Target funds two new builds
UK-based Target Healthcare REIT has agreed contracts to buy and fund two new care homes.
At the end of last year Target had 49 care homes, having made five acquisitions during the year, with a further property under development, giving a total market value of £334.9m (June 2017: £282m).
Target has agreed a £15.6m deal to buy and fund a 68-bed care home in Shrewsbury, Shropshire, to be operated by Rotherwood Healthcare, and a 74-bed facility in Preston, Lancashire, to be let to L&M Healthcare.
The Shropshire home will replace an existing 45-bed home, being one of six care homes operated by Rotherwood Healthcare. The Preston care home will become the fifth site operated by L&M Healthcare across the North West of England. Both operators will be new tenants to Target Healthcare.
Both homes are scheduled to open during 2019.