A private vendor, advised by Savills, has sold the entire issued share capital of Hi-Hand Limited and Summerfield Medical Limited to Target Healthcare REIT Limited and its subsidiaries (“the Group”) for substantially in excess of £7,000,000.

The Summerfield Care Home in Gloucestershire is a substantial purpose-built care facility commissioned in 2010, totalling 1.96 acres (0.79 hectare). The building has been designed to a high specification by award-winning architects DWA and features 66 bedrooms with en-suite wet rooms and an abundance of light day areas, four dining rooms, a cinema, a library and  a lounge bar. Upon purchase the care home was let to a subsidiary of Caring Homes group, the UK-wide care home operator. 

Craig Woollam, head of healthcare at Savills, comments: “Target Healthcare REIT Limited is the only listed specialist investor in UK care homes, and this deal demonstrates that there is still a good appetite for investment in the UK healthcare market. In addition, Caring Homes group will make an excellent tenant for this prime property.”

Kenneth MacKenzie, Managing Partner of Target Advisers LLP, comments: “We are delighted to announce the completion of this acquisition which adds another high quality asset in a location of strong demand.  We are excited to add Caring Homes to our growing list of tenants.  This transaction is the fifth to be announced since our recent successful fundraise, and we continue to progress other opportunities.  We expect to make further announcements in due course.”