Target Healthcare REIT Limited Acquisition of three new care homes (3887C)
April 13 2017 - 1:00AM
UK Regulatory
TIDMTHRL
RNS Number : 3887C
Target Healthcare REIT Limited
13 April 2017
Target Healthcare REIT Limited
RNS Announcement
13 April 2017
Acquisition of three new care homes in Kent, Essex and
Nottinghamshire
Target Healthcare REIT Limited and its subsidiaries ("the
Group"), the UK listed specialist investor in care homes, announces
that it has completed the acquisition of three purpose built care
homes for a price of GBP20.9 million including acquisition
costs:
-- Willow Park Lodge, is situated next to the main hospital in
Dover, Kent, and was acquired for a total consideration of GBP6.1
million including costs. It has 79 large bedrooms over four floors,
all with full ensuite bathrooms with wetroom showers. The home
benefits from large lounges, with those at the front having
impressive views across the town, as well as a hairdressing salon
and dedicated cinema room.
Upon acquisition, the home was leased back to Athena Healthcare
who developed the property, and is subject to a 35-year lease with
RPI-linked uplifts with a cap and collar. This is the second home
in the Group's portfolio with Athena, along with a home in
Southport. Athena are a growing operator with three operational
homes and several in advanced stages of development.
-- In line with previous announcements in 2016 when contracts
were exchanged, the Group confirms that it has now completed on the
acquisitions of two purpose-built care homes located in Kirby Cross
near Frinton-on-Sea, Essex and Sutton-in-Ashfield, Nottinghamshire
for a total consideration of approximately GBP14.8 million
including acquisition costs. Care Concern leased Beaumont Manor
near Frinton-on-Sea and Oakdale Care Group is the tenant at
Kingfisher Court in Sutton-in-Ashfield.
These homes increased the Group's portfolio to 45 properties and
means that funds invested in high quality care homes since the
Group's inception total around GBP270 million, with a total of
around GBP90 million committed since the Group's fundraise in May
2016.
John Flannelly, Investment Partner of Target Advisers LLP,
commented on the acquisition:
"We are very pleased to announce completion of these
transactions. We have been impressed with the quality of care which
Athena offer and the addition of another home in the South East 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.
We continue to progress other opportunities and expect to make
more announcements in the near future."
All enquiries:
Kenneth MacKenzie / John
Flannelly
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
END
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