New IFISA invests in care home reform
A NEW Innovative Finance ISA (IFISA) is targeting returns of up to seven per cent per year by investing in specialist care homes across the UK.
The Barbican ISA has been billed as an “ethical” investment fund, due to its focus on easing the UK’s long-term care crisis by investing in at least 83 specialist care homes across the country.
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The property-backed IFISA has been structured as a three-year bond, which offers a fixed rate of seven per cent in tax-free interest per annum with no opening or management fees. Belfast-based alternative lender Northern Provident Investments will run the fund.
“We are excited to offer UK investors the opportunity to enjoy a healthy rate of return on their savings whilst investing in an IFISA that will make a real difference to some of the most vulnerable people in the country,” said a Barbican Group spokesperson.
“There is an alarming care home crisis in the UK, which is putting a strain on our NHS. At the Barbican Group, we have always been passionate about helping and supporting those people in society that need it the most.”
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Funds in the Barbican ISA will go towards refurbishing existing care homes as well as enhancing the management and structure of the individual care home facilities. Initially, only care homes which are already owned by the Barbican Group will be considered for investment.
“Investing in The Barbican ISA will allow us to continue to improve the structure and quality of care within our care homes and give us the capacity to expand our portfolio of properties, refurbish existing homes and reach even more individuals,” added the Barbican Group spokesperson.
“Our IFISA gives investors a refreshing alternative to many of the cash ISAs on the marketplace which have historically low interest rates.”
The Barbican Group operates in healthcare, logistics and renewables and has current assets valued at over £105m.
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