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LONDON (Alliance News) - Target Healthcare REIT Ltd on Wednesday said it has completed the purchase of two "well-advanced" care home developments, one in Oxford and one near Sevenoaks in Kent, for GBP37 million.
The real estate investment trust said the transaction value includes costs and future development works. Target Healthcare said it intends to create two high-quality residential care homes with 130 beds. On
The investment is underpinned by the strong wealth characteristics and positive underlying demographics of the local areas.
Both developments are due to complete by mid-2019 and the completed homes will be let on a full repairing and insuring basis to luxury care homes operator Hamberley Group.
Looking ahead, Target Healthcare said it has further near-term potential acquisitions currently in due diligence totalling GBP42 million.
In addition to this, it has a significant medium-term pipeline of potential opportunities totalling over GBP70 million across eight different assets that Target Healthcare is looking to progress to agreed heads of terms.
"We are delighted to announce the completion of this transaction which enables us not only to add two premium, purpose-built properties to the portfolio, but also welcome a highly-regarded operator into our tenant group," said Head of Investment John Flannelly.
Target Healthcare shares were trading 0.7% higher on Wednesday at 109.75 pence each.