24th Dec 2015 07:44
LONDON (Alliance News) - Target Healthcare REIT Ltd on Thursday said it has bought a care home in Sheffield.
Tapton Court is a 69-bed home built in the 1990s, subsequently closed in 2014, and will now be redesigned and refurbished by Target. The bedrooms will be enlarged and reduced in number to 46, with large ensuite bathrooms, lounges, dining spaces, a conservatory and balcony to be added.
The acquisition and refurbishment costs will total GBP3.9 million. Completion is expected in January, with renovations to be completed by September 2016.
Upon completion, the care home will be leased to Care Concern Group for 35 years.
"We are extremely pleased to announce exchange of contracts on this transaction. When the renovations and refurbishments are complete this home will represent a very high-quality asset which fits in well with our overall portfolio and will be an excellent example of investing in existing care home assets to deliver appropriate future proof assets of the right physical standards for the benefit of the sector," Managing Partner of Target Advisers LLP Kenneth MacKenzie said in a statement.
"The group is working on a number of further transactions, and we hope to conclude more deals in the coming months," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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