28th Jun 2019 10:23
(Alliance News) - Target Healthcare REIT Ltd on Friday said it has completed the acquisition of a property in Nottingham for GBP7.6 million, including transaction costs, through a sale and leaseback.
The purpose-built care homes investor said the property was constructed in 2013 and comprises 64 bedrooms, each with full en suite wetroom facilities, over three floors.
The investment fully meets Target Healthcare's "strict" criteria, it said, including being recently purpose built with modern facilities and a high quality of care provision.
The home has been operated since opening by Acacia Care, a local operator which has three homes.
"This acquisition brings the number of assets in our portfolio to 63 including developments, and offers us the opportunity to support the growth of a tenant we regard as an operator of quality," said Head of Investment John Flannelly.
"The care home market is undersupplied with the quality of asset which we provide, while demand is growing apace, underpinning our conviction in the portfolio we are assembling," added Flannelly.
Target Healthcare shares were trading flat on Friday at 115.80 pence each in London.
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