Target Healthcare REIT has acquired two modern, purpose built care homes in Dundee and Sandiacre, Derbyshire for approximately £14.0 million.
The properties comprise a total of 151 bedrooms and opened in 2007 and 2015. A refurbishment programme on the older property will be completed imminently with both properties due to reach operational maturity by the year end. Each home is located in areas with strong demographics and provide a high level of amenities, lounges and good sized bedrooms as well as access to pleasant secure outdoor areas.
The homes will continue to be operated by the incumbent operator, Hudson Healthcare who will become the 14th tenant of the Group.
Kenneth MacKenzie, (above) managing partner of Target Advisers LLP, said: “We are delighted to announce the completion of this acquisition which adds a further two quality assets and a new operator to the Group’s portfolio. The transaction brings our total funds committed since the May 2016 fundraise to over £50 million. We continue to assess other opportunities whilst also constantly monitoring the economic environment to ensure that our strategy remains appropriate.”