Target Healthcare REIT Limited Acquisition of care home at Sutton-in-Ashfield (0068P)
November 14 2016 - 1:00AM
UK Regulatory
TIDMTHRL
RNS Number : 0068P
Target Healthcare REIT Limited
14 November 2016
Target Healthcare REIT Limited
RNS Announcement
14 November 2016
Acquisition of care home at Sutton-in-Ashfield,
Nottinghamshire
Target Healthcare REIT Limited and its subsidiaries ("the
Group"), the only listed specialist investor in UK care homes, is
pleased to announce that it has exchanged contracts to acquire a
purpose-built care home located in the town of Sutton-in-Ashfield,
Nottinghamshire. The home will be acquired for approximately GBP5.6
million including acquisition costs. The transaction is expected to
conclude by April 2017 once the build has been completed and the
home has been fitted out to the Group and Operator's
specifications.
The home is being constructed to the highest standards and will
offer 66 bedrooms over three floors, all with en-suite wetrooms.
Air conditioning will be provided to all communal areas and all
floors will have large lounge / dining areas and quiet rooms. The
resident balconies on both the first and second floors together
with the landscaped gardens at ground floor level will enable all
residents to easily access secure outdoor space.
Upon completion, the property will be leased to Oakdale Care
Group ("Oakdale"), a newly established care home operator, and will
be subject to a 35-year lease with RPI-linked cap and collar.
Oakdale will become the Group's 16(th) tenant, thereby further
diversifying the Group's tenant base. The net initial yield on the
transaction is consistent with the overall average of the Group's
portfolio.
Kenneth MacKenzie, Managing Partner of Target Advisers LLP,
commented on the acquisition:
"We are very pleased to announce this exchange of contracts
which once again demonstrates our ongoing commitment to improving
the elderly care home offering by investing in new, purpose-built
homes. Once completed this high-quality home in a location of
strong demand will further complement our existing portfolio. This
transaction also demonstrates our willingness to support proven
management teams who evidence a strong care ethos.
The transaction brings our total funds committed since our May
2016 fundraise to c. GBP75 million. We continue to progress other
opportunities."
All enquiries:
Kenneth MacKenzie
Target Advisers LLP 01786 845 912
Martin Cassels
R&H Fund Services Limited 0131 550 3760
Fiona Harris / Sam Emery 020 7466 5058 / 020 7466
Quill PR 5056
This information is provided by RNS
The company news service from the London Stock Exchange
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