Regeneration-focused investor Bridges Sustainable Property Fund has backed care home developer Castleoak with £5 million.

Regeneration-focused investor Bridges Sustainable Property Fund has backed care home developer Castleoak with £5 million.

The investment will be used in a ‘joint venture’ between Bridges and Castleoak to develop five new care homes, which will be pre-let. There is the prospect of further investment to cover more projects.

In keeping with the fund’s mandate, the care homes will be in regeneration areas and show ‘environmental leadership’ in their construction.

Simon Ringer, the fund’s managing director, says the investment should provide ‘attractive financial returns’ both through development profits and income.

In addition to the Sustainable Property Fund, Bridges also runs two Venture funds, which raised £115 million between them, and a Social Entrepreneurs Fund. All seek social or environmental benefit as well as financial returns.