24th Jun 2016 06:15
LONDON (Alliance News) - Target Healthcare REIT Ltd said Friday that it has acquired a modern, purpose built care home in Cheltenham, Gloucestershire, for around GBP7.9 million.
Upon acquisition the home was let to a subsidiary of Caring Homes group, a UK-wide care home operator. The net initial yield on the transaction is consistent with the overall average of the group's portfolio.
"We are delighted to announce the completion of this acquisition which adds another high quality asset in a location of strong demand. We are excited to add Caring Homes to our growing list of tenants. This transaction is the fifth to be announced since our recent successful fundraise in May, with a cumulative total value of approximately GBP36.7 million committed to these acquisitions, and we continue to progress other opportunities. We expect to make further announcements in due course," said Managing Partner of Target Advisers LLP Kenneth MacKenzie in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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