22nd Jun 2015 08:55
LONDON (Alliance News) - Target Healthcare REIT Ltd on Monday said it has exchanged contracts to buy a purpose-built care home in Kingston-Upon-Hull for GBP6.2 million.
The Alexandra Court Care Centre is a three-storey property comprising 84 bedrooms. The tenant at the home is Arrow Healthcare Ltd, which will use Healthcare Management Solutions, a specialist elderly care home operator, to run the home.
Target Healthcare said the purchase price on the deal is expected to reflect a net initial yield of over 7%.
Shares in Target were up 0.6% to 106.9 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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