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Target Healthcare acquies Swaffham care home

27 January 2015 09:26

Target Healthcare REIT Limited and its subsidiaries has acquired a purpose-built care home in Swaffham, Norfolk for approximately £4.5 million including acquisition costs. This transaction is in accordance with the Group's investment policy.

The home, Iceni House, is a modern two storey property with 74 bedrooms arranged around a central courtyard, each with full en-suite bathrooms with wetroom showers. It is well served with a number of lounges, dining rooms and quiet rooms, as well as a hairdressing salon.

The property has been acquired from Zest Investment Group, and leased to Norfolk Care Homes Limited on an existing 30 year lease with circa 23 years remaining. The Purchase Price represents an initial yield in excess of 7%. The rent payable under the lease is subject to an annual RPI-linked uplift, subject to a cap and collar.

The Group has invested in excess of £142 million (including acquisition costs) in its portfolio of care home assets.

At 9:26am: (LON:THRL) Target Healthcare Reit Ltd share price was +0.13p at 99.75p

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