International real estate adviser Savills and joint agent Burford Care Homes have completed the sale of two Dorset homes to Target Healthcare REIT Limited.
The deal involved the sale of Dorset Healthcare’s entire issued share capital to Care Concern Group for an undisclosed sum.
Care Concern has sold the freehold interest of Oakdene and Acorn Lodge care homes to Target Healthcare REIT, the only listed specialist investor in UK care homes.
Kenneth MacKenzie, managing partner of Target Advisers LLP, (pictured) said: “We are delighted to announce completion of this transaction, which adds another mature home in the south of England to our portfolio, and further supports the work of Care Concern.
“By sensitively renovating the older building we should further enhance the environment for the residents, and help the efficiency of running the home, and improve the overall quality of the combined property.
“The transaction brings our total funds invested since our May 2016 fundraise to in excess of £80 million. We continue to progress other investment opportunities.“
Craig Woollam, head of healthcare at Savills, added: “This transaction demonstrates the demand for good quality care homes that can offer on-going investor potential. We are very pleased that we were able to secure this deal for our client who recognised the opportunity to sell to a well established operator to ensure the continued success of the care home.”
Acorn Lodge has 26 bedrooms with en-suite wetrooms, while Oakdene has been extended to accommodate 44 bedrooms.
Target Healthcare REIT and Care Concern are planning to complete renovation works at Oakdene in order to increase the size of some bedrooms and provide additional lounge space.