Octopus Real Estate’s care homes to be net zero of carbon by 2040

Benjamin Davis, chief executive of Octopus Real Estate
Benjamin Davis, chief executive of Octopus Real Estate

Octopus Real Estate has said it is making significant investments into its existing portfolio of 71 care homes across the UK and 13 properties currently under construction to retrofit them to become net zero of carbon by 2040.

The company has also said that any new care home they develop will be net zero of carbon by 2030.

Octopus added that it will work to minimise and offset the embodied carbon in the construction process of its new developments, including through UK government-approved, certified carbon sequestration projects.

Benjamin Davis, chief executive at Octopus Real Estate, said: “This announcement fits into wider sustainability initiatives within Octopus Real Estate, including our Greener Homes Alliance with Homes England, which is funding the development of energy-efficient homes across England. It reflects our strident belief that companies will increasingly be judged on how they are building a better tomorrow and should be seen as a clear marker of intent for our objectives and strategy. We have been delighted with the stamp of approval we have received from our investors for this approach so far.”

Michael Toft, care home senior fund manager at Octopus Real Estate, added: “We are incredibly proud to be the first investor and landlord in UK care homes to commit to net zero targets. We see it as a natural extension of our role as a leading player in the care home sector and our passionate belief as a group that people and the planet deserve better. Our commitments place us ahead of both the UK government’s net zero targets and the Paris Agreement targets. Octopus Real Estate’s investors overwhelmingly supported these pledges, mirroring their overarching support for our care home strategy, which helps them to achieve genuine impact for society while generating financial returns.

Date published: March 21, 2022

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