Healthcare investor agrees care home deal
A Nottingham care home has been bought in a £7.6m deal by specialist investor Target Healthcare.
Acorn House is a 64-bedroom home in the Mapperley Park area of the city that was built six years ago. Its operator, Acacia Care, has agreed a sale-and-leaseback deal on the property.
Acacia Care has two care homes in Hertfordshire and Leicestershire, one of which is already owned by Target. The group is building a fourth home and has plans to expand further.
Target Healthcare’s portfolio now has 63 properties, including those under development.
John Flannelly, head of investment at Target Fund Managers, said the deal gives them “the opportunity to support the growth of a tenant we regard as an operator of quality”.
He added: “In addition to this investment, we have recently seen three forward fund developments in our portfolio open to residents.
“The care home market is undersupplied with the quality of asset which we provide, while demand is growing apace, underpinning our conviction in the portfolio we are assembling.”
Target looks for homes that have been purpose built recently with modern facilities, with a high quality of care provision, and consistently high occupancy.
