Target Healthcare REIT makes £13.9m care home acquisitions
Specialist investor Target Healthcare has announced its acquisition of a care home in Doncaster and a development site in Lancashire for £13.9m.
The group has acquired the freehold of Orchard Care Homes’ Cantley Grange, a modern purpose-built care home in Doncaster, which has 24 years left to run on a 35-year lease.
Target has also purchased a development site for an 80-bed care home in Burscough, Lancashire.
The development will be carried out in partnership with Athena Healthcare, an existing Target tenant in two other locations.
On completion in the fourth quarter of 2019, the home will be let to Athena for 35 years.
John Flannelly, Head of Investment at Target Fund Managers, commented: “We are pleased to see completion of these transactions, adding further quality assets to the group’s portfolio and enabling us to extend our relationship with two proven operators who deliver well-run homes and high-quality care in line with our ethos.
“Combined with the Aura Care Living transaction announced in June and the acquisitions announced in March, the group has now deployed around 70% of the equity raised in February of this year. The remainder of available capital is expected to be committed in the near future.”