Target Healthcare pays £14.2m for three Scottish care homes

Property investor Target Healthcare has bought three care homes in Arbroath, Dundee and Huntly for a total of £14.2 million.

The real estate investment trust said the homes, built last year, are let to Balhousie Care Group for a 30-year period for an aggregate rent of about £1.1m. Balhousie is Scotland’s largest privately-owned care home operator, with 24 residential sites across the country.

Target Healthcare managing partner Kenneth MacKenzie said the acquisition was the first completed by the trust since it listed in London last week, and it was on the look out for further deals, having recently raised £45.6m from a range of investors.

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MacKenzie said: “We are looking to acquire the buildings of care home operators that are best in class.

“We believe that there remains strong potential deal flow to invest the proceeds of the recent successful placing.”

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