7th Sep 2018 09:53
LONDON (Alliance News) - Care home investor Target Healthcare REIT Ltd on Friday said it has acquired a development site in West Yorkshire and a pre-let care home in Wales for a combined GBP17.1 million.
The West Yorkshire development site has already received planning consent for the creation of a 66-bed residential care home, which is due to complete in early 2019. The care home will be let to Ideal Carehomes Ltd, Target Healthcare's largest tenant by income, on a 35-year lease.
Target Healthcare's Welsh pre-let care home acquisition is to complete in the second half of 2019 once its development is complete. It will have 73 bedrooms and will be leased to Caresolve Operations Ltd, also on a 35-year basis.
"We are very pleased to announce completion of these two transactions, enabling us to add additional high-quality, purpose-built homes to the portfolio. The Ideal transaction sees the group further extend its relationship with this long-standing tenant, whilst the Caresolve transaction welcomes an additional operator into the portfolio," said Target Fund Managers Head of Investment John Flannelly.
"We continue to progress other opportunities within our strong pipeline of potential acquisitions and expect to make more announcements in the near future," Flannelly added.
Shares in Target Healthcare were down 0.4% at 114.50 pence on Friday.
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