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Castleoak - Bridges Ventures
Bridges’ gap funding for sustainable care homes
Castleoak, the Cardiff based care home developer, has entered into a development partnership with venture capital firm Bridges Ventures.
Bridges Ventures was founded in 2002 by Apax Partners, 3i and New Look founder Tom Singh. Bridges Ventures manages funds that aim to gain financial return as well as social and environmental benefits.
An initial investment of £5 million of equity will be under the new Bridges Sustainable Property Fund. The partnership will fund several care homes that will be sourced, developed and managed by Castleoak. This care homes partnership is the fund’s first investment.
The investment seeks to demonstrate environmental leadership in the design and construction of building that may typically have high energy use requirements. To attract funding under the joint venture each development will need to qualify how they aim to make the most positive green impact.