Target Healthcare REIT has announced the £6.9m acquisition of a care home in Formby, Merseyside.
The home, is let on a 35 year lease to Athena Healthcare group and opened following development completion in late 2017, comprises 40 bedrooms with full en suite wetroom facilities.
John Flannelly, Head of Investment at Target Fund Managers, (pictured) said: “This represents another high standard addition to the portfolio, in an area with a shortage in provision of quality care homes. It allows us to continue to support the development of homes by the Athena Healthcare team, who have demonstrated a commitment to providing the best standard of care, in line with our ethos.
“We currently have a number of other acquisitions in advanced due diligence, as well as a large pipeline of transactions in earlier stage assessment, and expect to make further announcements in the near future.”
Athena has two other homes under lease and two further under forward fund agreements with Target Healthcare expected to complete later in 2019; in total they have six operating homes and six others in development.