Target Healthcare (THRL); acquires care home in East Sussex for nearly £13.8m

Published on 19-11-2018 08:41:31
Author Sparks Team

Target Healthcare recently acquired a care home in East Sussex for nearly $13.8m. The care home, which is designed around a residents’ courtyard, consists of 62 bedrooms with full en-suite wetroom facilities and has an external seating for residents. The home includes luxury facilities, with a number of lounges, dining rooms, activity rooms as well as a cinema and a hair salon

The home is leased for a 35-year period with RPI-linked cap and collar to a subsidiary of the Caring Homes Group which is an existing tenant within the Target Healthcare’s portfolio.

The transaction is followed by a successful share placing by Target Healthcare which was completed earlier this month. The company has raised gross proceeds of nearly £50m for acquisitions.

John Flannelly, Head of Investment at Target Fund Managers, commented: “We have now completed the £51 million of ‘imminent’ acquisitions we were targeting by the end of November. We continue to progress due diligence on the near term pipeline of approximately £28 million as well as advance multiple other investment opportunities that we are currently seeing in the market.”

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