King's Hall project healthcare firm raises nearly £60m in investments
One half of the enterprise behind plans for a £100m healthcare development at the King's Hall site in south Belfast has raised nearly £60m for other projects.
Octopus Healthcare, a healthcare property investor, said £58.8m had been raised on the back of demand from institutional investors for healthcare assets.
Octopus is part of Benmore Octopus, formed to build the King's Hall Health and Wellbeing Park.
Benmore is a local property development company.
Ben Penaliggon, director of Octopus Healthcare, said: "At a time when some sectors are experiencing challenges and uncertainty, healthcare continues to attract institutional investment.
"The care home sector has strong market fundamentals, due to the growing demands of an ageing population against the backdrop of a shortage of quality real estate.
"Octopus Healthcare continues to build strong partnerships within the care home sector, driven by a commitment to creating the exceptional healthcare facilities this demographic of society needs."
Hiti Singh, head of institutional investment at Octopus, said: "Healthcare real estate offers a compelling combination of attractive fundamentals driven by an ageing population and long-term income, together with the social benefit of providing first-class and modern accommodation for elderly people needing care."
Octopus Healthcare has secured over £267m of transactions into the UK elderly care home sector over the last 12 months.
The company said the latest funding was not intended for use at King's Hall "but it will be used to finance a pipeline of future opportunities in the care home sector across the UK".
The development at King's Hall will include community and leisure amenities and a GP care facility. Earlier this month Benmore Octopus announced that a nursery, Malone Kindergarten, would also be housed on the new site. The first phase of the park has been given planning permission.
Research commissioned by Benmore Octopus has said the park would boost the NI economy by £47m a year and support 640 full-time equivalent jobs.