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Target Healthcare buys 3 UK care homes for £31M

Target Healthcare REIT Ltd. acquired three U.K. care homes in Hertfordshire, York and the Wirral for £31 million.

Target paid approximately £20 million for the 64-bedroom Hertfordshire property that will continue to be operated by the existing tenant holding a 30-year full repairing and insuring lease. The rent payable will be subject to annual, upward-only, Retail Price Index-linked uplifts, incorporating a cap and collar, according to a release.

The care home in York and the purpose-built home on the Wirral offer 81 and 86 bedrooms, respectively. A Four Seasons Health Care Group Ltd. subsidiary occupies the assets for a blended average unexpired lease term of roughly 21 years.