Target Healthcare REIT has completed the acquisition of two care homes for £18.6m.
The Moors Care Centre in Ripon, Yorkshire and the Wharf Care Centre, Stourport, West Midlands were acquired from Blue Brick Healthcare, which is developed and operated by Mike Bullas. They have been let on a 35-year basis to new tenant, Maria Mallaband Care Group.
John Flannelly, Head of Investment at Target Fund Managers (pictured), said: “This transaction adds two further high quality assets, in strong locations, to the portfolio and also allows us to welcome Maria Mallaband, a highly regarded national operator, to our tenant group.
“The Group now has a highly diversified portfolio consisting of 63 assets (including developments), leased to 26 different operators.
“These acquisitions take us closer towards full deployment of our available capital and we continue to progress our identified pipeline of investment opportunities, with further announcements expected in the near future.”
The 70-bed Moors Care Centre, which was built in 2015, and 67-bed Wharf Care Centre, which opened in 2018, meet the Group’s strict investment criteria of modern, well-equipped care homes with 100% en-suite wetrooms.