LONDON (ShareCast) - Specialist investor Target Healthcare has exchanged contracts to acquire a new purpose-built care home in Leicestershire for £6m to bring a “high quality” asset into the company's portfolio.

The 72 bedroom property is expected to be completed in July and will be leased to Care Concern Group for 35 years, representing an initial yield in excess of 7%.

The company said it has now invested all of the £95.7m raised from institutional investors, wealth managers and private investors.

The group has also started to draw down the £30m committed term loan and revolving credit facility.

Managing Partner of Target Advisers Kenneth MacKenzie said: "We have a strong pipeline of deals across a range of locations with regional and national operators, and with approximately £44m of deals in advanced, non-binding legal negotiations we expect to announce further acquisitions soon."

As of 09:54 the share price was unchanged at 102.5p.

WS

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