Target Healthcare sets sights on West Yorkshire and Wales with newest acquisitions
By Iain Gilbert
Date: Friday 07 Sep 2018
(Sharecast News) - Target Healthcare has acquired a development site in West Yorkshire and exchanged contracts to acquire a pre-let care home in Powys, Wales for a total of £17.1m.
The AIM-listed purpose-built care homes investor has already received planning consent for its 66-bed, residential care home Wetherby, West Yorkshire, which it said will be completed to a "high standard", with full en-suite wetroom facilities, large public spaces and a high-quality fit-out.
Target expects development, which will be undertaken by specialist elderly care home contractor, LNT Construction, to be completed in early 2019, at which time it will be let on a 35-year full repairing and insuring basis to the builder's sister company, Ideal Carehomes, the group's largest tenant by income.
Elsewhere, Target's first Welsh site in Newtown, Powys, expected to complete in the second half of 2019, will offer 73 bedrooms over three floors all with en-suite wetrooms and easy access to secure, outdoor space owing to the provision of a large, landscaped garden at ground floor level and resident balconies on both the first and second floors.
John Flannelly, head of investment at Target Fund Managers, said: "We are very pleased to announce completion of these two transactions, enabling us to add additional high-quality, purpose-built homes to the portfolio."
As of 1200 BST, Target shares had slipped 0.43% to 114.50p.
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