdon, Greater London and will cater for a total of 130 elderly residents, providing hotel style accommodation including a bistro, private dining room, library and spa.
Construction on both facilities will start in September and they are scheduled to open in the autumn of 2015. Berkley Care Group, which currently runs three luxury care homes, will operate the two new facilities.
Albion and Berkley have already established a partnership through owning and operating Bayfield Court, a 46-bed purpose-built facility in Chingford, Greater London. The new developments will build on the model established at Bayfield Court by providing luxury facilities and exceptional care to mostly private pay residents.
The homes will incorporate large rooms with en-suite facilities throughout, spacious lounges furnished to a high standard, and attractive gardens. The design creates an environment which enables and encourages social interaction.
Albion says these new investments further consolidate its position as one of the most active healthcare investors. Albion says its current and past investments in the elderly care sector have delivered an annual return of over 20%.
“These new investments are a perfect fit for Albion’s investment model in elderly care, which is focused on delivering premium services to private payers, “ said Emil Gigov, a partner at Albion Ventures.
“We are confident that they will deliver attractive value to our funds’ shareholders as well as providing a much needed resource to the local communities. We are delighted to extend our relationship with Berkley Care Group, who are one of the most dynamic and innovative care home operators in the South East.”