15th May 2014 13:11
LONDON (Alliance News) - Target Healthcare REIT Ltd Thursday said it has bought a portfolio of three modern, purpose-built residential care homes for about GBP13.9 million, including acquisition costs.
The real estate investment trust said the properties are in Wigan, Stockport and Coventry.
The care homes are leased to operator Ideal Carehomes Group for 35 years and the price reflects an initial yield of 7%. The rents payable under the leases are subject to annual uplifts in line with the retail prices index, subject to a cap and collar.
The acquisitions see the company's portfolio increase to 16 care homes in total, meaning it has now invested approximately GBP72.7 million of the GBP95.7 million raised from institutional investors, wealth managers and private investors.
"This acquisition follows closely on from the transaction announced last month and adds a further three high quality properties to the company's portfolio. We continue to grow the company's investment pipeline with both single and multi-asset acquisitions across regional and national operators. With approximately GBP35.5 million of deals in advanced, non-binding legal negotiations we expect to announce further acquisitions in the near-term," Managing Partner of Target Advisers LLP Kenneth MacKenzie said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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