Target Healthcare REIT PLC Acquisition of a care home and a development site (5579B)
11 Junio 2021 - 1:00AM
UK Regulatory
TIDMTHRL
RNS Number : 5579B
Target Healthcare REIT PLC
11 June 2021
11 June 2021
Target Healthcare REIT plc and its subsidiaries
("Target Healthcare" or "the Group")
Acquisition of a trading care home in Scotland and a development
site in Buckinghamshire for GBP33 million
Target Healthcare (LSE: THRL), the UK listed specialist investor
in modern, purpose-built care homes, announces that it has
completed the acquisition of an established luxury care home in
Scotland and has also acquired a site in Buckinghamshire and
contracted to forward fund the subsequent development of a pre-let
care home.
The total investment for the completed homes is GBP33 million
including transaction costs. The acquisition yields are
representative of assets of a similar standard and location within
the Group's portfolio and both homes benefit from long-term
occupational leases with RPI-linked cap and collars.
Luxury care home in Scotland
The home in Scotland is well established as one of the best
homes in the region with strong occupancy largely comprised of
private fee paying residents. It is situated in a densely populated
area and has large bedrooms with full en-suite wetroom facilities,
exceptional living space for the residents and impressive outdoor
space on all floors.
The care home will be operated on a 35 year lease by Caring
Homes group, a well-respected family-run group with care homes
throughout the UK. Caring Homes is an existing tenant who operates
two other homes in the Group's portfolio.
Development site in Buckinghamshire
The Group has also acquired a development site in Olney,
Buckinghamshire and has entered into a development agreement to
deliver a new pre-let care home. On completion, the care home will
benefit from the favourable underlying demographic characteristics
and affluence of the local area and will be leased to Kingsley
Healthcare, an existing Target Healthcare tenant, on a 35 year,
full repairing and insuring lease. The residents will benefit from
high quality facilities, easily accessible outside space on all
floors and, in line with the Group's strict investment criteria,
full en-suite wetroom facilities.
Having received planning consent in March 2021, construction
work is due to commence in H2 2021 with practical completion
targeted for H1 2023. The development will be undertaken on a
fixed-price contract with the developer, a separate Kingsley
Healthcare entity. In line with previous forward funding
agreements, the Group will earn interest on capital deployed
through the construction phase.
John Flannelly, Head of Investment at Target Fund Managers, commented:
"We are very pleased to announce the completion of these two transactions.
The Scottish care home, which was part of the pipeline of assets included
in our most recent equity fundraise, adds a market-leading care home
to the Group's portfolio - one which provides impressive facilities
for its residents and allows the delivery of great care in outstanding
surroundings - and we are delighted to be further developing our relationship
with Caring Homes.
"The Buckinghamshire asset will be a best in class care home and we
are excited to be collaborating with Kingsley on this development which
is expected to be the first in a series of new projects with this highly
regarded operator.
"These two transactions are fully aligned with the Group's strict investment
criteria as we continue our highly disciplined approach to the deployment
of capital. All the equity raised in March 2021 is allocated to Board
approved acquisitions that are in advanced stages of due diligence."
LEI: 213800RXPY9WULUSBC04
All enquiries: Kenneth MacKenzie / John Flannelly
Target Fund Managers 01786 845 912
Dido Laurimore / Claire Turvey / 020 3727 1000
Richard Gotla targethealthcare@fticonsulting.com
FTI Consulting
Notes to editors:
UK listed Target Healthcare REIT plc (THRL) is an externally
managed Real Estate Investment Trust which provides shareholders
with an attractive level of income, together with the potential for
capital and income growth, from investing in a diversified
portfolio of modern, purpose-built care homes.
The Group's portfolio at 31 March 2021 comprised 75 assets let
to 27 different tenants with a total value of GBP650.8 million.
The Group invests in modern, purpose-built care homes that are
let to high quality tenants who demonstrate strong operational
capabilities and a strong care ethos. The Group builds
collaborative, supportive relationships with each of its tenants as
it believes working in this way helps raise standards of care and
helps its tenants build sustainable businesses. In turn, that helps
the Group deliver stable returns to its investors.
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