Target Healthcare REIT announces £16.6m acquisitions

Amwell

Target Healthcare REIT has announced the £16.6m acquisition of a new care home in Leicestershire and development site in Merseyside.

The 88-bed Amwell care home in Melton Mowbray, Leicestershire, which opened in March, was acquired for £8.4m and will be leased back on a 35 year deal to Melton Care, a joint venture between Magnum Care and Care Concern.

Target has also acquired a development site in partnership with Athena Healthcare for a 55-bed site in Birkdale, Merseyside. The £8.2m home is expected to be completed by March 2019.

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John Flannelly, Investment Partner of Target Advisers LLP, said: “We are extremely pleased to announce completion of these transactions.

“The Amwell is a very high quality home in a fantastic setting.  We know both Magnum Care and Care Concern well and have been impressed with their ability to deliver great care.

“The forward funding opportunity in Birkdale allows the Group to expand in an affluent area with a respected operator and developer, and will provide a further impressive addition to the portfolio in due course.

“We continue to progress other opportunities and expect to make more announcements in the near future.”

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