Target Healthcare buys in Wigan and Stockport
Target Healthcare, a specialist investor in UK care homes, has acquired a portfolio of three residential care homes from LNT Group for £13.9m, with two located in Wigan and Stockport.
The portfolio of three properties in Wigan, Stockport and Coventry was purchased at £13.9m including acquisition costs, reflecting a yield of 7%. The properties have 169 beds in total, with en-suite facilities, including wet room showers.
The care homes are leased to operator Ideal Carehomes Group for a period of 35 years. Ideal Carehomes currently employs 1,800 staff across 36 residential care homes.
The acquisitions see Target Healthcare's portfolio increase to sixteen care homes in total.
Kenneth MacKenzie, managing partner of Target Advisers, said: "We continue to grow the company's investment pipeline with both single and multi-asset acquisitions across regional and national operators. With approximately £35.5m of deals in advanced, non-binding legal negotiations we expect to announce further acquisitions in the near-term."
