Target Healthcare REIT has announced the acquisition of a £9.7m care home development site in Rudheath, Cheshire.
The specialist investor in modern, purpose-built care homes has also completed previously announced acquisitions in Yorkshire and Wales with construction of a further development in Merseyside having concluded.
John Flannelly, Head of Investment at Target Fund Managers, (pictured) said: “We continue to identify and invest in modern, purpose-built care homes to grow the portfolio, leveraging our experience and proprietary research capabilities and at yields underpinning our ability to consistently deliver attractive returns for shareholders. The Cheshire development follows the £81.3 million of acquisitions announced in November 2019, meaning we have now completed on the pipeline transactions identified at the time of the September 2019 fundraise.
“These transactions demonstrate our ongoing commitment to support the development of high-quality care homes across the country, further strengthen our relationships with existing tenants whilst allowing us to support a new operator, with proven expertise in the care sector, to enter the care home market.
“We are working on a number of other opportunities that, subject to terms being agreed and diligence successfully completed, would see the remaining available capital being deployed in Q1 2020.”
The Cheshire home will be let to existing tenant L&M Healthcare on a 30-year lease.