CBRE advises Target Healthcare on care homes development purchase
Global real estate advisor CBRE has advised Target Healthcare REIT Ltd on the purchase of two substantially completed care home developments, one in Oxford and one near Sevenoaks in Kent, for £37 million.
The transaction value includes costs and future development works, with Target Healthcare REIT acquiring two premium-quality elderly care homes with a total of 130 beds.
Both developments are due to complete by mid-2019 and the finished homes will be let on new institutional, full repairing and insuring leases to the highly experienced team at care home operator Hamberley Care.
Target Healthcare Head of Investment John Flannelly, commented: "We are delighted to announce the completion of this transaction which enables us not only to add two premium, purpose-built properties to the portfolio, but also welcome a highly-regarded operator into our tenant group."
Target Healthcare is a valued client of the firm and we are absolutely delighted to have identified this off-market opportunity with Hamberley. There is a strong demand for care at these two locations and the partnership between Target and Hamberley is uniquely placed to meet this local need sustainably over the long term. We wish them every success as demand for quality care homes continues to increase.