Target Healthcare offloads two care homes in south east
By Josh White
Date: Monday 22 Jul 2019
(Sharecast News) - Care home investment company Target Healthcare has completed the disposal of two care homes in Surrey and Essex for an undisclosed price, it announced on Monday.
The London-listed real estate investment trust said the disposals formed part of its wider asset management activity, and followed offers received, which combined were greater than 5% above the 31 March book value.
It said the disposals represented less than 3% of the portfolio's value.
While both properties were originally acquired as long-term investments, the group said it continually monitored the performance of its assets at a tenant and individual property level, updating its strategy as circumstances developed, and being mindful of possible asset management or divestment strategies where opportunities arose or the initial investment case had changed.
The group said it would continue to pursue strategies consistent with its objective of providing an "attractive and sustainable" level of income, together with the potential for growth, from a diversified portfolio of modern, purpose built care homes.
Target said it had a "strong pipeline" of acquisition opportunities, and anticipated that the sale proceeds would be reinvested in the near future.
"These disposals are the result of our commitment to proactively manage the portfolio and progress strategies relevant for each home," said Scott Steven, head of asset management at Target Fund Managers.
"We remain focused on maintaining an attractive and highly diversified sustainable income stream for our investors, as well as exploring initiatives for income and capital growth.
"We will continue to progress both investment and asset management opportunities in order to optimise the performance of the portfolio."
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