Target Healthcare REIT Limited Acquisition of Care Homes (2861I)
30 August 2016 - 4:00PM
UK Regulatory
TIDMTHRL
RNS Number : 2861I
Target Healthcare REIT Limited
30 August 2016
Target Healthcare REIT Limited
RNS Announcement
30 August 2016
Acquisition of 2 care homes let to Hudson Healthcare
Target Healthcare REIT Limited and its subsidiaries ("the
Group"), the only listed specialist investor in UK care homes, is
pleased to announce that it has completed the acquisition of two
modern, purpose built care homes located in Dundee, Scotland and
Sandiacre, Derbyshire for approximately GBP14.0 million including
acquisition costs.
The properties comprise a total of 151 bedrooms with full
en-suite bathrooms including wetrooms and opened in 2007 and 2015.
A refurbishment programme on the older property will be completed
imminently with both properties due to reach operational maturity
by the year end. Each home is located in areas with strong
demographics and provide a high level of amenities, lounges and
good sized bedrooms as well as access to pleasant secure outdoor
areas.
The homes will continue to be operated by the incumbent
operator, Hudson Healthcare who will become the 14th tenant of the
Group, thereby further diversifying the Group's tenant base. The
homes are subject to 35-year leases with RPI-linked cap and collar.
The net initial yield on the transaction is broadly consistent with
the overall average of the Group's portfolio.
Kenneth MacKenzie, Managing Partner of Target Advisers LLP,
commented on the acquisition:
"We are delighted to announce the completion of this acquisition
which adds a further two quality assets and a new operator to the
Group's portfolio. The transaction brings our total funds committed
since the May 2016 fundraise to over GBP50 million. We continue to
assess other opportunities whilst also constantly monitoring the
economic environment to ensure that our strategy remains
appropriate."
All enquiries:
Kenneth MacKenzie
Target Advisers LLP 01786 845 912
Martin Cassels
R&H Fund Services Limited 0131 550 3760
Fiona Harris / Sam Emery
Quill PR 020 7466 5058 / 020 7466 5056
This information is provided by RNS
The company news service from the London Stock Exchange
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