Venture capital firm Octopus Group is blending its healthcare and lending arms into a single company, Octopus Real Estate, as it looks to expand its UK operations.
The new firm will have more than £2 bn (€2.32 bn) of funds under management, which are currently equally split between Octopus Healthcare and Octopus Property.
Mario Berti, CEO of Octopus Property, is leaving the group as part of the reshuffle after nine years working in a range of senior and influential roles.
Octopus Property has provided more than €4.1 bn of financing since it was established in 2009, focusing on regional locations and student housing. In February it issued its largest ever development loan of €41 mln for a 502-bed student accommodation scheme in Coventry.
Octopus Healthcare is a leading investor, developer and manager of care homes and retirement communities in the UK, and has raised €370 mln for its Octopus Healthcare Fund.
Benjamin Davis, CEO of the new merged company, said: 'Consolidating our investment and development expertise into Octopus Real Estate puts us in an even stronger position as we continue our expansion in the real estate sector.
'I am delighted and excited to be given the opportunity to lead such a great group of people. I look forward to delivering on our commitments to our existing customers and investors, developing and investing in new properties and healthcare facilities across the UK to provide people with the homes they need.'
Commenting on his departure, Berti said: 'After nine years at Octopus, most recently as CEO of Octopus Property, I feel now is a good time to move on and look for a new opportunity. I am immensely proud of everything we have achieved at Octopus over the years and will follow Octopus' progress keenly.'
