Target REIT complete on £8million acquisition of Hastings care home

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Kenneth MacKenzie Managing Partner
Kenneth MacKenzie Managing Partner

On 4 September 2014, Target Healthcare REIT Limited, a specialist investor in UK care homes, announced it had exchanged contracts to acquire a new, purpose-built care home in Hastings, East Sussex.

As the property has now reached practical completion and been registered with the Care Quality Commission, Target REIT has now confirmed that it has acquired the property for a total consideration of approximately £8.0 million including acquisition costs.

As previously reported, the care home will be leased to operator Hastings Court for a period of 35 years and the transaction represents an initial yield in excess of 7%.

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