Funds managed by Albion Ventures, one of the largest independent venture capital investors in the UK, have committed up to £16 million for the development of two purpose-built residential care homes for the elderly.
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 2014 and they will be open to residents in the autumn of 2015.
Berkley Care Group, an award winning provider of elderly care services, will operate the two new facilities. Albion and Berkley have already established a successful 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.
These new investments further consolidate Albion’s position as one of the most active healthcare investors. Albion’s current and past investments in the elderly care sector have delivered an annual return of over 20%.
Emil Gigov, a Partner at Albion Ventures, said: “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. 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.”