Octopus Group is merging two of its businesses, Octopus Healthcare and Octopus Property, to form Octopus Real Estate.

Octopus Real Estate will be led by Benjamin Davis, the current CEO of Octopus Healthcare, and will focus on  Octopus’ expansion plans in the real estate market.

Octopus Property has provided more than £3.6 billion of financing since it was established in 2009. Octopus Healthcare is a healthcare property investor, developer and manager of care homes and retirement communities with almost £1 billion of funds under management. The combined business, Octopus Real Estate, will have more than £2 billion of funds under management, supported by a team of more than 110 people.

Davis 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.

“Our existing customers and investors will continue to receive the same service from us, and their day-to-day interactions with the combined team will remain unchanged.”

As part of the merger, Mario Berti, the current CEO of Octopus Property, will be leaving.

He 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.

“It’s been an absolute privilege to have worked with so many talented people and I wish my colleagues all the very best. Octopus Real Estate has an exciting growth opportunity ahead of it and I am confident the business, along with the wider Octopus Group, will continue to go from strength to strength.”

Simon Rogerson, co-founder and CEO of Octopus Group, added: “I’d like to take this opportunity to thank Mario for all his support and hard work over the years. He has played an integral role in Octopus’ growth and expansion over the last decade and we are hugely grateful to him for the tremendous contribution he has made. We wish him every success for the future.”