Target Healthcare REIT PLC - investor in modern, purpose-built care homes in UK - Plans to raise GBP100 million via share issue under existing placing programme at price of 115 pence per share. Issue price represents discount of 5.9% to Wednesday's closing price. Says investment manager has identified acquisition pipeline worth GBP230 million. "The investment manager currently has its strongest pipeline of acquisition opportunities to date, including a major portfolio of 18 care homes which the company has entered into an exclusivity agreement to acquire," it says. The portfolio generates annual contracted rent of GBP9.1 million and has collected 100% of rent due throughout pandemic.
Adds it is targeting dividend for year ending June 30, 2022 of 6.76p, which would be a 0.6% annual increase.
Separately, Target Healthcare says it has appointed Vince Niblett as an independent non-executive director. He holds non-executive director roles at Forterra PLC and Big Yellow Group PLC.
Current stock price: 118.00p
Year-to-date change: up 3.5%
By Lucy Heming;Â lucyheming@alliancenews.com
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Target Healthc. (THRL)
Big Yellow (BYG)
Forterra (FORT)