Target Healthcare REIT diversifies portfolio with two care facilities in U.K.
Target Healthcare REIT, a listed specialist investor in modern, purpose-built care homes in the United Kingdom, has purchased two properties, in Yorkshire and West Midlands for £18.6 million ($22 million).
The assets are modern, well-equipped care homes with 100 percent en-suite walk-in shower bathrooms, which fully meet the criteria of the REIT.
The first property is the Moors Care Centre, located in Ripon, Yorkshire. Constructed in 2015, it features 70 bedrooms and has already reached operational maturity. The other facility is the Wharf Care Centre in Stourport, West Midlands, which opened in 2018 and has 67 bedrooms. Located in a predominantly residential area, Target Healthcare expects the home to perform strongly once it reaches operational maturity.
The care facilities are rented on 35-year leases to a subsidiary of Maria Mallaband Care Group, the national care home operator.
According to Target Healthcare, the Wharf Care Centre will provide a sho