Specialist Healthcare Property Consultant HPC has acted on behalf of private investor Mike Bullas in the sale of two care home investments to Jersey-based Target Healthcare REIT Limited at a price of approximately £11.5 million, including costs.
The care homes, Longridge Hall Residential Care Home, near Preston (pictured) and St Helens Lodge Residential Dementia Care Home, Merseyside, both opened in 2008, when they were acquired by Mr Bullas, and provide a total of 154 en-suite bedrooms in modern, purpose built buildings.
The care homes are leased to existing operator Orchard Care Homes with a period of approximately 30 years remaining.
Target is a specialist investor in UK care homes and the acquisition sees its portfolio increase to ten care homes since it listed its shares on the London Stock Exchange’s Main Market in March 2013.