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Target Healthcare REIT increases portfolio value by 1%

Kenneth MacKenzie Target Advisers

Target Healthcare, the UK listed specialist investor in modern, purpose-built care homes, increase its portfolio value by 1% to £650.8m in the quarter ending 31 March 2021.

The REIT said rent collection continued to be resilient with occupancy levels having stabilised in recent weeks and recovery anticipated during 2021 based on underlying demand as evidenced from strong enquiry levels.

COVID-19 cases remain low at less than 1% of beds with residents in all homes offered a first vaccine dose by end January and the substantial majority having had their second dose.

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The REIT disposed of one asset and transferred one home from a large national operator to a family owned business on a lengthened lease term.

Kenneth MacKenzie, CEO of Target Fund Managers, (pictured) said: “The successful capital raise in March allows us to continue our mission to support the sector through careful investment exclusively in modern, purpose-built care homes. We have heard powerful first-hand accounts from home managers and staff relating how the standards of our real estate have proven essential in their efforts to protect the wellbeing and dignity of residents through the COVID-19 pandemic.

“The non-cyclical nature of returns continue to attract participants to the market. We will not deviate from our disciplined investment approach, focussing on the sustainability of rent levels and the ability of a home to thrive within the dynamics of its local market. We base our assessment on knowledge gained having analysed thousands of homes, the skills of our stable and experienced investment team, and our proprietary research database.

“This is long-term investment with a positive social impact within a complex sector. A diversified portfolio of scale carefully assembled and managed with our specialist knowledge, will deliver sustainable returns whilst also delivering better living environments for those elderly people with care needs.”

 

Tags : FinanceFinancial ResultsTarget Healthcare REIT
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The author Lee Peart

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