Nottinghamshire care home sold for £5.6m

Target Healthcare REIT, the listed investor in UK care homes, has bought a care home in the town of Sutton-in-Ashfield, Nottinghamshire for £5.6m.

The 66-bedroom care home is currently under construction and will be completed by April 2017. When complete, it will be leased to the newly-formed Oakdale Care Group on a 35-year lease.

Oakdale will become Target’s 16th tenant.

Kenneth MacKenzie, managing partner of Target Advisers, said: “We are very pleased to announce this exchange of contracts which once again demonstrates our ongoing commitment to improving the elderly care home offering by investing in new, purpose-built homes. Once completed this high-quality home in a location of strong demand will further complement our existing portfolio. This transaction also demonstrates our willingness to support proven management teams who evidence a strong care ethos.

“The transaction brings our total funds committed since our May 2016 fundraise to circa £75 million. We continue to progress other opportunities.”