Target Healthcare has completed the acquisition of a new development site in Cheshire, for £9.7m, including transaction costs. The company also announced completion on the three previously announced acquisitions located in Yorkshire and Wales. Additionally, the construction of the group’s care home development in Merseyside reached practical completion.
The company acquired a development site and entered into a forward funding agreement for the development of a new elderly care home in Rudheath, Cheshire. The completed care home will be let to an existing tenant, L&M Healthcare, on a 30-year lease.
The company also completed the acquisitions of two care homes in Yorkshire and a third home in Wales. The Yorkshire homes in Scarborough and Pudsey will be leased to a subsidiary of Burlington Care, an existing tenant. The home in Newtown, Wales, will be operated by Sandstone Care, a new tenant of the group.
Additionally, the group reached practical completion on the development of a 55-bed care home in Birkdale, Merseyside, under a forward funding agreement. The home, which opens in January 2020, will be operated by Athena Healthcare Group, an existing tenant.
John Flannelly, Head of Investment at Target Fund Managers, commented: “We are working on a number of other opportunities that, subject to terms being agreed and diligence successfully completed, would see the remaining available capital being deployed in Q1 2020.”