Target Healthcare REIT is buying two purpose-built care homes – Bromford Lane in Washwood Heath, Birmingham (pictured) and Beechdale Manor in Bilborough, Nottingham, for £14.3m. The homes can cater for 181 residents between them, offering residential, nursing and dementia care as well as specialist high dependency care at Bromford Lane. The price equates to a net initial yield of 7% on the properties. Target Healthcare REIT now owns 18 homes and has spent all but £4.7m of the money it raised in its IPO. They also say they have a further £50m worth of potential deals lined up and the Managing Partner says “we expect to announce further acquisitions in the near-term”.
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