16th May 2014 11:00
LONDON (Alliance News) - Target Healthcare REIT Ltd said its net asset value per share increased to 96.0 pence at March 31 from 95.9 pence at the end of December, as it acquired a Glasgow-based care home in January for GBP4.3 million.
The specialist investor in UK care homes said the majority of its portfolio is located in Scotland. At 36% of the company's total, its Scottish properties are more than doubles its Yorkshire and Humberside assets, which makes up 16% of the portfolio. Target said 27% of the portfolio is located in the East Midlands and 21% in the North West of England.
Since March 31, the company said it acquired four modern, purpose-built care homes for a GBP17.8 million. In addition, the company exchanged contracts to acquire another care home due to be completed and opened in the summer for GBP5.3 million. This sees the investment portfolio increase to 16 care homes.
The company is also in advanced, non-binding legal negotiations to acquire around GBP35.5 million of care home assets.
Target Healthcare shares were trading up 2.5% at 105.10 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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