Target Heathcare buys three care homes for £20.9m

Kenneth MacKenzie Target Advisers

Target Healthcare REIT has bought completed the £20.9m purchase of three care homes.

The acquisitions increase the company’s portfolio to 45 properties worth a combined investment of £270m, with around £90m committed since it raised funds last May, DigitalLook reported.

The 79-bed Willow Park Lodge in Dover, Kent, which was bought for £6.1m, will be leased back to property developers Athena Healthcare. Target Healthcare also owns a home in partnership with Athena in Southport.

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Target has also acquired Beaumont Manor near Frinton-on-Sea, Essex which is leased by Care Concern, and Kingfisher Court in Sutton-in-Ashfield, Nottinghamshire, which is leased by Oakdale Care, for a combined £14.8m.

John Flannelly, investment partner of Target Advisers LLP, said: “We have been impressed with the quality of care which Athena offer and the addition of another home in the southeast of England will enable us to further support their growth plans.

“In addition, the completion of the Frinton-on-Sea and Sutton-in-Ashfield transactions add further high quality assets and a new operator to the portfolio, further broadening our tenant base.”

Tags : acquisitionsFinanceTarget Healthcare REIT

The author Lee Peart

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