Target Healthcare acquires two new care homes for £18.6m
Target Healthcare has bought two care homes in Ripon, Yorkshire, and Stourport in the West Midlands, for £18.6m.
The Moors Care Centre, in Ripon, was built in 2015 and comprises 70 bedrooms each with full en-suite wetroom facilities, while the Wharf Care Centre in Stourport opened last year and comprises 67 bedrooms with full en-suite wetroom facilities.
Both care homes are let on 35-year leases with RPI-linked cap and collar to a subsidiary of national care home operator Maria Mallaband Care Group. There is a short rent-free period at the Wharf Care Centre, which will assist the tenant’s cashflows during the early trading period.
Target Healthcare has bought two care homes in Ripon, Yorkshire, and Stourport in the West Midlands, for £18.6m.
The Moors Care Centre, in Ripon, was built in 2015 and comprises 70 bedrooms each with full en-suite wetroom facilities, while the Wharf Care Centre in Stourport opened last year and comprises 67 bedrooms with full en-suite wetroom facilities.
Both care homes are let on 35-year leases with RPI-linked cap and collar to a subsidiary of national care home operator Maria Mallaband Care Group. There is a short rent-free period at the Wharf Care Centre, which will assist the tenant’s cashflows during the early trading period.
John Flannelly, head of investment at Target Fund Managers, said: “This transaction adds two further high quality assets in strong locations to the portfolio, and also allows us to welcome Maria Mallaband, a highly regarded national operator, to our tenant group.
“The group now has a highly diversified portfolio consisting of 63 assets (including developments), leased to 26 different operators.
“These acquisitions take us closer towards full deployment of our available capital, and we continue to progress our identified pipeline of investment opportunities, with further announcements expected in the near future.”
To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
