Care homes sold in £13.9m deal

CARE home investor Target Healthcare has agreed a £13.9m deal for homes in Wigan, Stockport and Coventry.

The three sites, which have a total of 169 bedrooms, are run by Ideal Care Homes, part of the Leeds-based LNT Group, under a 35-year lease. The deal represents an initial yield of 7%.

The identity of the vendor was not disclosed.

The homes are: Ash Tree House in Wigan; Brinnington Hall, Brinnington Road, Stockport; and Herald Lodge, Canley Road, Coventry.

Kenneth MacKenzie, managing partner of Target Advisers, said: “We continue to grow the company’s investment pipeline with both single and multi-asset acquisitions across regional and national operators. With approximately £35.5m of deals in advanced, non-binding legal negotiations we expect to announce further acquisitions in the near-term.”