Target Healthcare REIT, a specialist investor in UK care homes, has completed the sale of Dorset's Oakdene Care Home with nursing, and Acorn Lodge standalone 'wing' with nursing, which is on the same site.
Oakdene was constructed in the 1990’s and has been extended over the years to accommodate a total of 44 bedrooms. Built in 2012, the Acorn Lodge comprises 26 bedrooms with en-suite wetrooms, and specialises in dementia care.
Target Healthcare REIT and Care Concern are planning to complete renovation works at Oakdene in order to increase the size of some bedrooms and provide additional lounge space.
Kenneth MacKenzie, managing partner of Target Advisers LLP, says: “We are delighted to announce completion of this transaction, which adds another mature home in the south of England to our portfolio, and further supports the work of Care Concern. By sensitively renovating the older building we should further enhance the environment for the residents, and help the efficiency of running the home, and improve the overall quality of the combined property.
“The transaction brings our total funds invested since our May 2016 fundraise to in excess of £80 million. We continue to progress other investment opportunities“
Craig Woollam, head of healthcare at Savills, adds; “This transaction demonstrates the demand for good quality care homes that can offer on-going investor potential. We are very pleased that we were able to secure this deal for our client who recognised the opportunity to sell to a well established operator to ensure the continued success of the care home.”