Target Healthcare REIT has announced that it has acquired Summerfield House, a care home in Halifax, West Yorkshire, for approximately £7.2m including acquisition costs. It says that Summerfield House is a modern purpose-built facility, with 106 beds over three floors, which was opened in 2011. The company also says that the home is situated in a prominent position near the centre of Halifax, in pleasant grounds and benefits from a number of lounges, dining rooms, a coffee shop and a hairdressing salon.
Upon acquisition the home was let to a subsidiary of the Bondcare Group, a national care group founded in 1996. Bondcare is an existing tenant of the Group, operating homes in Birmingham and Nottingham, which are also in the Group’s portfolio. The home is subject to a 35-year lease with RPI-linked cap and collar. The company advises that the net initial yield on the transaction is consistent with the overall average of its portfolio. Kenneth MacKenzie, Managing Partner of Target Advisers LLP, says that the acquisition was contemplated during the company’s recent fundraise and that they continue to progress on other opportunities, as they look to invest the proceeds, and expect to make further announcements in due course.
Target Healthcare REIT acquires Halifax care home for £7.2m : THRL