Target Healthcare REIT disposes of two care homes
Target Healthcare, one of the the UK’s listed specialist investors in modern, purpose-built care homes, announces that it has completed the disposal of two care homes in Surrey and Essex for an undisclosed price. These disposals form part of the Group’s wider asset management activity and follows offers received which combined are greater than 5% above the 31 March 2019 book value. These disposals represent less than 3% of the portfolio’s value.
Whilst both properties were originally acquired as long-term investments, the Group continually monitors the performance of its assets at a tenant and individual property level, updating its strategy as circumstances develop and being mindful of possible asset management or divestment strategies where opportunities arise or the initial investment case has changed.
The Group will 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.
The Group has a strong pipeline of acquisition opportunities and anticipates that the sale proceeds will be reinvested in the near future.
Scott Steven, Head of Asset Management at Target Fund Managers, commented:
“These disposals are the result of our commitment to pro-actively manage the portfolio and progress strategies relevant for each home. 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.”