Target Healthcare REIT (THRL) has announced a placing of new ordinary shares, that is targeting gross proceeds of approximately £50 million, under its existing Placing Programme. The offer price is 110.5 pence per share, which represents a 6.2% discount to the closing price of 117.8p per existing ordinary share on 4 September 2019 and a premium of 2.8% to the Company’s unaudited EPRA NAV per Ordinary Share as at 30 June 2019 of 107.5 pence.
THRL says that, further to the £18.6 million acquisition of the two properties in Stourport and Ripon announced on 23 August 2019, it has identified a near-term investment pipeline of approximately £92 million consisting of ten assets which it expects to commit to acquiring by the end of 2019.
The Company is expected to announce its 30 June 2019 annual results on 17 September 2019 at which point it will also publish a supplement to its existing placing programme prospectus dated 21 June 2019. The Placing will close at 11 a.m. on 25 September 2019.
About Target Healthcare REIT
Target Healthcare REIT is a specialist investor in UK care homes and other healthcare assets. The company’s investment objective is to provide shareholders with an attractive level of income together with the potential for capital and income growth.
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