3rd Nov 2014 08:49
LONDON (Alliance News) - Target Healthcare REIT Ltd Monday said it has acquired three care homes in Yorkshire and Lancashire for around GBP13.3 million including acquisitions costs.
The care homes were acquired from Clerical Medical, part of Aberdeen Asset Management PLC. They will continue to be operated by Orchard Care Homes for around 28 years. The deal takes the total number of homes operated by Orchard in Target's portfolio to five.
Target Healthcare said the acquisition represents an initial yield of over 7%.
"We have a number of other deals with both regional and national operators in advanced non-binding legal negotiations, and we expect to make further announcements soon," said Managing Partner of Target Advisers LLP Kenneth MacKenzie in a statement.
Shares in the property investment company are trading down 1.0% at 101.49 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Target Healthc.ADN.L