Target Healthcare REIT announces £15m care home acquisition

Kenneth MacKenzie Target Advisers

Specialist investor in modern, purpose-built care homes, Target Healthcare, has announced its £15m acquisition of a newly developed care home in Bicester, Oxfordshire.

The recently completed, 66-bed, purpose-built home is let to Target Healthcare’s largest tenant, Ideal Carehomes, on a 35-year agreement.

Target Healthcare has also completed the development of an 80-bed care home in Burscough, Lancashire under a forward fund arrangement with existing tenant, Athena Healthcare, which will open to residents this month.

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Kenneth MacKenzie, CEO of Target Fund Managers, (pictured) said: “After very careful consideration we have proceeded with the acquisition of the Bicester home to add a further quality asset to our robust portfolio, and are pleased that practical completion has been reached on the construction of the home in Burscough. Each of these further demonstrates the support the Group provides towards the much-needed modernisation of the sector’s real estate.”

The Group said five of its 71 operational care homes had confirmed or suspected COVID-19 cases, representing 15 of 4,925 beds (0.3%), down from a peak of 162 (3.2%) during the third week of April.

Target Healthcare said tenants had reported an improvement in new resident enquiries in recent weeks and were exploring ways to facilitate safe visiting.

Tags : AcquisitionAthena Care HomesFinanceIdeal CarehomesTarget Healthcare REIT

The author Lee Peart

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