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(Alliance News) - Healthcare-focused property investor Target Healthcare REIT PLC said Monday it has acquired an elderly care home development site in Cheshire for GBP9.7 million.
Once completed, the care home will be let to an existing tenant, UK care home operator L&M Healthcare, on a 30-year lease.
Planning consent was first received in October, and development of the site in north east England is expected to take 16 months.
The acquisition was funded through proceeds from an oversubscribed capital raise of GBP80 million conducted back in September.
"We continue to identify and invest in modern, purpose-built care homes to grow the portfolio, leveraging our experience and proprietary research capabilities and at yields underpinning our ability to consistently deliver attractive returns for shareholders," said John Flannelly, head of Investment at Target Fund Managers.
"The Cheshire development follows the GBP81.3 million of acquisitions announced in November 2019, meaning we have now completed on the pipeline transactions identified at the time of the September 2019 fundraise," Flannelly added.
Shares in Target Healthcare were down 0.9% at 121.44 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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