Target Healthcare REIT Limited has announced that it has completed the acquisition of a modern, purpose built care home in Southport, Merseyside for approximately GBP6.6 million including acquisition costs.
The home, Parklands Lodge, is newly constructed having opened its doors to residents in early May. It comprises 67 bedrooms with full ensuite bathrooms including wetroom showers. The home benefits from a number of lounges with pleasant outlooks, as well as a hairdressing salon and large lawned gardens to the side and rear of the property.
Upon acquisition, the home was leased back to Athena Healthcare who developed the property, and is subject to a 35-year lease with RPI-linked uplifts with a cap and collar. Athena, a local operator who has another home nearby, is the Group’s 12th tenant and therefore further diversifies the Group’s tenant base. The net initial yield on the transaction is consistent with the overall average of the Group’s portfolio.
THRL : Target buys care home in Southport