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Target Healthcare REIT Acquires Two Properties For GBP19 Million.

(Alliance News) - Target Healthcare REIT PLC said Friday it has acquired two care home properties for GBP18.6 million, including transaction costs.

The first property is the Moors Care Centre in Ripon, Yorkshire, which comprises 70 bedrooms. The second asset is the Wharf Care Centre in Stourport, West Midlands, and comprises 67 bedrooms.

Both homes are let on 35-year leases with an inflation-linked cap and collar to a subsidiary of care homes operator Maria Mallaband Care Group.

"This transaction adds two further high quality assets, in strong locations, to the portfolio and also allows us to welcome Maria Mallaband, a highly regarded national operator, to our tenant group," said John Flannelly, head of Investment at Target Fund Managers.

"These acquisitions take us closer towards full deployment of our available capital and we continue to progress our identified pipeline of investment opportunities, with further announcements expected in the near future," Flannelly added.

Shares in the healthcare property investor were marginally higher at 117.25 pence on Friday.

By Dayo Laniyan;

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Publication:Alliance Newswire
Date:Aug 23, 2019
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