22nd Jul 2019 12:44
(Alliance News) - Target Healthcare REIT Ltd on Monday said it has completed the disposal of two care homes in Surrey and Essex for an undisclosed price.
The company, which invests in purpose-built care homes, said these disposals form part of its wider asset management activity and follows offers received, which combined are greater than 5% above the March-end book value. These disposals represent less than 3% of the portfolio's value, Target Healthcare said.
Looking ahead, the company said it will continue to pursue strategies consistent with its objective of providing an attractive and sustainable level of income, together with the potential for growth, from a diversified portfolio of modern, purpose built care homes.
Target Healthcare said it has a strong pipeline of acquisition opportunities and anticipates that the sale proceeds will be reinvested in the near future.
"These disposals are the result of our commitment to pro-actively manage the portfolio and progress strategies relevant for each home," said Scott Steven, head of Asset Management at Target Fund Managers.
"We will continue to progress both investment and asset management opportunities in order to optimise the performance of the portfolio," added Steven.
The stock was trading flat on Monday in London at 113.80 pence a share.
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