Built in 2015, The Moors Care Centre in Ripon comprises 70 bedrooms with full en-suite wetroom facilities. The Wharf Care Centre, which opened in 2018 in Stourport, Worcestershire, comprises 67 bedrooms with full en-suite wetroom facilities.
The homes have been developed and operated by Blue Brick Healthcare which provides wide-ranging care and specialist needs to the elderly, including those living with dementia. They will be let on 35-year leases to a subsidiary of national care home operator Maria Mallaband Care Group which runs over 80 care homes across the UK.
Mike Bullas, founder of the Blue Brick Healthcare brand, said: “Target Healthcare’s acquisition of the homes adds two further high quality assets, in strong locations, to its portfolio. It also enables Target to expand its tenant group with a care group operator of high standing.
“Ian Wilkie at HPC Healthcare Property Consultants, Matt Ainsworth at Keebles LLP and Stephen Charles at Hawsons Chartered Accountants ensured the deal progressed smoothly and on time. Blue Brick Healthcare will continue driving its strategy to develop and operate care homes in the North and Midlands.”
Ian Wilkie, director of HPC Healthcare Property Consultants, said: “As specialists in the UK care sector we were delighted to source and introduce Blue Brick Healthcare to the development sites at Ripon and Stourport as well as represent Mike Bullas, a long standing client, in this formative deal.”
Matt Ainsworth, head of Keebles’ corporate and commercial team, added: “This transaction highly complements the vision of the Blue Brick Healthcare brand. The firm has acted for Mike Bullas for many years and it’s tremendous to play a role in this high-profile deal.”
John Flannelly, Head of Investment at Target Fund Managers, commented:
“This transaction adds two further high quality assets, in strong locations, to the portfolio and also allows us to welcome Maria Mallaband, a highly regarded national operator, to our tenant group.
“The Group now has a highly diversified portfolio consisting of 63 assets (including developments), leased to 26 different operators.
“These acquisitions take us closer towards full deployment of our available capital and we continue to progress our identified pipeline of investment opportunities, with further announcements expected in the near future.”
Target Healthcare was advised by Dickson Minto and Maria Mallaband Care Group was represented by Freeths.