Target Healthcare makes £31m care home acquisitions

Target Managing Partner Kenneth MacKenzie

 

Target Healthcare REIT has announced the £31m acquisition of three care homes, in Hertfordshire, York and the Wirral.

The 64-bed Hertfordshire home, which is being purchased for around £20m, will continue to be run by its existing operator under a 30-year full repairing and insuring lease.

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The York and Wirral 80-plus bed homes are operated by a subsidiary of Four Seasons Health Care Group.

John Flannelly, Head of Investment at Target Fund Managers, said:  “We are extremely pleased to announce the completion of these transactions. The Hertfordshire home is of the highest quality and represents a very positive addition to the Group. The operator has demonstrated an enviable track record of delivering a strong trading performance over a sustained period and we are delighted to welcome them into the Group.

“The acquisition of the York and Wirral properties is entirely consistent with our approach of investing in good buildings with favourable local market characteristics let at sustainable rental levels.

“There has been considerable media interest in Four Seasons in recent weeks and months, and we note that restructuring proposals are under consideration and the principal creditor is seeking to put in place an appropriate capital structure for Four Seasons over the long-term.”

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