Target Healthcare REIT has completed the acquisition of two purpose built care homes at Three Legged Cross near Wimborne for an undisclosed price.
The two homes, adjacent to each other, comprise a total of 70 bedrooms. Acorn Lodge, built in 2012, has a 26 bedrooms with full ensuite bathrooms with wetroom showers, as well as good community space. Oakdene was built in the 1990s and subsequently extended over a number of years to a total of 44 bedrooms. The extensions include an attractive conservatory lounge and further ensuite facilities.
On acquisition the combined homes were let to Dorset Healthcare Limited, which is part of the Care Concern Group. Care Concern operate 37 homes across the UK and have a 35 years lease with RPI-linked increases subject to a cap and collar.
Target Healthcare REIT and Care Concern are planning renovation works to Oakdene to make some bedrooms larger and provide additional lounge space.
Kenneth MacKenzie, managing partner of Target Advisers LLP, said: ““We are delighted to announce completion of this transaction which adds another mature home in the south of England to our portfolio, and further supports the work of Care Concern. By sensitively renovating the older building we should further enhance the environment for the residents, and help the efficiency of running the home, and improve the overall quality of the combined property.
The transaction brings our total funds invested since our May 2016 fundraise to in excess of £80 million. We continue to progress other investment opportunities.”