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Target Healthcare looks to raise GBP75m

18 April 2016 11:18

Target Healthcare has announced a placing programme and the launch of an initial placing and offer for subscription to raise gross proceeds of approximately GBP75 million.


- Proposal to issue up to 71,428,571 new ordinary shares at 105 pence per New Share by way of the Initial Placing and Offer

- The Group has a near-term pipeline of GBP68.7 million which includes GBP14.9 million of assets it has forward committed to fund, and GBP53.8 million of investment opportunities, the majority of which it hopes to acquire, or to have committed to acquiring, by 30 June 2016

- In addition, as the investment market has improved, the Investment Manager has also made initial indicative offers on an additional GBP32.3 million of assets, where the timetable for potential completion remains uncertain pending due diligence and vendor negotiations

Malcolm Naish, Chairman of the Company, said:

"Target Healthcare REIT has grown its asset base significantly since 2013 against the backdrop of a competitive market. In doing so the Company has also deepened the diversification of its roster of quality tenants, providing further strength and reassurance to our investors. The existing portfolio has delivered strong and sustainable rental returns, coupled with capital growth and the Company remains committed to these aims. This transaction will allow Target Healthcare REIT to take advantage of a substantial pipeline of opportunities in both the near- and longer-term which we believe will provide significant value to shareholders."

At 11:18am: (LON:THRL) Target Healthcare Reit Ltd share price was 0p at 108p

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