Mon, 20 Jan 2020 | BUSINESS SALE
Target Healthcare has completed the acquisitions of a development site in Cheshire, two further sites in Yorkshire and one in Wales, as well as completing the construction of a Merseyside care home development.
Target Healthcare, a Stirling-based healthcare sector investor, has taken the opportunity to add to its portfolio after raising cash from investors in September 2019.
The Cheshire acquisition sees it enter into a forward-funding agreement on the development of a care home in Rudheath. Once completed, this will be let on a 30-year lease to existing tenant L&M Healthcare.
The three further acquisitions in Yorkshire and Wales were announced in November 2019 and September 2018, respectively. The Yorkshire development are in Scarborough and Pudsey, they will be leased to a subsidiary of care home operator Burlington Care, an existing tenant.
The care home in Newtown, Wales, meanwhile, will be leased to a new tenant, Sandstone Care. Finally, the group announced that a 55-bed care home in Birkdale, Merseyside had reached completion and will open this month and be operated by existing tenant Athena Healthcare Group.
Target Fund Managers head of investment John Flannelly said: “We continue to identify and invest in modern, purpose-built care homes to grow the portfolio, leveraging our experience and proprietary research capabilities and at yields underpinning our ability to consistently deliver attractive returns for shareholders.”
“The Cheshire development follows the £81.3 million of acquisitions announced in November 2019, meaning we have now completed on the pipeline transactions identified at the time of the September 2019 fundraise.”
“These transactions demonstrate our ongoing commitment to support the development of high-quality care homes across the country, further strengthen our relationships with existing tenants whilst allowing us to support a new operator, with proven expertise in the care sector, to enter the care home market.”
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