3rd Feb 2014 09:29
LONDON (Alliance News) - Target Healthcare REIT Ltd Monday said it has bought the freehold of a 61-bed purpose-built care home in Scotland for about GBP4.3 million including acquisition costs, expanding its portfolio to 11 homes.
In a statement, the real-estate investment trust said the home was opened in the suburbs of Glasgow in 2013 and offers 24 hour nursing care for residents and respite and day care services.
It is currently leased to Mossvale Care Home Ltd for 30 years and the deal represents an initial yield of more than 7.75%.
The acquisition is Target's first since its raised GBP45.5 million in a placing in October.
"The company maintains a good pipeline of investment opportunities and is currently in advanced negotiations to acquire further properties," it said in a statement.
Target Healthcare shares were up 0.5% at 101.99 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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