Care homes share issue exceeds £100m Target

Target Healthcare has raised £125m through a share issue, with plans to expand its care home portfolio. The issue was initially capped at £100m, but the board decided to increase its size due to “exceptionally strong” demand. Target said that, despite this, the issue was still “significantly oversubscribed”. The shares were sold to new and existing shareholders at 115p per share, a small discount to yesterday’s closing price of 116.2p. Chair Malcolm Naish said: “We look forward to deploying the proceeds into high-quality, fit-for-purpose homes with strong sustainability credentials, further diversifying the portfolio whilst simultaneously playing a role in meeting a key societal challenge.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews