Target Healthcare REIT posts ‘strong quarter’

Target Managing Partner Kenneth MacKenzieTarget Managing Partner Kenneth MacKenzie

Target Healthcare REIT has posted strong results in the second quarter of 2017 with a net asset value (NAV) return of 1.9%.

Unaudited EPRA NAV per share at 20 June 2017 was 101.9 pence with the portfolio value of the REIT’s 45 care homes rising by 2.7% to £282m.

Kenneth MacKenzie, Managing Partner of Target Advisers LLP, said: “This has been another strong quarter for Target Healthcare REIT.

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“Our portfolio of modern, purpose-built homes continues to perform well and as an engaged landlord we have been encouraged by the feedback from many of our recent home visits.

“In addition, we have progressed several attractive investment opportunities, some of these arising from recommendations from existing tenants who value our care home expertise and corporate ethos.

“In the short term the team are also focused on securing new debt facilities which will allow us to meet our long term leverage targets and provide operational flexibility to progress these investment opportunities in an efficient timeframe.”

Investment activity included the acquisition of a 79-bed care home in Dover, Kent for £6.1m, which has been leased back to Athena Healthcare.

Subsequent acquisitions included an 88-bed care home in Melton Mowbray, Leicestershire for £8.4m, which has been leased back to Melton Care.

The group has also acquired a development site for a 55-bed home in Birkdale, Merseyside for Athena Healthcare.

The home is expected to be completed by March 2019 with a total development cost of £8.2m.

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