Target Healthcare REIT Limited is acquiring a purpose-built care home in Sutton-in-Ashfield, Nottinghamshire for £5.6m.
The deal is expected to be concluded by April 2017 following completion of the build.
Kenneth MacKenzie, managing partner of Target Advisers LLP, (pictured) said: “We are very pleased to announce this exchange of contracts which once again demonstrates our ongoing commitment to improving the elderly care home offering by investing in new, purpose-built homes.
“Once completed this high-quality home in a location of strong demand will further complement our existing portfolio. This transaction also demonstrates our willingness to support proven management teams who evidence a strong care ethos.
“The transaction brings our total funds committed since our May 2016 fundraise to around £75 million. We continue to progress other opportunities.”
All 66 bed rooms will have en-suite wetrooms. Covering three floors, the home will include air conditioned communal areas, large lounge/dining areas and quiet rooms, resident balconies and landscaped gardens.
Target Healthcare is the only listed specialist investor in UK care homes.
The REIT’s other tenants include Priority, Ideal Care Home Group, Orchard and Caring Homes.